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Thursday April 18th, 2024

Sri Lanka Technological Campus gets Rs290mn infusion after acqusition

ECONOMYNEXT – Associated Electrical Corporation Limited and Tempest PE Partners who acquired Sri Lanka Technological Campus from Sri Lanka Telecom has injected 290 million rupees in equity grow it, a statement said.

SLTC runs a fully residential campus on a 35-acre property in Padukka with modern buildings. The university offers 25 undergraduate programs in Engineering, Technology, IT, Business and Music with an academic staff of over 200.T

The new team plans to set up a city campus. It is run an independent Academic Council.

“SLTC has developed a strong and progressive academic and management team,” Ajita De Zoysa, Chairman of Associated Electrical Corporation Limited said.

“The investor consortium believes that through their collective experience and leadership across multiple industry sectors, they could add significant value to produce innovative, focused, and employable students who will contribute greatly to Sri Lanka.

“Collectively, all stakeholders believe that SLTC can become one of the leading engineering universities in the region, in addition to developing much needed competencies in fields related to applied sciences, ICT, technology and business.”

The consortium that bought the university includes tJetwing Group, Finco Holdings, Perera & Sons (P&S), ManSek Investments & Insite Holdings.

Tempest PE is a joint venture between Sri Lanka’s Capital Alliance and Insite Holdings.

Chehan Perera, Managing Director of Tempest PE Partners said education is a key area that the firm wanted to develop.

“One of the main attractions of SLTC is the academic structure of the campus, which is overseen by an independent Academic Council, with strong academic teams in place across five disciplines,” Perera said.

“Working closely with the management, we will look to expand the reach of SLTC and leverage its strong academic infrastructure to set up a City Campus, where we can develop exciting foreign partnership programs, leveraging our relationships with leading education groups overseas.”

“I have long believed the entire landscape of higher education in Sri Lanka needs a complete overhaul, including the programs, the curricula, the entire pedagogy, and especially the attitudes of all stakeholders,” Founder President and Chief Executive of SLTC Ranjith Rubasinghe said.

“SLTC intends to be an exemplary leader in the higher education sector and will embrace and effect such change.

“This cannot be done without sufficient freedom for academic governance and management, and with this transaction, I believe we are witnessing a first of a kind in the nation, where SLTC will transform into an education institute that is run by its Academic Council.”

NDB Investment Bank were side financial advisors to the deal generating investor interest.

Nithya Partners were legal advisors to the buyer and D L & F De Saram advised the seller. (Colombo/Jan29/2021)

Comments (2)

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  1. Ravi Dissanayake says:

    I wish All the Best to Associated Electrical Corporation Limited and Tempest PE Partners who have stepped in to take over and develop the Sri Lanka Technological Campus to suit all modern requirements. I hope that in addition to attracting foreign students to be able to get qualified in new High Tech fields a branch could be opened up to develop skills of local youth who may be idling, to venture into various technical fields on their own.

  2. Gamini Samarasinghe says:

    Good luck to them. A sorely needed enterprise.

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Comments (2)

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Your email address will not be published. Required fields are marked *

  1. Ravi Dissanayake says:

    I wish All the Best to Associated Electrical Corporation Limited and Tempest PE Partners who have stepped in to take over and develop the Sri Lanka Technological Campus to suit all modern requirements. I hope that in addition to attracting foreign students to be able to get qualified in new High Tech fields a branch could be opened up to develop skills of local youth who may be idling, to venture into various technical fields on their own.

  2. Gamini Samarasinghe says:

    Good luck to them. A sorely needed enterprise.

Sri Lanka’s discussions with bondholders constructive: State finance minister

ECONOMYNEXT – Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, State Minister of Finance, Shehan Semasinghe has said.

“It is standard practice, when a representative group of bondholders is formed, to entertain confidential discussions with such group and its appointed advisors. In the case of Sri Lanka, the Ad Hoc Group of Bondholders represents holders controlling more than 50% of the bonds, which make them a privileged interlocutor for Sri Lanka,” Semasinghe said on X (twitter).

“It is well understood that given the price sensitive nature of the negotiations, and according to market regulations, discussions with the Group and its advisors are to be conducted under non-disclosure agreements. This evidently restricts the ability of the Government to unilaterally report about the substance of the discussions.

“The cleansing statement, which was issued on the 16th of April, at the conclusion of this first round of confidential discussions with members of the Group, aims at informing the Sri Lankan people, market participants and other stakeholders to this debt restructuring exercise, about the progress in negotiations. It provides the highest possible level of transparency within the internationally accepted practices in such circumstances.

“As informed in this statement, confidential discussions held in recent weeks with bondholders’ representatives proved constructive, building on the restructuring proposals presented by both parties. During the talks both sides successfully bridged a number of technical issues enabling important progress to be made. Sri Lanka articulated key remaining concerns that need to be addressed in a satisfactory manner.

“The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters. Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

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Sri Lanka rupee weakens at 301.00/302.05 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 301.00/302.05 to the US dollar in the spot forex market on Tuesday, from 299.00/10 on Tuesday, dealers said. Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent up from 11.95/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent down from 12.10/15 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent.

A bond maturing on 15.03.2031 closed at 12.30/50 percent. (Colombo/Apr17/2024)

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Sri Lanka Treasury Bill yields down across maturities

ECONOMYNEXT – Sri Lanka’s Treasuries yields were down across maturities at Wednesday’s auction with the 3-month yield moving down 7 basis points to 10.03 percent, data from the state debt office showed.

The debt office sold all 30 billion rupees of 3-month bills offered.

The 6-month yield fell 5 basis points to 10.22 percent, with 25 billion rupees of bills offered and 29.98 billion rupees sold.

The 12-month yield dropped 4 basis points to 10.23 percent with 18.01 billion rupees of bills sold after offering 23 billion rupees. (Colombo/Apr17/2024)

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