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Tuesday April 23rd, 2024

Sri Lanka’s Expolanka Holdings Plc changes director board

ECONOMYNEXT – Expolanka Holdings Plc has announced that Bokuto Yamauchi, in addition to his capacity as the Chairman of the Board, will assume duties as the Group CEO of the Company with effect from today.

“Hanif Yusoof will step down as Group CEO with effect from 31st March 2024 and will serve on the Board as an Executive Director,” the company said in a stock exchange filing.

The Board of Directors of Expolanka Holdings PLC has been re-constituted as follows;
Bokuto Yamauchi, Chairman/Group CEO
Hanif Yusoof, Executive Director
Harsha Amarasekera, Independent Non-Executive Director
Sanjay Kulatunga, Independent Non-Executive Director
Yo Ha, Executive Director
Junji Shimasaki, Non-Executive Non-Independent Director
Hidekazu Matsumoto, Non-Executive Non-Independent Director

SG Holdings, the parent company of Expolanka Holdings Plc, announced on March 1 it was delisting the company from the Colombo Stock Exchange.

SG Holdings Global Pte Ltd, the company’s majority shareholder, said it will purchase its shares from shareholders at 185.00 rupees a share.

The share last traded around 150.50, before the delisting was announced. Expolanka is the largest listed company on the Colombo Stock Exchange.

A valuation report by KPMG on Expolanka Holdings Plc suggested the value of a share between 136.9 rupees and 152.6 rupees.

At the Extraordinary General Meeting held last week (March 27), a majority of stockholders voted to accept the offer.

“Since the Company shall be deemed to have changed its status from a public listed company to a public company upon the delisting of shares from the official list of the Colombo Stock Exchange the name of the Company shall be changed from ‘Expolanka Holdings PLC’ to ‘Expolanka Holdings Limited’ in accordance with the provisions of the Companies Act, No. 07 of 2007.”

Related stories
Sri Lanka stocks close up 0.37-pct, Expo to de-list

KPMG values Sri Lanka’s Expolanka share

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Iran President to open Sri Lanka $514mn irrigation, hydro power project

MULTIPURPOSE: Uma Oya multipurpose development project is the largest since the end of the Mahaweli projects.

ECONOMYNEXT – Iran President Seyyed Ebrahim Raisi will inaugurate an irrigation and hydropower project that was designed and built by Iranian engineering firm and was also initially financed before international sanctions hit the project.

The Uma Oya (River) project will irrigate 4,500 acres of new agricultural land, generate 290 Gigawatt hours of electricity and also provide drinking water, a government statement said.

Sri Lanka had awarded an engineering, procurement, construction (EPC) to Iran’s FARAB engineering group to design and construct the 514 million dollar multipurpose project in 2010.

The project was funded until 2013 with a million US dollar credit from the Export Development Bank of Iran but international sanctions prevented the country from continuing financing, a government statement said.

The project continued with funding from Sri Lanka. Sri Lanka had since repaid 19.3 million dollars of the credit and 35.2 million remains outstanding.

The Uma Oya project has a 120MW of hydro power generators, which can generate 290 Giga Watt hours of energy.

Each year 145 million cubic metres of water will be taken from Uma Oya to the Kirindi Oya river valley after generating electricity in an underground power station.

It will irrigate 1,500 hectares of existing agricultural and 4,500 hectares of new land in the Moneragala district, where crops can be cultivated in both the Maha and Yala seasons.

About 39 million cubic meters of water will be used for drinking and industrial purposes.

Two reservoirs built at Dyraaba and Puhulpola in Uma Oya basin is connected by a 3.98 kilometre conveyance tunnel and water is taken through a 15.2 kilomtre headrace tunnel to an underground power station. A tailrace tunnel takes water from the power station to the Kirindi Oya basin.

The project was originally expected to be completed in 2015, but due to financing delays and later water leaking into the headrace tunnel and the Covid pandemic had delayed it. The project completion date was extended to March 31, 2024 and defect liability date to March 31, 2025.

(Colombo/April23/2024 – CORRECTED Iran President Seyyed Ebrahim Raisi will inaugurate an irrigation and hydropower project that was designed and built by Iranian engineering firm.)

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Sri Lanka state oligopoly allowed to import some black gram

ECONOMYNEXT – Sri Lanka has allowed the import of some black gram, by three state agencies, according to a gazette notice issued under the hand of President Ranil Wickremesinghe.

Import licenses will be given for 2,000 metric tonnes of the seed classified under HS Code 7312.31.22 and 29.

Sri Lanka State Trading Corporation, National Food Promotion Board and Sri Lanka Hadabima Authority is to be given import licenses.

Traders have resorted to smuggling some types of black gram (ulundu) mis classified as chick peas, to get over high taxes and import restrictions.

Tamil legislators have also protested the import controls, which they go into several key ethnic foods they consume. (Colombo/Apr23/2024)

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Sri Lanka Foreign Ministry consular division shifted to Battaramulla

ECONOMYNEXT – Sri Lanka’s Foreign Ministry said it consular division would be shifted to the Suhurupaya building in Subuthipura, Battaramulla from May 02, 2024.

Document authentication services provided by the Consular Affairs Division in Colombo will be suspended on 29 and 30 April 2024 held transfer the Electronic Document Authentication System (e-DAS) to the new premises at Suhurupaya.

Urgent applications for authentication to the Consular Division in Colombo, or any Regional Consular Offices by 4.15 pm on 26 April 2024, the Foreign Ministry said.

Regional Consular Offices in Jaffna, Trincomalee, Kurunegala, Kandy and Matara will remain open to accept applications.

Authenticated documents will be delivered to the applicants only on Thursday, 02 May 2024.

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