Aitken Spence Sri Lanka 9-month results steady

Leading conglomerate Aitken Spence PLC recorded a challenging third quarter but showed a steady performance for the nine months, revealed its interim results to the Colombo Stock Exchange (CSE) released on Wednesday.
The blue-chip’s financial results for the nine months ended 31 December 2014 saw profit-before-tax increasing by 4.4% to Rs. 3.8 b while profit attributable to shareholders decreased by 4.8% to Rs. 2.2 b.
Aitken…
The diversified group’s third quarter results showed profit-before-tax decreasing by 5.9% to Rs. 1.6 b and profit attributable to shareholders falling by 19.5% to Rs. 870 m, “Although we had a challenging third quarter, we were able to record a steady performance for the year so far,” said Aitken Spence PLC Deputy Chairman and Managing Director J.M.S. Brito.
“With the new administration in Sri Lanka, we see a significant boost to business confidence. We are confident that the 100-day plan which has received bi-partisan support will strengthen good governance, which augers well for much needed healthy foreign investment to the country,” Brito added.
Profit before tax from the tourism sector was up by 3.5% to Rs. 2.5 b while revenue rose by 7.2% to Rs. 12.4 b, for the nine months. Aitken Spence operates a wide portfolio of hotels and resorts in Sri Lanka, Maldives, India and Oman. Its travel arm, the largest in Sri Lanka, is a joint venture with TUI Travel. It also acts as GSA for major airlines in Sri Lanka and the Maldives.
The Group’s Hotels arm is currently overseeing two large hotel projects in Negombo and Ahungalla.
The Maritime and Logistics sector recorded Rs. 525 m as profits-before-tax, a decrease of 2.8% over the previous year, while revenue was up by8.5% to Rs. 5.2 b. Aitken Spence is Sri Lanka’s largest integrated logistics services provider and has port management services in Africa and the South Pacific. Port operations in Fiji contributed significantly to the sector profits with the company achieving high efficiency levels in the ports of Suva and Lautoka.
Strategic investments sector showed a rise of 32.7% in profits-before-tax and 10.1% in revenue, to Rs. 695 m and Rs. 10.6 b respectively, for the period under review. Power, printing and garments businesses performed better than last year during the nine months, with investments in new machinery and expansion of manufacturing facilities.
The Group’s services sector saw profits-before-tax falling by 42.4% to Rs. 104 m and revenue rising by 14.4% to Rs. 607 m. The services sector includes financial services, insurance, elevator agency and technology businesses. The fairly nascent technology business accounted for a significant share of the losses in the services sector.

Sri Lanka Govt. gives go-ahead to Port City

• PM Ranil Wickremesinghe finds lost EIA and submits to Cabinet
• Reprieve for much maligned largest-ever foreign investment project
• Second EIA needed for Phase II construction including golf course and F1 track
• India raised no official objection, Sirisena likely to visit China in March+

An excavator (right) being used at the site of the planned Port City project in Fort yesterday. The project is likely to be made active yet again – Pic by Shehan Gunasekera

By Uditha Jayasinghe
After weeks of uncertainty the new Government yesterday gave the green light for the mega $ 1.4 billion China funded port city project.
Ending speculation, the new Cabinet, barely a month in office, allowed the project to continue after perusing an environmental assessment study conducted by a local university.
The port city was a major item in the joint Opposition campaign at Presidential poll whilst severe warnings were issued after the victory of Maithripala Sirisena as well. However, judging by yesterday’s Cabinet decision, almost akin to a U-turn, it appears that the much maligned port city project is back in the water.
“We are satisfied with the Environmental Impact Assessment (EIA) done by the Moratuwa University,” Cabinet spokesman and Health Minister Dr. Rajitha Senaratne told reporters, adding that a second EIA would be needed to assess construction once reclamation of land from the sea was completed.
“There is time for that,” he said. “Funding is by the Chinese company so we see no reason why it cannot go ahead.”
Multinational China Communications Construction Company (CCCC) subsidiary the China Harbour Engineering Company is creating the new island off Colombo’s harbour, which was started during former President Mahinda Rajapaksa’s decade in power.
However, presidential elections last month saw the removal of Rajapaksa and the appointment of his former Cabinet member President Maithripala Sirisena.
Sirisena subsequently appointed a 27-member Cabinet headed by Prime Minister Ranil Wickremesinghe who had earlier warned that the port city project would be scrapped if it failed to meet environmental standards.
This prompted the project promoter to issue a press statement setting the record straight. Despite that criticism allegations persisted. A follow up full page paid advertisement was also published.

Known to be the single largest investment project in Sri Lanka, the port city will also have Sri Lanka’s first 100-storey skyscraper under Phase II of its work. This phase would include the construction of hotels, shopping malls, a golf course as well as a F1 track.
The site is on 233 hectares of reclaimed land along the iconic coastline of Colombo. Under the proposed deal, 108 hectares would be given to the Chinese firm, including 20 hectares on an outright basis and the rest on a 99-year lease.
However, ownership of land by foreigners is illegal in Sri Lanka and Dr. Senaratne acknowledged that the Government would have to “look into” proprietorship details.
“At the moment foreign companies can only hold land on a lease basis up to 99 years. As far as we can ascertain the State does not own this land as its being reclaimed by the Chinese company. We will rectify the shortcomings,” he said.
Dr. Senaratne also insisted that no concerns had been officially raised by the Indian Government and Sirisena would likely visit China after overseeing a visit by Indian Prime Minister Narendra Modi in March.
Over the past month CHEC ramped up advertising about the project insisting it would put a spotlight on Sri Lanka by positioning the island as the ultimate “Gateway to South Asia” and strengthen tourist arrivals over the next 30 years.

Record-breaker Kumar Sangakkara sets up Sri Lanka win

• Sangakkara gets record for most dismissals in ODIs
• He also scored an unbeaten 113 for his 21st ton

The New Zealand players pose with the series trophy, New Zealand v Sri Lanka, 7th ODI, Wellington

Record setter in wicket–keeping Kumara Sangakkara celebrates

Reuters: Kumar Sangakkara scored an unbeaten 113 and then returned to break the world record for the most dismissals by a wicketkeeper in one-day internationals as Sri Lanka beat New Zealand by 34 runs in the seventh and final match in Wellington on Thursday.
Sangakkara’s 21st one-day hundred anchored Sri Lanka to 287 for six after the visitors opted to bat first on winning the toss.
New Zealand, who won the series 4-2, never recovered from losing early wickets in their chase and were all out for 253 in the 46th over.
The hosts were reduced to 42-3 in the 12th over and barring a 74-run stand between Luke Ronchi (47) and Daniel Vettori (35) for the seventh wicket, Sri Lanka always looked in control.

Sangakkara on his way to his 21st ODI century

Kane Williamson top-scored for New Zealand with 54 while Kyle Mills hit a 17-ball 30 towards the end.
The 37-year-old Sangakkara, who is expected to retire from international cricket after the World Cup, passed Adam Gilchrist as the most successful wicketkeeper when he caught Corey Anderson off the bowling of Shaminda Eranga.
He later added another catch to the tally when he pouched Tim Southee off Thisara Perera, taking his career total to 474 dismissals with 378 catches and 96 stumpings in the 50-over format when he played as a wicketkeeper.
Australia’s Gilchrist achieved 472 dismissals in 287 one-day matches.
“The entire team has been working very hard. The hard work has paid off with some good performances out in the middle,” man-of-the-match Sangakkara said at the presentation. “I just try to do the basics as well as I can.”
Earlier, Tillakaratne Dilshan (81) and Lahiru Thirimanne (30) gave Sri Lanka a good start, adding 71 for the opening wicket before the latter fell leg before to Anderson.
Sangakkara walked out at number three and then added 104 for the second wicket before Dilshan was out caught by wicketkeeper Ronchi off paceman Southee.
Sri Lanka lost a few quick wickets but Sangakkara held the innings together and brought up his century with a crisp pull shot off Mitchell McClenaghan. The stylish left-hander hit 14 boundaries in his 105-ball knock.
Anderson finished with three wickets for 59 runs for New Zealand.
The World Cup, which is co-hosted by New Zealand and Australia, runs from Feb. 14-March 29.

Cinnamon Lakeside serves up new menu at Long Feng

Known for consistent excellence over the years, Long Feng is one of Cinnamon Lakeside’s signature restaurants and has served up authentic Chinese dishes to discerning diners over the years.
With excellent service, good food and decent prices, Long Feng has held its own despite stiff competition in the city.
However, determined to rise to new heights in terms of its culinary offerings, the restaurant has now revamped its menu, introducing many new dishes while retaining the best of the previous offerings.
By Monday 26 January, around 50% of the dishes on the menu will be all-new offerings which are sure to tempt the taste buds and sate the appetite.

The restaurant itself is also undergoing a facelift, with changes to the acoustics in terms of carpets to muffle sound and make it a quieter dining environment, a new look to the menu and certain upgrades in décor.
With Chinese Master Chef Yang Jiayu at the helm, Long Feng’s new dishes been carefully selected after much thought and in consultation with General Manager Dermont Gale, who is turning things around at Cinnamon Lakeside at an impressive pace.
A new dim sum menu is also on the cards and will be launched in time for Chinese New Year celebrations.
Other culinary-related changes at the hotel include a new menu for 7° North in the near future and two new Thai chefs on board at the Lakeside’s signature restaurant Royal Thai shortly, with a new menu on the cards by March.
Meanwhile, the Cinnamon Lakeside is also planning some unique Valentine’s Day celebrations and other new experiences across the property, which are sure to impress and delight guests.

Sri Lanka Govt. bans casinos in mega integrated mixed development projects

Reuters: The new Government has blocked three casinos approved by the previous administration, among them a $400-million project by Australian gaming mogul James Packer’s Crown Resorts Ltd.
The widely-expected move redeems an election pledge by new President Maithripala Sirisena to cancel the Crown Resorts licence. Sirisena won an 8 January election, ending a decade of authoritarian rule by President Mahinda Rajapaksa.
The casinos faced opposition from Buddhist leaders and some of Rajapaksa’s own coalition partners, who feared that gaming could lead to a boom in prostitution and damage values and culture in the mainly Buddhist island nation.
Prime Minister Ranil Wickremesinghe said gazette notices that gave tax concessions to the projects, including Packer’s integrated mixed-development project, had been amended.
“We have decided to ban such approval for casinos,” Wickremesinghe told Parliament. “But they can conduct all other activities,” he added, referring to hotel and residential apartments included in the projects.
Besides Lake Leisure, Packer’s Sri Lankan joint venture, the blocked projects are the $300-million Queensbury resort planned by Sri Lanka’s Vallibel One Plc, and the $850-million Water Front Properties of John Keells Holdings Plc, the country’s biggest conglomerate.
Packer, one of Australia’s richest men, got Sri Lankan cabinet approval for the project in 2013, but its terms were altered in the face of opposition from some Buddhist leaders and political parties, and construction has yet to start.
All casino licences will be reviewed and gaming will be restricted to a specific area of Sri Lanka in future, Cabinet Spokesman Rajitha Senaratne said.
“But we have not decided an area yet and the current location is just temporary,” he told reporters in Colombo.
Rajapaksa’s Government had said casinos would be restricted to D.R. Wijewardena Mawatha, an area in the commercial heart of the capital where Crown has planned its hotel.

Casino ban-hit JKH drags stock market down

Reuters: Shares fell on Thursday from a near two-week closing high the previous session, led by John Keells Holdings Plc after the new government cancelled approval for it to help build a casino, brokers said.
Prime Minister Ranil Wickramasinghe on Thursday said the new government had blocked three casinos approved by the previous administration, including a $400-million project by Australian gaming mogul James Packer’s Crown Resorts Ltd and John Keells Holdings Water Front properties.
Shares of top conglomerate Keells fell 3.72%.
The new Government aims to cut its 2015 fiscal deficit to 4.4% of gross domestic product, better than a target of 4.6% set by the previous administration.
The main stock index ended 0.25%, or 18.78 points weaker at 7,376.51, edging down from its highest close since 16 January hit on Wednesday.
“The market fell on Keells with the government banning casinos,” Reshan Wediwardana research analyst at First Capital Equities Ltd.
“The market will definitely come down in coming days mainly on panic selling of Keells, Dialog, Sri Lanka Telecom and Nestle as the budget imposed taxes on these firms.”
Finance Minister Ravi Karunanayake in the new Government’s supplementary budget imposed a super gain tax of 25% on companies or individuals who earned more than Rs. 2 billion profits in 2013/2014, while announcing a raft of tax reductions and state sector pay rises to boost consumption.
Wediwardana said an increase in consumers’ disposable income might help the market in the long run.
Turnover was Rs. 1.27 billion ($ 9.61 million), less than last year’s daily average of Rs. 1.42 billion, exchange data showed.
Foreign investors were net buyers of Rs. 122.5 million worth of shares on Thursday, but they have been net sellers of Rs. 331.1 million worth of shares this month. They bought a net Rs. 22.07 billion worth of stocks last year.

Miss Colombia crowned Miss Universe for 2015

REUTERS: A 22-year-old business student and model from Barranquilla, Colombia, was named Miss Universe on Sunday at the annual beauty pageant, beating out 87 other contestants from around the globe.
Paulina Vega, the granddaughter of tenor Gaston Vega, studies business administration at the Universidad Javeriana in Bogota and has been a model since she was eight years old, according to the pageant’s website.
Vega triumphed over first runner-up, Miss USA Nia Sanchez, a 4th degree black belt in Tae Kwon Do from Las Vegas, Nevada, who won the US title in June.
Contestants from the Netherlands, Jamaica and Ukraine rounded out the five finalists at the 63rd annual pageant, which was broadcast on NBC from Florida International University in Miami.
Vega is the fourth woman from South America to win the pageant in the past seven years, with contestants from Venezuela taking the title last year as well as in 2007 and 2008.

Indian Prime Minister Narendra Modi visit Sri Lanka on 14-15 March

Indian Prime Minister Narendra Modi will arrive in Sri Lanka on 14 March for a two-day state visit, diplomatic sources told Daily FT.
Prime Minister Modi will be the first Indian leader to undertake a state visit to Sri Lanka since Rajiv Gandhi in 1987. Indian Premiers have since visited Sri Lanka only for Multi-lateral meetings, such as SAARC.
The Indian Prime Minister will be in the island for high level meetings on 14-15 March, Daily FT learns.
The Indian Premier’s visit will take place exactly one month after President Maithripala Sirisena travels to New Delhi on 16-19 February, for his first foreign visit since assuming office.
The new Sri Lankan administration has pledged to “reset” relations with New Delhi that had soured somewhat under President Mahinda Rajapaksa who repeatedly attempted to use China’s growing influence in the island as leverage with India. President Sirisena and Prime Minister Wickremesinghe have indicated they seek to restore the equilibrium.

By Dharisha Bastians

Your Attention Please

Your Attention Please.
No one is coming to save you,
This life of yours is 100% your responsibility.

8 Qualities That Make Great Bosses Unforgettable

LinkedIn Influencer, Jeff Haden, published this post originally on LinkedIn.

I remember all of my bosses. Some were bad. Most were good.

But only one was, in the best possible way, truly memorable.

Unforgettable bosses possess qualities that may not show up on paper but always show up where it matters most -- in the minds and even hearts of the people they lead.

Here are some of the qualities of truly unforgettable bosses:

1. They believe the unbelievable.

Most people try to achieve the achievable; that’s why most goals and targets are incremental rather than inconceivable.

Memorable bosses expect more -- from themselves and from others. Then they show you how to get there. And they bring you along for what turns out to be an unbelievable ride.

2. They see opportunity in instability and uncertainty.

Unexpected problems, unforeseen roadblocks, major crises... most bosses take down the sails, batten the hatches, and hope to wait out the storm.

A few see a crisis as an opportunity. They know it’s extremely difficult to make major changes, even necessary ones, when things are going relatively smoothly.

They know reorganizing an entire sales team is accepted more easily when a major customer goes under. They know creating new sales channels is a lot easier when a major competitor enters the market. They know reorganizing manufacturing operations is a lot easier when the flow of supplies and components gets disrupted.

Memorable bosses see instability and uncertainty not as a barrier but as an enabler. They reorganize, reshape, and re-engineer to reassure, motivate, and inspire -- and in the process make the organization much stronger.

3. They wear their emotions on their sleeves.

Good bosses are professional.

Memorable bosses are highly professional and yet also openly human. They show sincere excitement when things go well. They show sincere appreciation for hard work and extra effort. They show sincere disappointment -- not in others, but in themselves. They celebrate, they empathize, they worry. Sometimes they even get frustrated or angry.

In short, they’re human. And, unlike many bosses, they act as if they know it.

Professionalism is admirable. Professionalism -- with a healthy blend of humanity -- is inspiring.

4. They protect others from the bus.

Terrible bosses throw their employees under the bus.

Good bosses never throw their employees under the bus.

Memorable bosses see the bus coming and pull their employees out of the way often without the employee knowing until much, much later... if ever, because memorable bosses never try to take credit.

And if they can't, they take the hit. (And later speak privately to the employee in question.)

5. They’ve been there, done that... and still do that.

Dues aren't paid, past tense. Dues get paid each and every day. The true measure of value is the tangible contribution we make on a daily basis.

That’s why no matter what they may have accomplished in the past, memorable bosses are never too good to roll up their sleeves, get dirty, and do the “grunt” work. No job is ever too menial, no task ever too unskilled or boring.

Memorable bosses never feel entitled, which means no one feels entitled to anything but the fruits of their labor.

6. They lead by permission, not authority.

Every boss has a title. That title gives them the right to direct others, to make decisions, to organize and instruct and discipline.

Memorable bosses lead because their employees want them to lead. Their employees are motivated and inspired by the person, not the title.

Through their words and actions they cause employees feel they work with, not for, a boss. Many bosses don’t even recognize there’s a difference... but memorable bosses do.

7. They embrace a larger purpose.

A good boss works to achieve company goals.

A memorable boss also works to achieve company goals -- and achieves more than other bosses -- but also works to serve a larger purpose: to advance the careers of employees, to rescue struggling employees, to instill a sense of pride and self-worth in others. They aren’t just remembered for nuts and bolts achievements but for helping others on a personal and individual level.

Memorable bosses embrace a larger purpose, because they know business is always personal.

8. They take real, not fake risks.
Many bosses, like many people, try to stand out in some superficial way. Maybe through their clothes, their interests, or a public display of support for a popular initiative. They do stand out but they stand out for reasons of sizzle, not steak.

Memorable bosses stand out because they are willing to take an unpopular stand, take an unpopular step, accept the discomfort of ignoring the status quo, and risk sailing uncharted waters.


They take real risks not for the sake of risk but for the sake of the reward they believe possible. And by their example they inspire others to take risks in order to achieve what they believe is possible.

In short, memorable bosses inspire others to achieve their dreams: by words, by actions, and most importantly, by example.

US brand Tommy Hilfiger sets up shop to dress Sri Lanka

Tommy Hilfiger, owned by US-listed PVH Group and one of world famous designer brands, entered Sri Lanka last week, setting up shop at Arcade Independence Square.

Tommy Hilfiger fan and Bollywood star Jacqueline Fernandez being welcomed by Tommy Hilfiger Arvind Managing Director and CEO Shailesh Chaturvedi whilst Softlogic Holdings Plc Chairman and Managing Director Ashok Pathirage looks on

Sri Lanka joins the expanding global network of over 1,400 Tommy Hilfiger stores in over 90 countries worldwide. PVH Corp. is one of the world’s largest apparel companies and owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company.
The Tommy Hilfiger Group’s entry into Sri Lanka is via its joint venture with India’s Arvind Ltd., and in partnership with Softlogic Holdings Plc.

The opening of the Colombo store was attended by special guest, actress Jacqueline Fernandez, who wore a dress from the Hilfiger Collection. Celebrities, press, VIPs and friends of the brand were also present at the launch.

The opening was attended by special guest, actress Jacqueline Fernandez (centre), who wore a dress from the Hilfiger Collection 
– Pix by Daminda Harsha Perera

“I’m excited to be in Colombo to celebrate the opening of the first Tommy Hilfiger store in the city,” said Fernandez. “I am a long-time fan of the brand and this store showcases Tommy Hilfiger’s latest collections in a beautiful and welcoming shopping environment. Tommy’s versatile designs and signature preppy twist are the epitome of ‘classic American cool’ style.”
At the event, guests were invited to browse the new Tommy Hilfiger Fall/Winter 2014 men’s and women’s sportswear, footwear and accessories collections, which celebrate a blend of Tommy Hilfiger’s signature all-American heritage and British sartorial style.
The store has a wide selection of menswear, womenswear, footwear and accessories.
With a premium lifestyle brand portfolio that includes Tommy Hilfiger and Hilfiger Denim, the Tommy Hilfiger Group is one of the world’s most recognised designer apparel groups. Its focus is designing and marketing high-quality menswear, womenswear, children’s apparel and denim collections.
Through select licensees, the Group offers complementary lifestyle products such as sportswear for men, women, juniors and children; footwear; athletic apparel (golf, swim and sailing); bodywear (underwear, robes and sleepwear); eyewear; sunwear; watches; handbags; men’s tailored clothing; men’s dress furnishings; socks; small leather goods; fragrances; home and bedding products; bathroom accessories; and luggage.
The Hilfiger Denim product line consists of jeanswear and footwear for men, women and children; bags; accessories; eyewear and fragrance. Merchandise under the Tommy Hilfiger brands is available to consumers worldwide through an extensive network of Tommy Hilfiger retail stores, leading specialty and department stores and other select retailers and retail channels.
The Tommy Hilfiger Group operates in India and Sri Lanka through a joint venture with Arvind Ltd. The joint venture markets and sells the Tommy Hilfiger apparel, handbag and footwear collections in India and Sri Lanka. It also manages the license and franchise agreements with third parties for the use of the Tommy Hilfiger trademarks in connection with retail stores and product categories including watches, home goods, travel gear, eyewear, underwear and small leather goods. Tommy Hilfiger-branded products are distributed in India through a network of more than 180 freestanding stores and shop-in-shops in 51 cities.
PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, DKNY, Ike Behar and John Varvatos.

Foreign buying fuels rebound; net inflow now at Rs. 21.5 b

Bullish sentiments from foreign investors saw the Colombo stock market bounce back yesterday thereby boosting the net inflow to an impressive Rs. 21.5 billion while when TPG Capital acquisition of Union Bank stake is factored in, the net figure is Rs. 33 billion.
Lanka Securities said foreign investors closed as net buyers for the 20th consecutive session with a net inflow of Rs. 666 million. Foreign participation was 31%. Net foreign inflows were seen in counters such as John Keells Holdings (Rs. 380 m), Access Engineering (Rs. 220 m), Commercial Bank (Rs. 19 m), Tokyo Cement (Rs. 15 m) and Hemas Holdings (Rs. 14 m). NDB Securities said foreign activity accounted for 58% of yesterday’s turnover of Rs. 1.2 billion.
Reuters citing CSE data said year to date net foreign inflows were now at Rs. 21.56 billion. Brokers noted that if Rs. 11.4 billion foreign investment in to Union Bank’s private placement for 68% stake in September, the net inflows figure amounts to Rs. 32.9 billion.
Asia Securities said the Bourse continues to remain attractive to foreign investors with Rs. 665.2 m inflow while local investors were active locking in profits.

The main index rebounded on thin trade with market volume and turnover being recorded below the 12-month average.
Core index bagged 43.85 index points or 0.61% to end at 7,274.43 while 20-scrip S&P SL index advanced by 41.79 index points or 1.04% to close at 4,066.92. Positive price increases in counters such as John Keells Holdings (closed at Rs. 253.60, +3.0%), Dialog Axiata (closed at Rs. 13.10, +2.3%) and Sri Lanka Telecom (closed at Rs. 48.00, +1.5%) contributed favorably to the index performance.
Subsequent to the announcement of interim dividend, Chevron Lubricants counter reached to Rs. 360.10 and closed at Rs. 360.00 (+2.9%).
John Keells Holdings emerged as the top contributor to the turnover with Rs. 481 m underpinned by several crossings of 1.1 m shares at Rs. 254-255. Access Engineering and Sanasa Development Bank were among the next best contributors to the turnover with Rs. 236 m and Rs. 41 m respectively.
Penny stocks such as Lanka Cement, Sierra Cables and Central Investments and Finance attracted heavy investor preference during the day.
NDB Securities said high net worth and institutional participation was witnessed in John Keells Holdings and Access Engineering as parcel trades. Mixed interested was observed in Sanasa Development Bank, Union Bank and Sierra Cables. Furthermore, retail interest was noted in Lanka Cement, The Finance Company and Central Investments & Finance.
Reuters said Sri Lankan stocks ended firmer on Wednesday with investors picking up select blue-chips like John Keells Holdings Plc and foreign investors and some local institutions buying into risky assets.
However, investors were still cautious due to political uncertainty ahead of the 8 January presidential poll, analysts said.
“John Keells led the market. We have seen some foreign activities. Local institutions and some state funds were also looking to buy,” said a stockbroker asking not to be named. Analysts expect volatility to continue and the overall index to be flat until the elections.
Nine loyalists from Rajapaksa’s United People’s Freedom Alliance, including Health Minister Maithripala Sirisena, have defected since the president announced a snap poll on 20 November Sirisena is contesting against Rajapaksa as the consensus candidate of a united opposition.
Speculation that more loyalists would defect in coming days and likely violence ahead of polling also weighed on sentiment, analysts said according to Reuters.

Colombo City Centre construction begins with $ 150 m investment

• Lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units in mega complex by Abans Group and SilverNeedle Hospitality of Singapore

Defence and Urban Development Secretary Gotabaya Rajapaksa (left), Colombo City Centre Partners Chairman and SilverNeedle Hospitality MD and Group CEO Iqbal Jumabhoy, Abans Group Chairperson Aban Pestonjee and Abans Director Rusi Pestonjee at the groundbreaking ceremony of the Colombo City Centre yesterday – Pic by Sameera Wijesinghe

By Sarah Hannan
Secretary to the Ministry of Defence and Urban Development Authority, Gotabaya Rajapaksa, laid the foundation stone for the Colombo City Centre (CCC) yesterday at Sir James Pieris Mawatha, Colombo 02, officially marking the commencement of construction.
A joint venture between the Abans Group and SilverNeedle Hospitality of Singapore, Colombo City Centre Partners Ltd. will engage internationally-renowned partners to complete this landmark at the heart of Colombo.
The multipurpose lifestyle centre is scheduled for completion in early 2018 with a $ 150-million investment and consists of a lifestyle retail mall, a 200-room NEXT Hotel and 180 residential units.
Colombo City Centre Partners Ltd. Chairman and SilverNeedle Hospitality MD and Group CEO Iqbal Jumabhoy stated that the dream of redefining Colombo’s skyline became a reality.
Elaborating on the time taken between the official announcement and the groundbreaking and foundation-laying ceremony held yesterday Jumabhoy noted: “Before we got to this stage of breaking ground and laying the foundation stone, we wanted to ensure that we chose the designs and obtained all the necessary permits and approvals to begin construction.”

“I am honoured to know that SilverNeedle has taken a decision to make such a major investment for the future development of Colombo. SilverNeedle taking such an initiative will send much-needed signals of business confidence to other Australian companies. I am very confident that we will see further investments come across the line in the coming years,” Australian High Commissioner Robyn Mudie stated.
Rising 48 storeys above Colombo’s central building district, the structure contains over 1,000,000 square feet. The first five levels of the centre, with an area of 230,000 square feet, will comprise the lifestyle retail mall. Just above the mall will be a 200-room NEXT Hotel marking its first entry into the Asian continent after Australia.
The upper levels of CCC will offer 180 residential units where residents will enjoy exclusive club amenities and use of the sky terrace.
Speaking about the additional features of the CCC Colombo City Centre Partners Director and Abans Group Chairperson Aban Pestonjee commented: “Currently there is no place in Sri Lanka where the whole family can go and enjoy themselves. We want to provide entertainment for Sri Lankans and their families as well as tourists with a mix of local and international brands, a cinema and food court. This will allow children and their parents to spend valuable family time together.”
The lead designer of this project is award-winning global architecture firm Aedas, while Gensler is responsible for the interior of the hotel and residences.
SN Property, a wholly-owned subsidiary of SilverNeedle Hospitality and international award-winning project management and construction consultants Gleeds Hooloomann are project managers. Retail planning and securing tenants for the lifestyle mall will be handled by Hong Kong-based Husband Retail Consulting. Veteran property manager Richard Buultjens will focus on sales and marketing for the residential units and leasing of the retail space.

Arpico Insurance in Rs. 79.5 m IPO

Arpico Insurance Ltd., will list on the Colombo Stock Exchange with a Rs. 79.5 million IPO, up for grabs from tomorrow.
The Company will issue 6.63 million shares at Rs. 12 each.
The CSE has approved in principle for the listing of Company shares on the Diri Savi Board. Official opening is 11 December whilst public can begin subscription from 2 December. Managers to the issue are Arpico Ataraxia Asset management. Once the IPO is completed it will be the 294th listed firm.

J.L. Morisons rewards top performers at 75th jubilee celebrations

J.L. Morison Son & Jones (Ceylon) PLC, (JLM), a company trusted by Sri Lankans for its portfolio of well-established consumer brands recently celebrated its 75th Diamond Jubilee Anniversary and Awards Night at a gala event at the picturesque Eagles Lakeside banquet hall.
From humble beginnings as a fully Sri Lankan owned company, JLM has today, with seven decades of experience and working relationships in the country, evolved into a multi-channel business poised for growth under the aegis of local conglomerate, Hemas Holdings PLC.
“This 75th anniversary is a major milestone for our company,” said JLM Managing Director Trihan Perera. “Much has changed throughout the years, but our significant growth is a testament to our focus on providing exceptional products to our consumers. We are proud of what we have accomplished and excited to celebrate this momentous occasion with our employees as we step into the future,” he added.
The Awards Night, held in conjunction with the Anniversary celebrations, was part of the Company’s efforts to recognise top team members who, by their passion, engagement and motivation, have driven higher business performance and customer satisfaction throughout the year.
“This year, more top performers than ever, were rewarded across the Group. The commitment of JLM employees is impressive. Today we recognise and reward our own trail-blazers who excelled in outstanding performance,” Perera said.
Present at the event was the Senior Management of the parent company Hemas Holdings PLC which included Husein Esufally, Chairman and Steven Enderby, Group CEO. Also participating in the celebration were the Board and Management of JLM.
Top achievers who excelled in their sales performance were selected as winners from divisions including Pharmaceutical Distribution and Manufacturing, OTC and Consumer, and Agro.
Galle Drugs Store received two awards for its contribution towards pharmaceutical distribution and pharmaceutical manufacturing distribution.
In the OCT and Consumer division, Himal Irantha and Susith Wijayawardana received Star Awards for Sales and Brands categories respectively, while M.T. Thilina Peiris was adjudged the Consumer Distributor Winner.
Amila Pushpanwan, Driver – Stores received the special Star Service Award for his exemplary service and true example of showcasing the company’s values.
Commenting on the occasion Perera said, “The Awards we presented are to inspire as well as to congratulate and thank our staff for a job well done over the last twelve months which created both an element of competition as well as team spirit.”
J.L. Morison Son & Jones (Ceylon) PLC (JLM) is a fully owned subsidiary of Hemas Holdings PLC, a diversified conglomerate with a focus on four key sectors namely; healthcare, fast moving consumer goods, transportation and leisure.