Investment in Hydro-power project

Distilleries Company of Sri Lanka PLC is pleased to announce that the Company has decided to invest in a Hydro Power Project with a plant capacity of 4000kW through its subsidiary; Bogo Power (Pvt) Ltd. The proposed plant will be located in the Kirkoswald Estate in Bogawanthalawa which is owned by Madulsima Plantations PLC, an associate of DCSL. Bogo Power (Pvt) Ltd., has obtained all necessary approvals and has already entered in to a ‘Standard Power Purchase Agreement’ with the Ceylon Electricity Board. The investment in the project is estimated to be Rs. 750 million and is expected to be funded almost entirely by DCSL.

Continental Insurance partners Sri Lanka Tourism in IIFA Awards 2010 in Colombo

Thursday, 22 April 2010 (DM)

Continental Insurance has been appointed as the official Insurance Company for the 11th International Indian Film Academy (IIFA) awards to be held in Colombo from 2 to 4 July. The IIFA awards are held in different locations world over each year, in an attempt to reach out to the world and Sri Lanka has been chosen to host the awards this year from among countries such as South Africa, South Korea, Australia and the UAE being closely contested other countries to stage this mega event.


The event will see some of the biggest names in the Indian film industry gracing the Sugathadasa Indoor Stadium at the three day event that will also feature a Twenty20 match between Bollywood Stars and Asian Cricketers.

"We are happy to partner Sri Lanka Tourism and Wizcraft international in this event as this will indeed reposition Sri Lanka on the map. After a three decade war and peace returning to the country we need to see this as a marketing exercise for Sri Lanka and the Government's initiative to push this is indeed encouraging as these awards are considered to be on par with the Oscars. Continental Insurance is proud and privileged to be a partner of this mega event," Continental Insurance Director Chaminda de Silva said.

Continental Insurance Lanka Limited was launched in March 2010 is into Motor, Fire, General Accident and Marine insurance segments. Despite it being new, the team behind Continental is no stranger to the insurance industry and the company also has the advantage of being backed by the Distilleries Group of Sri Lanka (DCSL), which handled the management of Sri Lanka Insurance Corporation during its privatisation.

Being part of the DCSL group, which has the distinction of being on Forbes Asia's '200 Best Under a Billion' list for the last three consecutive years, as well as being one of the top five corporates in Sri Lanka, brings added stability to Continental Insurance.

The Continental team was responsible for a number of bold steps taken in the Insurance business in the past, and they are known trail blazers and trend setters in the local insurance industry. They have also been responsible for several past milestones achieved in the industry. With this experience behind them Continental is currently engaged in offering their valued customers unparalleled products in insurance.

"We are committed to taking the Sri Lanka brand forward and to making the world know that we are now one of the safest places's on earth and opens for business and leisure. Our partnership in the IIFA Awards is not accidental; it is a deliberate attempt to be a part of the engine of growth for this new beginning in our beautiful country SRI LANKA," de Silva added.

Lanka Bell, the People’s Choice

Top telecommunication solutions provider Lanka Bell, the people’s choice in CDMA with 1.2 million subscribers, saw its leadership and innovation role in the Sri Lankan telecom sector further cemented with the company being awarded the coveted “People’s Fixed Telecom Service Brand of the Year” at 2010’s People’s Awards; an awards programme organised by the Sri Lanka Institute of Marketing, the national body for marketers, in association with The Nielsen Company, the largest marketing research company in the world.

The country’s largest CDMA ‘fixed line’ service and the only wholly Sri Lankan owned company in the telecommunication sector, Lanka Bell was one of only 30 brands selected as People’s Award recipients across as many categories, with awards encompassing the choice of everyday Sri Lankans in areas as diverse as consumer brands, services, entertainers, sports personalities, media outlets, automotives etc.


Commenting, Lanka Bell Managing Director Prasad Samarasinghe said: “This award is a clear indication that, our brand is the only telecommunication provider to really have our finger on the pulse of the Sri Lankan people in terms of actual in-the-field market research. We are also the only telecommunication brand to effectively use our very vital and real connection with customers to accurately judge their wants and needs and deliver on them.

Thanks to the exhaustive process by The Nielsen Company in Sri Lanka, where market researchers interviewed over 2,000 individuals between the ages of 15-60 years, with equal numbers of females and males, selected randomly across the Western, Central, Southern, North Western, North Central, Uva and Sabaragamuwa provinces over a 2 month period; we can now say without any doubt that our strategy of continuing to listen, learn and invest in our customers has paid off with Lanka Bell being adjudged the sole people’s choice for ‘fixed line’ services”, he added.

The only wholly Sri Lankan owned company in the telecommunications sector, Lanka Bell is the largest CDMA ‘fixed line’ provider in the country with over 1.2 million subscribers. The company was established in 1997 with an initial investment of US$ 150 million and was the pioneer of CDMA technology in the country. The company continues to make substantial investments to take its technology and services to all geographic regions and all segments of the market in Sri Lanka and has 60 of its very own fully fledged business offices island-wide. The company was also one of the first CDMA ‘fixed line’ services to be offered in Jaffna.

Distilleries to set up new insurance company

Distilleries Company of Sri Lanka PLC announced in a stock exchange filing that the Insurance Board of Sri Lanka has approved its application to set up a fully owned insurance subsidiary called Continental Insurance Lanka Ltd. with effect from December 18, 2009.

The start-up capital of the company will be Rs. 500 million and the provision will be increased to a billion rupees if necessary. Continental Insurance Lanka Ltd. is expected to commence operations in early 2010. 75mn.

NAMAL Acuity Value Fund becomes the fist closed-ended Unit Trust to be listed in the CSE

The Units of the NAMAL Acuity Value Fund (NAVF) is listed from October 12 and classified under the Closed end Fund Sector at the Colombo Stock Exchange. The NAVF is a collective investment scheme designed for investors seeking capital appreciation on their investment.

In Sri Lanka, it is the first occasion that a unit of a fund is being listed on the Stock Exchange. The investors can acquire the units through the member firms of the Colombo Stock Exchange to become a unit holder of the Fund. The investors will have the benefit of lower trading costs when buying or selling the units compared to the prevailing trading cost associated with the shares listed on the Stock Exchange.

NAMAL being the pioneer licensed Unit Trust Manager with 18 years of investment management record launched this Fund to the public to enable them to participate in the growth prospects of the equities listed on the Colombo Stock Exchange. The Fund retains the option to invest entirely in fixed income securities in order to preserve the invested capital and generate distributable income whilst reducing the risk to the Fund, the release further stated.

NAMAL adopts a unique research driven investment approach consistently to support the Fund to deliver returns to the investors. Moreover, the experienced Fund Managers at NAMAL continue to practice appropriate asset allocation techniques to deliver return to the investors in the funds managed by the company. The Deutsche Bank is the Trustee and Custodian of the Fund release concluded.

Lanka Bell awards North expansion to Sierra Global - Daily Mirror 06th Jan 2010

Lanka Bell, the largest CDMA fixed line provider in the country with 1.2 million subscribers has awarded its Northern Province Expansion Project to Sierra Global Network, one of the leading firms in the telecom infrastructure development sector.

http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=72726