Tag Archives: Corporate Finance

JANASHAKTHI GROUP: FROM FAMILY BUSINESS TO CONGLOMERATE

THE WORD JANASHAKTHI MEANS ‘THE STRENGTH OF THE PEOPLE’ AND IT BEGAN WITH A FAMILY OVER TWO DECADES AGO

Janashakthi Group Chairman Chandana de Silva and Managing Director/ Group CEO Ramesh Schaffter discuss the company’s humble origins and transformation into a leading diversified conglomerate in the country. They also share insights on how different businesses and people across the group are aligned to a single vision to embark on the transformational journey envisioned for the group and explore new avenues of growth.

Tell us how Janashakthi Group is creating synergies between its different business units for growth?

Schaffter: Our group’s businesses are leaders in their respective industries, and we have now aligned ourselves to further strengthen our business operations. This business model allows the group companies to share services and leverage synergies and access expertise across a range of functions. Our strength has been our leadership, both at management and board level, who bring a variety of skills and experience from diverse backgrounds. We believe operational excellence and customer service are essential requirements for growth and for staying ahead of the competition.

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First Capital steps forward as Principal Sponsor of the SSC Open Tennis Championships 2021

Colombo 17th February 2021; Investment institution First Capital Holding PLC has come forward as the principal sponsor for the SSC Open Tennis Championships. The SSC Open 2021 is to be conducted from 19th February to 7th March 2021 at the Singhalese Sports Club (SSC) Tennis courts. The championships will be the first major open ranking tournament for the year 2021 having already attracted more than 650 entries and is one of the most anticipated events for the year.

“First Capital is pleased to sponsor the SSC Open Tennis Championships, as we see the impact of tournaments such as this in upholding high standards and enabling high performance.  The Championships have a strong synergy with our corporate values and our brand promise to deliver ‘performance first’. We are confident this partnership will further strengthen the association between our organizations and enable the upliftment of the sport across Sri Lanka”, stated Mr. Dilshan Wirasekara, Director / Chief Executive Officer of First Capital Holdings PLC, at the event to announce the Principal Sponsorship held recently.

The championships will be conducted under the purview of the governing body of the sport, the Sri Lanka Tennis Association and organized by the SSC Tennis House Committee. ‘All health and safety guidelines recommended by the Ministry of Health will be adhered to in conducting the championship, ensuring maximum safety to its participants and stakeholders at large’ said Mr Chammika De Silva the Tournament Director of the SSC Tennis Championships 2021.

The SSC Open Tennis Championships has had a long history and has gained prominence as a steppingstone for young talent, with most of its winners moving on to the national and international stage in the years ahead. This makes the championships one of the most sought-after fixture in the Sri Lankan Tournament calendar, also gaining the trust in its participant as a well-organized event. The championships will comprise of Girls and Boys events from under 12 to under 18 (Singles & Doubles), Men’s and Women’s Singles and Doubles, Mixed Doubles and Veterans events for over 35, over 45 & over 55 age groups.

Long standing supporters of the SSC Open Tennis Championships, Diesel and Motor Engineering PLC (DIMO) and 3 G Sports (Head Tennis Balls) will continue as co-sponsor and the main ball sponsor respectively. Further co-sponsors include ABC Shipping and Ceylon Biscuits Limited (CBL), which will be the nutrition sponsor. The Peoples Bank has also come forward to support the SSC Open this year.

Mr. Mufaddal Hazari, an International Tennis Federation qualified official with long years of experience will serve as the tournament referee.

(Insert photo – with caption) ‘Mr.  Dilshan Wirasekara, Director / Chief Executive Officer, First Capital Holdings PLC (on the Right) handing over the Sponsorship Cheque to Mr. Vasantha Wijesekera, Honourary Secretary, Singhalese Sports Club’, also in the picture (L-R), Mr. Neshan Gunasekera, Honourary Chairman, SSC Tennis House Committee, Mr. Nilanka Peiris, Honourary Treasurer, SSC, Ms. Nisansala Munasinghe, Manager Branding and Marketing Services First Capital Holdings PLC and Mr. Chandana De Silva, Director, First Capital Holdings PLC’

Photo credit – Mr Kamal Wanniarachchi of The Island

 

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Sri Lanka Economic Summit 2016: Strategic Sponsor First Capital

First Capital Holdings PLC is pleased to have partnered the Ceylon Chamber of Commerce for the Sri Lanka Economic Summit 2016 with the participation of President Maithripala Sirisena. It is the third consecutive year that the company has chosen to support the summit as Strategic Sponsor.

The sponsorship is part of First Capital’s ongoing commitment to support high-impact economic events of national importance. The Company is confident that forms such as the Sri Lanka Economic Summit allow for sustainable economic development in the isl
and through multidimensional assessment and collaboration.

Through its course of 17 annual gatherings, the Sri Lanka Economic Summit has attempted to analyses and discover how contemporary policies and economic situation affects the market and the local business environment. Themed ‘Focus. Act. Deliver’ the summit held on 2nd and 3rd of August attracted over 500 top corporate and public sector senior level executives to converse and deliberate on Sri Lanka’s unrealized economic potential.

The summit saw the successful completion of seven strategic discussions sessions covering areas such as how to accelerate Sri Lanka’s growth levels, private and public partnerships, tourism, international trade and logistics, talent pool growth, commercial agriculture and the country’s ailing public enterprises.

The first session of the event ‘Accelerating Growth, Pushing for Performance.’ was patronized by the President with the Finance Minister Ravi Karunanayake and the Central Bank Governor, Dr. Indrajith Coomaraswamy delivering keynote speeches. Followed by an insightful panel discussion with the participation of eminent resource persons, Idris Jala, CEO of Pemandu, Malaysia, Former Central Bank Deputy Governor W. A. Wijewardena and IPS Chairman Prof.Razeen Sally.

Furthermore, fifty high caliber resource persons both local and from overseas representing the public and the private sector were present to grasp direction and join into share insights focusing on how to move from issues to solutions, potential to performance and rhetoric to action.
Economic Summit 2016

“International Investor Perspective on Local Currency Solutions”

Colombo: A specialized and distinct seminar entitled “International Investor Perspective on Local Currency Solutions” was recently held at the Cinnamon Grand Hotel, Oak Room Colombo.  Jointly organized by Netherlands-based The Currency Exchange Fund (TCX), GuarantCo, FMO – the Dutch Development Bank, and Frontclear together with locally based investment bank First Capital Holdings PLC, the main focus of the event was to raising awareness among local Banks, NBFIs and Micro Finance Institutions about Foreign Currency Funding options and facilitating local participants to access funding from Development Financial Institutes (DFIs) and Foreign Investors.

First Capital Holdings PLC Group CEO Dilshan Wirasekara introducing GuarantCo Chief Investment Officer Lasitha Perera to the Keynote Speaker, Deputy Governor Dr. Nandalal Weerasinghe.  During the event GuarantCo revealed its ambitious plans to expand its markets to Sri Lanka by completing its first Rupee denominated project financing, to help extend the average tenor of corporate bonds from five to 10 years and also to have a Sri Lankan GuarantCo.
First Capital Holdings PLC Group CEO Dilshan Wirasekara introducing GuarantCo Chief Investment Officer Lasitha Perera to the Keynote Speaker, Deputy Governor Dr. Nandalal Weerasinghe. During the event GuarantCo revealed its ambitious plans to expand its markets to Sri Lanka by completing its first Rupee denominated project financing, to help extend the average tenor of corporate bonds from five to 10 years and also to have a Sri Lankan GuarantCo.

 

Delivering the Keynote Address Deputy Governor Dr. Nandalal Weerasinghe highlighting the demand for funding within the corporate sector, given the number of investment plans that had been given the green light since the end of the civil war and the need to facilitate a deeper corporate debt market to fulfil the additional funding needs faced by the Sri Lankan corporates. There is likely to be plenty of demand among insurance companies, provident funds and other institutional investors for higher yielding new financial instruments,” he stressed. The Deputy Governor said local currency solutions would mitigate the risk and generate cheaper funding with a minimum currency risk, while providing guidance on funding. Therefore instruments such as, hedging, credit guarantees, local currency bonds issued in the international market would help investors to find new methods and ways to finance their funding needs, he added.
Delivering the Keynote Address Deputy Governor Dr. Nandalal Weerasinghe highlighting the demand for funding within the corporate sector, given the number of investment plans that had been given the green light since the end of the civil war and the need to facilitate a deeper corporate debt market to fulfil the additional funding needs faced by the Sri Lankan corporates. There is likely to be plenty of demand among insurance companies, provident funds and other institutional investors for higher-yielding new financial instruments,” he stressed. The Deputy Governor said local currency solutions would mitigate the risk and generate cheaper funding with a minimum currency risk, while providing guidance on funding. Therefore instruments such as, hedging, credit guarantees, local currency bonds issued in the international market would help investors to find new methods and ways to finance their funding needs, he added.

 

Senior Vice President Jerome Pirouz drew attention to TCX’s role in Sri Lanka through supporting local currency inflows from offshore investors. He explained that the firm hedges the currency and interest rate mismatch which is created in cross-border investments between international investors and local market participants in frontier and less liquid emerging markets.
Senior Vice President Jerome Pirouz drew attention to TCX’s role in Sri Lanka through supporting local currency inflows from offshore investors. He explained that the firm hedges the currency and interest rate mismatch which is created in cross-border investments between international investors and local market participants in frontier and less liquid emerging markets.

 

Matthijs Pinxteren Director Treasury FMO, the Dutch Development Bank promoting private sector growth in more than 85 developing countries and emerging markets offering capital knowledge and networks presenting at the event reflected its roles in the Sri Lankan financial sector for the past three decades and the company’s intentions to expand their presence inline with the economic progression of the country.
Matthijs Pinxteren Director Treasury FMO, the Dutch Development Bank promoting private sector growth in more than 85 developing countries and emerging markets offering capital knowledge and networks presenting at the event reflected its roles in the Sri Lankan financial sector for the past three decades and the company’s intentions to expand their presence inline with the economic progression of the country.

 

Frontclear Senior Vice President Andrei Shinkevich addressing the gathering explained the role of Frontclear as a facilitatator providing access to financial markets for local institutions to local and global markets through the provision of  credit guarantees to cover their counterparty credit risk. Adding that the compnay provides technical assistance with product implementation and systemic constraints which are beneficial for emerging markets.
Frontclear Senior Vice President Andrei Shinkevich addressing the gathering explained the role of Frontclear as a facilitatator providing access to financial markets for local institutions to local and global markets through the provision of credit guarantees to cover their counterparty credit risk. Adding that the compnay provides technical assistance with product implementation and systemic constraints which are beneficial for emerging markets.

 

LCY Photo - 7Audience comprising of professionals representing the Banks, Non-Bank Financial Institutions and Micro Finance Institutions based in Sri Lanka.

Audience comprising of professionals representing the Banks, Non-Bank Financial Institutions and Micro Finance Institutions based in Sri Lanka.

 

LCY Photo - 8Panel discussion featured First Capital Holdings PLC Group CEO Dilshan Wirasekara, Moderator Nisthar Cassim, TCX Senior Vice President Jerome Pirouz, GuarantCo Chief Investment Officer Lasitha Perera, FMO Director Treasury Matthijs Pinxteren, Frontclear Senior Vice President Andrei Shinkevich and SBI Ven Capital Executive Vice President Arno De Vette.

Panel discussion featured First Capital Holdings PLC Group CEO Dilshan Wirasekara, Moderator Nisthar Cassim, TCX Senior Vice President Jerome Pirouz, GuarantCo Chief Investment Officer Lasitha Perera, FMO Director Treasury Matthijs Pinxteren, Frontclear Senior Vice President Andrei Shinkevich and SBI Ven Capital Executive Vice President Arno De Vette.

CDB announces LKR 1 Billion Debenture Issue

CDB Debenture 2016 - Managed by First Capital Limited

Colombo, 17 May 2016 : Citizens Development Business Finance PLC (CDB), one of the leading Licensed Finance Companies in Sri Lanka announced its intention to issue Listed Rated Subordinated Guaranteed Redeemable Debentures worth LKR 1 billion.

The debenture issue has received [SL] ‘A-‘(SO) with Stable Outlook by ICRA Lanka Ltd., and the Rated 5 year debentures are guaranteed by Seylan Bank PLC. The issue opens for subscription on 27th May 2016 and will close in 14 days of its opening date unless oversubscribed before the closing date.

With a 10 million debentures at a face value of LKR. 100/- each. The issue will offer two types of 5-year debentures, Type A with a fixed rate of 12.75%p.a paid semi-annually and Type B with a floating rate of, the 6-month net Treasury Bill plus 1.5% paid semi-annually (the floating rate has a cap of 15% and a floor of 10%). Further enhancing the investors’ return is the tax concessions applicable to listed debentures.

CDB is a company rated [SL] ‘BBB’ with a stable outlook by ICRA Lanka Limited and is a licensed finance Company registered under the Finance Business Act No. 42 of 2011 and a Company registered under the Finance Leasing Act No. 56 of 2000. Also a Public Limited Company registered under the Companies Act No. 17 of 1982 and re-registered under the Companies Act No. 7 of 2007.

The main objective of the debenture issue is to raise funds for CDB to strengthen its Tier II Capital and grow its lending book.

First Capital Limited and Citizens Development Business Finance PLC will act as joint Mangers to the issue and is geared to handle queries regarding the debenture. The Prospectus and Application Form can be downloaded from www.cdb.lk | www.­firstcapital.lk | www.cse.lk.