I The Stale Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd entered into an agreement on January 8, 2018, to build the first ever exclusive pharmaceutical manufacturing zone of Sri Lanka at Welipenna in the Kalutara district with an investment in excess of US $ 10 million.
Pharma Zone (Pvt) Ltd located on 50 acres is a BOI approved company whose principals are the Sultan of Johor, Sultan Ibrahim Ismail Ibni Sultan Iskandar and Patrick Lim Soo Kit, a leading Malaysian entrepreneur.
The Sultan’s investment vehicle, Inti Kemuncak Sdn Bhd is a well-established property development company based in Malaysia focusing on large scale property development in the Asian region. Inti Kemuncak is the innovative developer of major townships and urban regeneration projects including a coronation square, a US S 1.2 billion international class urban mixed development located within the prestigious Ibrahim International Business District (IIBD) in Johor Bahru.
The Pharma Zone will facilitate the local pharmaceutical manufactuers with sufficient land for manufacturing plants and basic infrastructure facilities for the manufacture of pharmaceutical products with a view to achieving the Governments target of localising production of essential pharmaceutical items to a value of US$100 million, thus saving valuable foreign exchange.
Chairman SPMC, Dr. Sayura Samarasundara said that with the completion of the Pharma Zone, envisaged to be in operation within one year, the country’s dependency on imported drugs will soon become a thing of the past.
The zone will be run and administered by Pharma Zone, headed by Patrick Lim Soo Kit, while the SPMC along with the Ministry of Health will set the standards and monitor quality.
Electricity, water, road infrastructure, security, waste water management, etc will all be provided to the companies operating within the zone, and it is the intention of Pharma Zone to attract overseas investors to set up operations within the Zone as well. “We will be marketing Pharma Zone regionally,” said Lim.
With the establishment of Pharma Zone it is hoped that most of Sri Lanka’s drug availability and cost issues will soon come to an end.
Motor car registrations have come down by 40% on a month and month basis mainly due to drop in financing share of motor cars. The three wheeler segment came down by nearly 50%,according to the JB Securities monthly review.
Implementation of the budget proposal to restrict credit to new cars (50% LTV) and three wheelers (25% LTV) is the primary factor accounting for a plunge in registrations. The full impact of the directive will only be felt this month, the report said. However there have been a surge in Hyundai Eon cars (100% increase)According to JB Securities monthly review in contrast there have been an in increase of used cars, especially Toyota’s and also electric cars are picking up.
There was also a big jump in Hybrid used cars where Axio witnessed a large increase (200+) while there was also an increase in Mini Vans(268% increase) with the biggest mover being Suzuki Every.
“Three wheelers may be a menace on the road but it has been a huge contributor in creating inclusive growth both in terms of being a production asset (taxi) and/or personal vehicle providing mobility to the owner which in turn increases his radius of employment opportunities. ability to work flexible work hours due lo not being reliant on public transport, access to markets.
The segment also saw Bajaj losing market share to TVS,” the J. B. Securities said. The report also says that mini trucks have come down by 20% while the registration for Buses have gone up by 40%.
Proposals are invited from Interested Investors to develop the following sites for Logistic operations according to the new Megapolis Plan of the Government. Two valuable land lots within the Logistics Zone are available for Long term Investments.
Vary close proximity to Colombo Harbour and Colombo International Airport
Outer Circular highway entrance to the site is proposed
All infrastructure available
A set of RFP documents including survey plans could be collected from the Supplies Division of SLLRDC in any working day from 27/02/2017 up to 21/03/2017 after paying Rs. 10.000/- ( inclusive VAT) in cash between 9.00 a.m and 3.00 p.m.
Proposals prepared in accordance with the guidelines given, be sent by confidential cover to reach or be deposited to the Box made available before 2.00 p.m on 24/03/2017 to address given below. Please mark “ Proposal for Logistic projects in Muturajawela” on Top left hand comer of the envelope.
For details and inquiries Please call Deputy General Manager (Lands &Marketing)011-2862152, 011-2862457 or see below image
Central Bank of Sri Lanka introduces Sri Lanka Inter-bank Payment System (SLIPS) for individual and bulk payments to multiple parties up to Rs. 5 Million per Transaction on same day or any days up to 14 days as payment due. this service is available minimum fee of Rs.50 per individual transaction and Bulk transaction can be negotiated with your bank.
SLIPS introduce to make quick transection with great convenience and minimise use of currency.
This SLIPS has commenced operations in 1994 and was launched online in 2010 with 44 banks and financial institutions are currently connected. SLIPS has done successful transaction of 126.9mn amounting to Rs. 5,528 billion up to 2016 (since 2010).
Contact your commercial bank for more details or contact to Payments and Settlements Department of Central Bank of Sri Lanka 30, Janadhipathi Mawatha Colombo 01 on 011 2398596 or see below image
Sri Lanka’s economic growth potential is not unknown. Its strategic geographical location, proximity and access to growing markets in Asia, high basic development indicators, and human and environmental assets, put it on a strong footing to be a star performer in Asia. Yet, the ability to transform this clear potential into strong performance seems to be elusive. What is required now is to move from issues to solutions, from potential to performance, and from rhetoric to action. The focus of this year’s Sri Lanka Economic Summit is precisely that; transforming Sri Lanka’s potential with action.
This year’s Summit brings together a unique mix of those who know it and those who have done it. Speakers include top names from across the world who, through focussed action and high performance, have made progress and made a change. Sessions are structured to ensure that participants understand the issues, but are swiftly moved on to discussing possible solutions and feasible action. Speakers will highlight good practices from other contexts and distill lessons for Sri Lanka’s own economic transformation.
The Session on Private-Public Partnerships will discuss specific actions that need to be taken to mobilise private investment to meet public policy challenges, including good practices in devising PPPs that balance investor and government interests.
The Session on talent and human resources will attempt to overcome conventional thinking, to take a
close look at practical options for Sri Lanka to meet emerging skill needs through liberalizing inward migration for certain sectors, attracting back skilled workers in the diaspora, and improving the climate for young people to thrive.
In the session on Tourism, speakers will discuss what it will take to position Sri Lanka strongly in overseas travel markets, attracting investment and quality tourists, and navigate new challenges brought on by the digital economy and informality.
The session on international logistics and trade will explore what concrete steps need to be taken to leverage on Sri Lanka’s location, including attracting international players into the country’s logistics industry, modernizing infrastructure with private sector partnerships, and linking into global value chains.
In the session on agriculture, speakers will take an incisive look at why existing agricultural and land policies are holding back productivity in the sector, what short and long term options are available to transform plantations given the political economy sensitivities, and how to boost agribusinesses.
With the state-owned enterprise sector still playing a dominant role in the economy and the public sector expected to deliver on economic transformation, the final session will explore what reforms are needed in the public sector to enable faster growth.
Sri Lanka Economic Summit 2016 -Day 1 (Tuesday, 2nd August 2016)
08:00 hrs: Registration
0900 – 0930 hrs: Inaugural Session
0930 – 1100 hrs: Session 1
Accelerating Growth, Pushing for Performance
Keynote Speakers: Hon Ravi Karunanayake – Minister of Finance
Panelists: Mr Weerakoon Wijewardena – Former Deputy Governor, Central Bank of Sri Lanka, Prof Razeen Sally – Chairman, Institute of Policy Studies
Moderator: Mr Suresh Shah – Immdt Past Chairman, The Ceylon Chamber of Commerce
1100 – 1130 hrs Tea Break
1130 – 1300 hrs Session 2
Private Public Partnerships – Getting Them Done, Getting Them Right
Keynote Speakers: Mr Gajendra Haldea – Advisor, Government of Rajasthan, India,
Hon Eran Wickramarathne – Deputy Minister of State Enterprises and Entrepreneurship,
Mr Kamal Dorabawila – Principal Investment Officer, IFC
Panelists: Mr Romesh David – President, Transportation and Information Technology, John Keells Holdings,
Mr Thilan Wijesinghe – Chairman, TWCorp
Moderator: Ms Helani Galpaya – CEO, LIRNEasia
1400 – 1530 hrs Session 3
Tourism – Delivering the Potential
Keynote Speakers: Mr Michael Cottan – Executive Vice President, Shangri-La International Hotel Management Ltd
Mr Andrew Fairley – Director, Tourism Australia
Mr Mike Orgill – Director, Public Policy Asia Pacific, AirBnB
Mr Jörn Krausser – Vice President Intercontinental Travel, DERTOUR
Panelist: Mr Krishan Balendra – President Leisure Sector, John Keells Holdings PLC
Moderator: Ms Shiromal Cooray – Managing Director, Jetwing Travels
1530 – 1600 hrs Tea break
1600 – 1730 hrs Session 4
International Trade and Logistics – Leveraging on Location
Finance Ministry stated that the state run airline Mihin Lanka has recorded a loss of Rs. 17 Billion over its 7 years operation.
Finance Ministry said it had been given a Rs. 15 Billion letter of comfort in 2015 to continue its operations and the ministry is expected to reduce losses to Rs. 938 million, from Rs. 1.48 Billion in last year.
First Capital Treasuries PLC invites potential investors in Sri lanka and aboard to invest on US$ 150 million Sri Lanka Development Bond. This Sri lanka Development Bond is a Risk – free, Tax – free, Higher rates than bank deposits and its available for the period of 3Months, 6 Months, 1Year and 2 Years.
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Transport and Civil Aviation Ministry Nimal Siripala de Silva said a new terminal building will be built at the Bandaranaike International Airport (BIA) at a cost of Rs. 65 billion. He further state that the present terminal building can accommodate only six million passengers. Where the BIA capacity is not sufficient to handle all passenger movements and air freight as last year alone there had been over 8.5 million passenger movements. That is why the government planned to construct a new terminal building for the airport.
He said accommodation facilities should be improved to attract tourists to the country and If we do not follow international standards in building airports and improving facilities according to passenger demands, airlines will not come to Sri Lanka.
And he further state the existing runaway will repair at a cost of Rs. 200 million while new runaway will be constructed at a cost of Rs. 8 billion as there is a necessity of a new runaway to accommodate more aircraft.
The MBA Alumi Association University of Colombo organized a forum of Budget 2016 with the Finance Minister, Hon. Ravi Karunanayake & key industry leaders at the Post-Budget forum. Take part of this forum and knew unseen background of Budget 2016 and thoughts of industrial leaders.
Date: 24th November 2015
Time: 9am to 12pm
Venue: Hotel Galadari
Ticket Price: Rs. 3,500/-
This would usefull for businessmen, Financial analyst and those who key concern on budget 2016.
For more details contact to The MBA Alumi Association University of Colombo on 0772 224 994 or see below image
The Commercial Bank of Ceylon PLC has announced It is plans to extend their services to the Maldives following the receipt of regulatory approval.
Commercial Bank of Ceylon PLC is a Sri Lanka’s largest private bank have obtained an approval from both the Maldives Monetary Authority and the Central Bank of Sri Lanka to set up a Commercial Bank of Ceylon PLC banking subsidiary in the Maldives. This would be name as Commercial Bank of Maldives Pvt Limited and Commercial Bank of Ceylon PLC will invest 55% of stake and balance will own by leading group of Maldivian companies.
The bank start focusing into a new regional expansion after successful operation in Bangladesh, which entered in 2003, and Myanmar in June 2015.
Commercial Bank of Ceylon PLC is enter to Maldives with single branch at male and increase their presence and increase upto 3 branches in near future and The Bank is to offer Mobile Units and ATM service at a strategic locations and the bank is willing to offer range of services like savings and current accounts, fixed deposits, personal loans, housing loans, credit cards, overdrafts, commercial loans, trade financing services, internet banking, mobile banking, remittances and foreign exchange.
This new open ended fund will invest in shares that are listed on the Colombo Stock Exchange and it is brought to you by the Unit Trust Fund Management Company that delivered the best fixed income returns in 2013 and 2014.
The First Capital Equity Fund is regulated by the Securities and Exchange Commission of Sri Lanka and is managed by qualified professionals.
Acquire a diversified equity portfolio investment from little as Rs. 1000/-
Terms and conditions apply
The price of units may fluctuate
Past performance is not a reliable indicator of future performance
For more information Tel No: + 94 11 7639813 / +94 11 2639898 or see below image
Sampath Bank’s newest Foreign Currency Exchange ATM serves you in Galle 24 hours a day 365 days of the year with the best rates for your American Dollars and Euros. Apart from the ability to convert foreign currency to rupees this new ATM is also capable of serving you with all other standard features and services of an ATM.
Candor Asset Management (Private) Limited announces a dividend of Rs. 1.00 per unit to the Unit Holders of Amana – Candor Shariah Balanced Fund whose names appear in the unit holder register as at 10th March 201 5.
Candor Asset Management (Private) Limited and the Shariah Supervisory Council of Amana Capital Limited hereby inform all Unit Holders of Amana – Candor Shariah Balanced Fund that the declared dividend of Rs. 1.00 per unit has been purified for non Shariah compliant income.
The following disclosure is made in respect of this dividend distribution
Dividend per unit
Net Asset Value per unit before the dividend
Net Asset Value per unit after the dividend
Dividend declaration date
10th March 2015
11th March 2015
11th March 2015
For more details see below image for more details or contact to Candor Asset Management (Pvt) Ltd
Bank of Ceylon is planning to open their second overseas branch in India this year. This will be in Bangalore. The Bank also opened a branch in Seychelles last year. In addition to the local presence, the bank maintains an off-shore banking units in Male, London and Chennai.
Senior banker and BOC General Manager, D M Gunasekara said that overseas branches are highly profitable. The Male branch has gave us a Rs. one billion profit while the Chennai branch which was in existent for over 10 years made a profit in the excess of Rs. 500 million.
Locally the bank has a network of 618 branches, and 534 automated teller machines (ATMs).
Plans are under way to prepare a new national policy for the tourism industry in Sri Lanka, Tourism and Sports Minister Navin Dissanayake said.
Dissanayake said it has been decided to introduce a three year strategic plan related to the new national policy on tourism.
We decided to introduce a new national policy for the tourism industry with the aim of developing the Sri Lankan economy and living standards of the people. We hope to obtain the assistance of all for the success of this. And he said arrangements are being made to launch a special program to grant benefits for people in villages in line with the new policy. Creating new employment opportunities for Sri Lankan youth and making more spaces for village level persons to increase their earnings are the main objectives of this new national policy which is to be introduced to the Sri Lankan tourism industry.
If you’re a dialog customer Type “REG CBSL” Send to 77000 to subscribe to the SMS news Alerts on the Daily Exchange Rates, Sri Lanka Interbank Offered Rates, Open Market Operations, Treasury Bill and Treasury Bond auction, Inflation and Monetary Policy Review issued by the Central Bank of Sri Lanka. Charges: Monthly 30 Rs +Tax
Sri Lanka Central Bank Governor Arjuna Mahendran said to news that the Sri Lanka is waiting for the right time to launch a sovereign bond of up to US $1.5 billion, possibly with a longer tenure to roll over its debts in 2015.
The island nation’s last sovereign bond of US $500 million was priced at a yield of 5.125 percent in April 2014. And Now that inflation is coming down, I see no reason why we won’t get a better rate of interest, Mahendran told media.
Governor stated that we want to wait for an opportune moment. When that volatility decreases then we will be able to get the best possible rate for our borrowing and we will definitely go for a longer tenure, may be even a 20-year or 30-year is something to look for. We don’t want to increase the interest rate burden of the country.
Renuka Agri Foods PLC inform to Colombo Stock Exchange that the company has invested in 4,350,000 Ordinary Shares of its fully owned Subsidiary Renuka Organics (Pvt) Ltd of No. 69, Sri Jinaratana Road, Colombo 2, at Rs 140/= per share to a value of Rs 609,000,000/= on 27th February 2015. Renuka Organics (Pvt) Ltd is engaged in manufacturing and marketing certified organic agriculture products. Its subsidiary is engaged in plantations. The company will invest in plantations and other vertical integration projects to improve the supply chain.