Sinhaputhra Finance Aims for Rs 9bn Lending Portfolio in Next Three Years. Kandy based Company Shows Strong Growth of 89pct Year on Year

19th January 2012, www.dailynews.lk, By Shirajiv Sirimane

Sinhaputhra Finance PLC is aiming at amassing a lending portfolio of Rs. nine billion in next three years. This would be a 300 percent increase of the current position.

Sinhaputhra Managing Director Ravana Wijeyeratne said that the Kandy based company had been also showing strong growth of 89% percent year on year as at 31 December,

2011. Mobilization of deposits too was up to the mark with a 30 percent growth and to date Sinhaputhara Finance able to secure Rs. three billion. The leasing and hire purchase discernments increased by 170 percent.Commenting on the Hybrid market he said that they were one of the pioneers in imports when the vehicles were introduced and still maintains a high profile in this area.

He said that their new building in Kandy which was opened last year today stands as an icon in Kandy.

“The new complex which has won acclaim from several town planning authorities for its heritage architecture has given you an asset which will increase in value,” he said. Parts of the 33,000 square foot complex have been given out on lease and on revenue share basis to an educational institute and business process outsourcing company.

The conference halls have been used by a wide range of institutes and associations for their functions.

“We hope to maintain these public spaces such as the twin auditoriums and a roof top terrace now under gazebo cover to benefit the company in terms of a wider public patronage resulting in greater visibility of our services,” he said.

At a micro level Sinhaputhra ensured a profit after tax, of Rs. 26.9 million earning Rs. 4.28 per share against Rs. 1.23 the previous year according to the last annual report.

This was a significant 247% increase in performance.

The company attracted fresh public deposits in excess of Rs.1,226 million and a net growth of Rs. 445 million during the year displaying the goodwill it has acquired over the last thirty three years in financial service. During the period the company with a Rs. 3.8 billion asset base enhanced their Equity to Rs. 469 million.

Colombo Kandy Expressway Changed to Include Kurunegala - RDA Sri Lanka

07th January 2012, www.lankabusinessonline.com

An expressway from Sri Lanka's capital Colombo to the central hill city of Kandy has been changed to touch Kurunegala, another key city, Road Development Authority Chairman R W Pemasiri said.

The trace of the 98 kilometre planned expressway was earlier going over Ambepussa. The new road may be slightly longer as a result of the change, Pemasiri said.

Ten companies from China, Korea, India and Malaysia have given proposals with financing to build the track.

"We are studying these proposals," he said. "We are hoping to start building the expressway this year."

The RDA opened an expressway to Galle in the South last year, which is operating as a toll road slashing travel time by about a third.

At the moment, the road from Colombo to Kandy is considered a key bottleneck, slowing traffic to Kandy, north central Sri Lanka and the east.

A World Bank study has found that congestion in Colombo, and on the Colombo-Kandy road was a key reason for high transport costs in the island, as road elsewhere in the island improved.

SriLankan Air Taxi Float Planes Fly to Kandy World Cup Cricket Matches. Hambantota Sold out

28th February 2011, www.lankabusinessonline.com

SriLankan Airlines' says it has started a float plane service to Kandy to cover World Cup cricket matches at the Pallekelle grounds in Kandy in Central Sri Lanka.

The service will run from Colombo to the Victoria reservoir at 11.00 am on De Havilland Twin Otter aircraft on March 08, 10 and 14.

The 7,500 rupee offer has a return journey by bus, because matches end in the night, SriLankan Airlines said.

The airline said its flights to two matches in Hambantota in the south had been sold out.

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• SriLankan Air Taxis Cover Natural Beauty of Sri Lanka in Half an Hour

Sri Lanka as a Health Tourism Destination, New Hospital in Kandy, Ashok Pathirage of Softlogic Explores Potential

07th February 2011, www.dailynews.lk, By Sanjeevi Jayasuriya

Sri Lanka has a well developed healthcare sector and the country should promote health tourism where there is a huge potential in the international market.

The country’s medical sector is highly qualified and is capable of providing specialized treatment. Sri Lanka could be promoted as a health tourism destination with the expected influx of tourists, Softlogic Holdings Chairman Ashok Pathirage told Daily News Business.

“We could offer specialized services as the country has international standard hospitals and medical staff. Not only ayurveda treatment but western medication could be provided for the foreigners thereby earning foreign exchange,” he said. The focus should be to become a treatment centre similar to services offered by Singapore.

The authorities should encourage modern private healthcare institutions to attract foreign patients. The sector needs incentives to upgrade its hospitals to be on par with international standards.

More people patronize the private healthcare sector at present as it has become affordable to them. One of the main reasons for the increased use of private hospitals is most of the users have medical insurance.

There should be insurance covers to reach a wider cross section of the society as the country will have a large elderly population in years to come, he said.

Softlogic Holdings is working on a health insurance cover to embark on health tourism in a big way. As tourism is picking up in a great way Sri Lanka could market this concept internationally through tour operators, he said. The Softlogic Holdings Company will set up a state-of-the- art hospital in Kandy with a substantial investment.

This most up-to-date hospital is at the designing stage and will comprise 100 rooms. The fully equipped hospital will be ready for public in 30 months.

The company also plans to set up a sophisticated cancer treatment centre and negotiations are currently underway.

The Central Hospital which is owned by the Softlogic Holdings is of international standard and the company is ready to cater to the international market, Pathirage said.

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Sri Lanka Plans Colombo Kandy Expressway to Cut Travel Time to an Hour

o6th August 2010, www.lankabusinessonline.com

The Sri Lankan government said it has got Asian Development Bank funding to start work on an expressway between Colombo and Kandy in the central hills that will cut travel time to less than an hour.

Transport ministry secretary Wasantha Karannagoda said the ADB had promised 500 million dollars over the next three years for the first phase of the project.

"Land acquisition studies and detailed designs have been done and we hope to start the civil works from next year," he told a news conference.

"The expressway will reduce travel time between Colombo and Kandy to around 45-50 minutes with vehicle speeds of 100-110 kilometres an hour. It will be a four-lane highway with provision to expand to six lanes.

"This will be a big relief to commuters, enabling them to save time and fuel, and reduce vehicle maintenance costs."

Travel between Colombo and Kandy now takes about three hours and there is congestion on the existing road.

The planned expressway will be an elevated highway, built on viaducts or concrete pillars in order to reduce land acquisition and avoid difficulties caused by the danger of floods, Karannagoda said.

The first phase from Kadawata, north of Colombo, to Ambepussa will take about three and a half years. The second phase would extend the road to Katugastota, near Kandy.

"If we can get funds for the second phase we can work on that at the same time so the total construction period would be about four years," Karannagoda said.

The government had decided to do the project after a previous proposal to give it to a Malaysian company was abandoned, he said.

This was because the foreign investor's feasibility studies indicated the anticipated traffic was not enough to ensure profits within their time frame, he said.

Government spokesman media minister Kehaliya Rambukkwelle said the government might make the first stretch of expressway a toll road.

Related Info:
Colombo - Kandy Expressway by Road Development Authority (RDA)

Sri Lanka's Kandy Esala Perahera to Draw Massive Crowds. Randoli Perahera from 20 to 24 August 2010

06th August 2010, www.dailynews.lk, By Asela Kuruluwansa

The number of visitors to Kandy during the Esala Perahera season is expected to increase by over 50 percent this year due to the peaceful situation in the country. Kandy police have prepared a special security program to ensure security of the perahera and the people.

On the instructions of President Mahinda Rajapaksa, IGP Mahinda Balasuriya has appointed six DIGs in charge of different sectors of the program. The six sectors are traffic, road safety, public surveillance, welfare and special investigations. This is the first time such a multi-sectoral security program will be implemented for the perahera season.

Before 2 p.m. all vehicles will have to leave streets through which the perahera would proceed. No vehicles will be allowed to enter these streets after 3.30 p.m. when the police will take over the perahera route.

During the perahera days alternative routes have been introduced for vehicles to reach Katugastota, Tennekumbura and Peradeniya bypassing the Kandy city. The Gannoruwa road could be used for vehicles plying between Peradeniya and Katugastota.

Those proceeding towards Tennekumbura could proceed along the road opposite the Bogambara prison and Mahaiyawa-Lewella road.

Passenger transport buses will be parked at Wewelpitiya ground and bus stands at Red Culvert, Clock Tower, Goodshed and Bogambara. Light vehicles could be parked along Sumangala Mawatha, Tilak Ratnayake Mawatha, Dodanwela, William Gopallawa Mawatha, Courts road, Anagarika Dharmapala Mawatha and in the Kandy vehicle park.

The police request the public to assist them by coming early to the city.

Related Info:
Esala Perahera Procession 2010 - The Schedule

Kandy World Heritage City Foundation for Planning and Execution of Development Projects in Kandy, Sri Lanka

08th January 2010, www.news.lk

The Ministry of Cultural Affairs and National Heritage has taken steps to establish the Kandy World Heritage City Foundation with a view to achieve several objectives, the ministry sources revealed.

According to the Ministry, the objectives of this project are,

01. To increase production, to develop the economy and to generate employment opportunities by planning and executing development projects within the relevant area;

02. To undertake a comprehensive study of the projects identified from the master plan for development of the designated area;

03. To undertake action to raise funds from local and/or foreign sources for any definite projects or programmes and many more additional objectives.

The establishment of a Foundation called “Kandy World Heritage Foundation” with a view to ensuring planning and execution of development projects already identified and expected to be identified in future in respect of development and conservation activities within the Kandy Municipal Council in the city of Kandy which is one of the world heritage cities would be boon in the development and conservation activities of the relevant area.