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Lankan — IFC’s Country Co-ordinator
Mr. Sanjiva Senanayake has been appointed Country Coordinator for Sri Lanka, which is the latest addition to the IFC network of offices in the South Asian region and a country where IFC has a growing investment. He has already taken up duties, based in Colombo.
The development of a regional operational presence is an important part of IFC’s strategy to decentralize decision-making, get closer to the marketplace and establish closer contacts with its clients, said Mr. Rashad Kaldany, Director of the South & South-East Asia Department, who announced the appointment. He said IFC’s focus in Sri Lanka will be on priority areas such as developing capital markets and financing middletier companies and infrastructure projects.
Mr. Senanayake, a Sri Lankan national, has more than 16 years of banking experience in Sri Lanka and elsewhere. He joined Citibank Colombo in 1979 and moved to Citibank Brunei as Treasurer and Investment Banking Head in 1985. In 1988 he transferred to Citibank’s branch in Sydney and worked as a Senior Market Risk Manager until 1992 when he returned to Sri Lanka to join the Commercial Bank of Ceylon in Colombo as Consultant for Treasury and Product Development. He then moved to the National Development Bank of Sri Lanka in 1994 as Assistant General Manager in Treasury and in Merchant Banking. He was an independent consultant in banking and finance before joining IFC in June.
Mr. Senanayake holds a first-class BSc degree in Electrical and Electronic Engineering and an MSc in Communication Engineering, both from the University of London.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses.
Improved demand for Plainer BOPFs
In the Ex-Estate Catalogue buyers closely followed quality hence, where liquors were maintained prices were stable whilst, a range of invoices that were selling in the higher end of the price structure declined following quality. The feature of the sale was the improved demand for Below Best and Plainer BOPFs with demand from UK, South Africa and possibly Egypt, helping prices of Westerns to advance several rupees, with Continental interest helping a few Uva/Udapussellawa BOPFs.
The Plain BOPs too gained on last levels, helped by the small volume that was on offer. Low Growns continued to fluctuate between grades but, it was encouraging to witness better absorption of the Poorer Teas, a trend that was also witnessed in the Off Grade Catalogue. The Select Best Long Leaf Low Growns have declined during the past couple of sales but, while the prices continue satisfactory, an improvement in demand is likely in the near future. A few Liquoring Leafy Teas are selling above Rs. 200 and other good Pekoes are obtaining Rs. 160 to Rs. 180. Hence, estates that have switched to Long LeaŁ Manufacture and are producing a reasonably good end product, are witnessing improved averages.
The World Auction Centres, such as Mombasa, Cochin, Gauhati, Chittagong and Colombo witnessed more inquiry this week for many varieties of teas. In our last report we commented on the customary drop in the quality following the Deepawali Holiday period. Fortunately, on this occasion the weather leading up to the vacation was bright and clear resulting in moderate crops
— John Keells
Mahaveli Marine Cement Co. Ltd. has pointed out that our story in October 22nd issue of The Island headlined "M’veli Marine Cement: 1 million as taxes" is incorrect.
The following statement made by the companies Managing Director Mr. Sjored Grueter made at the opening of the packing plant reads:
"Countering allegations that had been levelled at organisations such as MMCCL, which included accusations of simply being a Packing Plant devoid of sufficient value addition in their operation, Grueter strongly refuted this by stating that this was a totally inaccurate perception. ‘Our commitment to Sri Lanka with Terminal and Ships is close to Rs. 3 billion and we currently have in direct employment 121 staff members with another 128 jobs being indirectly generated by us, while yet another additional 50 jobs will be created in the next two years’. He also said MMCCL’s contribution to the Sri Lankan government through duties, taxes and levies was over Rs. 1 billion in the last three years alone, whilst with the expansion, MMCCL expects to contribute over Rs. 500 million on annual basis to government coffers. In addition, MMCCL also purchase a large number of services from the government such as Port services, bunker fuel and other consumables totalling a further Rs. 200 million per annum. The talk of little value addition is designed to mislead, as it is ridiculous."
We regret the error made by our reporter.
Browns launch prestigious Moulinex
Brown & Co. Ltd. who recently obtained the prestigious Moulinex agency - referred to as the Brand of the Century in France, launched the Moulinex range of products in the presence of over 150 dealers.
Mr. J. C. R. Cooray who was present on the occasion, thanked their dealers for their unstinted support which had lead to establishing the Sharp range of products as a household name, and requested that they extend the same level of support in their marketing of the Moulinex range as well:
Moulinex which sells over 45 million appliances in 135 countries, is a reputed Brand Leader in Food Processing and Home Appliances. " Moulinex is always one step ahead of competition and anticipates the needs of the customer, with a practice of doing things for tomorrow- today" said Mr. Cooray, who went on to confirm the Company’s commitment towards making Moulinex yet another success story.
Mr. Suraj Fernando - MD Browns who also spoke on the occasion said that the Company had been performing exceptionally well in all areas, ranging from cars to batteries to tractors and of course Sharp electronics, with the Company’s turnover exceeding the Rs. 2 billion mark this year .
An important feature of the Moulinex launch was the presentation on ‘UDA THARUWA’- the easy payment scheme by Hatton National Bank which is available exclusively on products marketed by; Browns at very low interest rates . Mr. Rienzie Wijetilleke himself answered questions posed by the dealers and emphasised the fact that HNB and Browns were working together on this scheme.
Mr. Henry Hong from Moulinex Singapore did a demonstration of the Moulinex products to the dealers emphasising it’s superior French technology.
Pictured at the launch are from left: Mr. Hiroshi Sasaoka- MD Sharp Singapore, Mr. Monty Candappa - Director Marketing Browns, Mr. Suraj Fernando - MD Browns and Mr. Jayampathy Arambapola of Browns.
+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of October 22, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6572.56 Rs. 6705.34 The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on October 22, 1998 were as follows:
Saudi Arabia Riyal Rs. 17.70 Bahrain Dinar Rs. 176.11 Kuwait Dinar Rs. 218.33 Qatar Riyal Rs. 18.24 UAE Dirham Rs. 18.08 Oman Riyal Rs. 172.45 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on October 22, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6620.80 Rs.6659.00 100 Sterling Pounds Rs. 11190.91 Rs. 11317.90 100 Deutsche Marks Rs. 3973.22 Rs.4036.09 100 French Francs Rs. 1182.57 Rs.1204.32 100 Japanese Yen Rs 55.93 Rs. 56.90 Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended October 16th, 1998 was 15.5 per cent for all banks. The Lowest Prime Rate among banks during this week was 13.5 per cent.Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended September 30th, 1998 was 9.6 percent.
* Unit Trust Prices
Ceybank Unit Trust
Manager's Selling Price Rs. 5.23 (per unit) Managers Buying Price Rs. 4.90 (per unit)
Ceybank Century Growth Fund
Manager's Selling Price Rs. 7.20 (per unit) (Ex - Div.) Managers Buying Price Rs. 7.10 (per unit) (Ex - Div.)
Eagle Gilt Edged Fund
Manager's Selling Price Rs.10.85 (per unit) Managers Buying Price Rs. 10.73* (per unit) Eagle Income Fund
Manager's Selling Price Rs.10.85 (per unit) Managers Buying Price Rs. 10.74* (per unit) Eagle Growth Fund
Manager's Selling Price Rs. 7.90 (per unit) Managers Buying Price Rs. 7.57* (per unit) * After deducting exit fees applicable for the first year
National Equity Fund
Manager's Selling Price Rs. 6.87 (per unit) Managers Buying Price Rs. 6.47 (per unit) Namal Growth Fund
Manager's Selling Price Rs. 7.47 (per unit) Managers Buying Price Rs. 7.01 (per unit) Namal Income Fund
Manager's Selling Price Rs. 10.38 (per unit) Managers Buying Price Rs. 10.26* ( per unit)
Pyramid Unit Trust
Manager's Selling Price Rs. 5.17 (per unit) Managers Buying Price Rs. 4.84 (per unit)
* After deducting exit fees
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