Heavyweights thrash out issues

Heavy weights in the corporate world turned out in their numbers last Monday at the Colombo Hilton to address the pressing issue of "developing the capital markets."

Led by Dr. Darin Gunasekera, Consultant, SEC, bureaucrats, regulators, stock brokers, primary dealers, bankers and CEOs of listed blue chips had their say on what ails our capital markets and peddled a host of remedies for them.

The final prognosis echoed by one and all was that all problems and issues discussed should not be locked away in their briefcases at the end of the day but become top priorities to be worked on urgently.

The well-represented corporate world took a rap from the Treasury Secretary, Dr. P. B Jayasundera who placed the blame for the status of the equity market on the corporates themselves.

He called for a collective effort from them led by the top ten companies listed on the exchange to promote the equity market.

Dr. Jayasundera also asked for the cost of listing on the exchange to be seriously reviewed.

The main theme of the seminar revolved around, Dr Gunasekera's suggestion to set up a Business Recovery Trust to bail out companies in distress which received mixed reactions from the panelists and participants.

A recovery trust would give investors more confidence in the equity market and a guarantee that their investment would not go down the drain, he said.

Panellist, Mr. G. C. B Wijesinghe Partner, KPMG Ford Rhodes Thornton and Company making his observation on the Trust compared it to a cardiac resuscitation unit and said that sometimes it could be more beneficial to let the patient die.

Funding the Trust was the biggest problem and it was deduced that the government would have to shoulder a substantial burden. It was also suggested that the trust could generate its own funds by placing debentures on the market. The corporate sector was quick to voice its sceptism about who would subscribe to such an issue.

Among the other issues raised and discussed was a request for a expansion of services of the stock brokers, to include lending to facilitate transactions. Jardine Fleming HNB Securities, Managing Director Anura Wickremesinghe also highlighted the issue of the brain drain from the broking industry.

The issue of deregulation of the market which is viewed as being stifled by over regulation also cropped up. A querry by the International Monetary Fund Resident Representative Nadeem Ul Haq as to whether documentation existed on methods of deregulation may be a catalyst to further investigations.

Colombo Stock Exchange Chief Hiran Mendis fresh from his visit to Karachi, where regional stock exchange heads met, said that cross border listings may be in the offing. A meeting of the South Asian Federation of Regional Stock Exchanges is on the cards early next year while "cross border listing and trade" promises to be a hot topic on the agenda.

Kandurata Sahan Piyase

By L.D. Chandrasiri Matale Cor.

A new housing loan scheme named "Kandurata Sahan Piyase" has been launched by the Kandurata Development Bank (KDB) to benefit the low income families in the Central Province.

Low income families in the Urban and Semi-Urban areas including Municipal Council areas in the Matale, Kandy and Nuwara Eliya Districts are eligible for those housing loans.

Members employed in the state sector as well as in the private sector, whose monthly family income is less than Rs. 12,500 could also apply for this housing loan, said Mr. H.M.K.B. Hellarawa, General Manager Kandurata Development Bank at a meeting held at the KDB regional office, Matale. The Central Bank and the Asian Development Bank will fund the KDB to implement the loan scheme.

The KDB will grant loans up to a maximum of Rs. 200,000 to each family at a concessionary rate of interest which is lower than any other Bank in the region. These housing loans could be obtained for the purchase of lands, house building and for renovating existing houses. The repayment period for these loans is ten years.

Eagle records high profit growth

Eagle insurance has increased revenue by 38% over the previous year to Rs 1,214 million, leading to an increase of 78% in its operating profit before taxes and non recurring items.

Profit after tax grew to Rs. 42.8 million as against Rs. 24.6 million recorded in the corresponding period last year, showing a net profit growth of Rs 18.2 million, a company release says. Increases in investment income and re-insurance profit commissions have offset the negative effects of increased claims and expenses. Life annualised new business premium grew by 12% and this was further enhanced by the introduction of the "Eagle Investment Plan", which resulted in total premiums received in the six months being 44% higher than in the same period for 1999. The issue of this product "Eagle Investment Plan" was fully subscribed, thus demonstrating the confidence investors and policyholders had in the Company. The life fund now stands at Rs. 3.3 billion. General Insurance business indicated a growth of 17%.

The premium edition of BUSINESS 5000

The Premium edition of BUSINESS 5000, a business to business direct marketing aid, was launched recently. Its features include a database, software and information sections a PBN Direct press release said.

Many of the clients wanted to own mailing lists for various follow up purposes. Having traditionally being a list rental service, we had to respond to this need generally among the Business segment and those marketing high value products.

As the pioneer Direct Mail & Marketing Company in Sri Lanka, we have noticed this growing trend says Mr. Priyanga Hapugalle, Managing Director of PBN Direct. Although the demand for customised mailing lists grew significantly, many of the clients wanted to own the list for various follow up purposes. Having traditionally being a list rental service, we had to respond to this need Hapugalle said in the press release. We too felt that this was a reasonable request from the client's point of view. These Clients were generally the Business to Business segment and those marketing high value products.

The Basic version of BUSINESS 5000 was launched before launching its Premium Edition. The software is more advanced in the Premium Edition with its search facilities and other Database Management functions.

As a Business to Business Marketing Aid, every effort has been made to provide the user with current and useful Business and Marketing information for Planning and Decision Making. Specialist industry leaders in related Marketing Services have contributed 'Guides to Marketing Services'.

In addition, the very first issue of the high quality digitized version of the Colombo City Map issued by the Survey Department is also made available. The user will also have access to Advertisements from Marketing Service Providers in one compact package.

Office Bearers

The Sri Lanka-Italy Business Council

Office Bearers/ Committee Members for the period 2000/2001

At the first Annual General meeting of the Sri Lanka-Italy Business Council held on July 31, 2000 at the Chamber, the following members were elected to serve on the Committee for the period 2000/2001.

Office Bearers

President: Mr. Arjuna L Yatawara, Director - Marketing Mackwoods Limited; Vice Presidents: Mr. Gihan de Silva, Director - Marketing Sherman Sons Limited, Mr. Natraj Ramaiah, Managing Director Korea Lanka Garments Limited.

Governing Committee

Mr. Niranjan Rodrigo, Senior Manager, Aitken Spence Travels Limited; Mr. Daya Ratnayake, Director, Aus Afrasia Designer Tiles (Pvt) Ltd.; Mr. Sunil G Wijesinha, Chairman, Dankotuwa Porcelain Limited; Mr. Milton Arandara, Director, Free Lanka Trading Company Limited; Mr. Terence Fernando, General Manager, Jetwing Travels (Pvt) Limited; Mr. Jayantha Wickramasinghe, Managing Director, Protect Services (Pvt) Limited.

Observers

Mr. Nishantha Navaratne, Marketing Manager, Package Care Ltd., Mr. Rajeev Aloysius, Finance Director, The Autodrome Ltd.

Sri Lanka-Germany Business Council 2000-2001

President: Mr. R. Sivaratnam, Chairman/Managing Director, Aitken Spence & Co. Ltd.; Vice President: Mr. H. A. Reuter, Managing Director, Prestige Automobile (Pvt) Ltd.; Vice President: Mr. Jayantha Fernando, Chairman/Managing Director, OTG Ferntea Lanka Pvt., Ltd. Committee: Mr. A.S.T. Furkhan, Central Services Private Limited. (Confifi Group).; Mr. A. A. Haffmaun, Deutsche Bank (AG) Colombo Branch; Mr. C. Embuldeniya, Informatics (Pvt) Ltd., Mr. N. Ramaiah, Korea-Lanka Garments Ltd., Mr. S. Pfeiffer, Lanka Oberoi; Mr. M. Elias, Walkers Tours Limited.

Sri Lanka Malaysia Business Council 2000-2001

President: Mr. Keith Perera, Director, Commercial Reckitt & Colman of Ceylon Ltd.; Vice President: Mr. A.S.T. Furkhan, Managing Director, Confifi Management Services Ltd.; Vice President: Mr. M.R.C. Peiris, Director, Free Lanka Management Co.; Mr. T. De Zoysa, Associated Motorways Ltd.; Mr. H. Welagedera, Diesel & Motor Enginering Co. Ltd.;

Mr. S. Gunaratne, John Keells Holdings Ltd.; Mr. Mark Francis, Malship (Ceylon) Ltd.; Mr. K.D.C.E. Wickramaratne, Mechmar Lanka (Pvt) Ltd.; Mr. Ho King Min, Public Bank Berhad.

Trade mission to Malaysia

A trade and investment promotion mission to Malaysia will be held from 21- 24 September.

The Sri Lanka-Malaysia Business Council which functions under the aegis of the Ceylon Chamber of Commerce proposes to organise this event with Malaysian High Commission in Sri Lanka, Sri Lankan High Commission in Malaysia and the National Chamber of Commerce and Industry in Malaysia, a Ceylon Chamber of Commerce press release stated.

The mission will coincide with the SMI Showcase 2000 Exhibition.

"SMI Showcase 2000" is organised by the Small and Medium Industries Development Corporation (SMIDEC) and endorsed by the Malaysian External Trade Development Corporation (MATRADE) which functions as a focal point for trade promotion activities in Malaysia.

This exhibition will focus on electrical and electronics, transportation and equipment, machinery and engineering, telecommunication, food and beverage, furniture, gift items, cosmetics etc.

The objective of this mission would be to strengthen trade ties, promote investments and joint ventures between the two countries.

The Sri Lankan High Commission in Malaysia and our Counterpart Chamber, The National Chamber of Commerce and Industry in Malaysia would assist the mission in matching the interest of members by organising one to one meetings.

The SriLankan High Commission in Malaysia in association with the SriLankan Airlines will be organising a Sri Lankan week from September 23 to October 1, 2000, at the Shangri La Hotel in Kuala Lumpur. This will include a Sri Lankan Bazaar at which Sri Lankan authorities such as the Gem Corporation, Tea Board etc., will be displaying their products. The council will be organising 2 stalls for the interested Mission members to display their products.

Balendra appointed Chairman STC

Appointments

Desamanya Ken Balendra has been appointed as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) with effect from 21 st August 2000.

Mr. Balendra is the Chairman and CEO of John Keells Holdings Limited (JKH) having assummed this office as the first Sri Lankan to do so on 1st January 1990. John Keells Holdings is the No. 1 company in Sri Lanka in terms of market capitalization of the Colombo Stock Exchange and was the first listed company in Sri Lanka to surpass the billion rupee market in profits for the financial year 1997/98.

Mr. Balendra is the Chairman of some 60 companies of the John Keells Group. In 1994 John Keells became the first and to date the only Sri Lankan company to obtain a quotation of its shares overseas thus embarking on a ground breaking exercise in corporate capital enhancement, a SEC release said.

Mr. Balendra is also the Chairman of Union Assurance Limited in which company JKH had a significant share holding.

He is also a non-executive Director of Ceylon Tobacco Company Limited (a subsidiary of British American Tobacco) as well as Bata Shoe Company of Ceylon Limited and Bata Exports (Private) Limited.

In 1997 Mr. Balendra was appointed the non-executive Chairman of the US $ 120 million fund sponsored by the Commonwealth Development Corporation for investment in South Asia (The South Asia Regional Fund).

Mr. Balendra is the immediate past Chairman of the Ceylon Chamber of Commerce, a past Chairman of the Colombo Brokers Association, a Trustee of the Duncan White Sports Foundation and the Deputy Chairman of the George Keyt Art Foundation.

New non-excecutive Director of JKH

Mr. Tarun Das, Director Geneal of the Confederation of Indian Industry (CII) has been appointed a Non-Executive Director of John Keells Holdings Limited.

Mr. Tarun Das is the present Director General of the Confederation of Indian Industry (CII) which represents 3,670 member companies from public to private sector and 24 industrial divisions, 93 affiliated associations/institutions in India.

As Head of CII's permanent administration and Secretariat he is deeply involved in the twin thrusts of CII to interact with Government in developing a positive environment for industry and assisting industry to strengthen its competitiveness. In this context he is specially involved in trade promotion and industrial cooperation activity, and administers a staff of 500 spread over 34 offices in India and abroad.

STC sweeps the board

Standard Trading Company reached a milestone as exporters of tea in 1999 winning four awards at the Export Awards Ceremony of the National Chamber of Exporters of Sri Lanka last week. The company were the winners of The Most Outstanding Exporter Award for 1999. This is the most prestigious award among the export segments such as agriculture, non-traditional and industrial. The company was also awarded tea industry related awards, agricultural sector - traditional, large category, gold award, agricultural sector - non - traditional large category, silver award, agricultural sector - traditional, gold award. The company achieved this in just thirteen years after being set up, a news release said

In 1999, Standard Trading Company was the largest shipper of tea to Germany, Pakistan, Ukraine and ranked 8th largest exporter of tea from Sri Lanka in terms of volume and value. The company exported 10,500 metric tons, at a FOB value of Rs. 1.68 billion.

"We're proud that we have been recognized, Business strategies and team work played a key role in our achievement. It inspires us to reach for great heights," says Lalin Fernando, Managing Director of Standard Trading Company. Standard Trading Company (popularly known in the tea trade as STC) was incorporated in April 1987. Business opportunities grew fast, and a fully owned subsidiary L.F. Teas followed a year later, to handle markering of value added tea and local spices.

With specialization taking place in the field of produce marketing, technical skills had to be provided on the spot. The STC Trading House (Pvt) Ltd was set up to furnish all the in-house skills required to take advantage of the fast growing business opportunities.

Sri Lanka's total Tea Export Growth decreased by 3% in 1999, while Standard Trading Company recorded a marked increase of 42%. When the exports value of bulk tea from Sri Lanka increased by 3% in 1999 Standard Trading Company increased its exports value by 90% for the same year. In the tea bag category when exports value from Sri Lanka increased by 8% Standard Trading Company increased its exports value by 50% in the same year.

In 1998 Standard Trading Company's flag bearer Brand "Batik" was awarded The Best Sri Lankan Brand by the National Chamber of Exporters, and won 'Lanka Star' from the Institute of Packaging Sri Lanka for pack design in respect of eight different products. Standard Trading Company won the highest number of awards for a Sri Lankan company at the recently concluded Asia Federation Awards held in India, for 1998. The Flagship Brand 'Batik' won five Asia Star Awards in respect of five products.

Standard Trading company's exports tea in bulk, packets in a variety of sizes and flavoured teas to the world. They also offer a range of gift packs and are specialists in the field of blending.

AMW opens new showrooms

Associated Motorways Ltd. (AMW) recently opened its first mega-showroom at Kochchikade and a new Yamaha showroom at Gangarama Road, Colombo 2.

Situated in a central location, the mega-showroom presently displays and sells Gizmo mopeds, Yamaha motorcyles and outboard motors, Piaggo diesel 3-wheelers, Maruti cars and spare parts as well as British Petroleum lubricants. However in due course, it will house all products offered by AMW including Maruti, Nissan, Yamaha, CEAT, Gizmo, Piaggo, Eicher, Yuasa and British Petroleum, a company release says.

The showroom has ample parking space and will facilitate transactions with convenience for customers and dealers.

The mega-showroom will display and sell Sisil refrigerators and other consumer goods in the future, the release added.

AMW also recently opened a new showroom at Gangarama Road, Colombo 2, which is dedicated exclusively for Yamaha products. It will display and sell Yamaha motorcycles, outboard motors and power products.

On the day of the opening, AMW also introduced a new model to the local market - the 4 -stroke Yamaha YBX 125.

The sleek vehicle is quite popular in India, where it is manufactured. The YBX is competitively priced (at 60% the cost of a Japanese motorcycle) and is economical on fuel.

It has an air-cooled 4-stroke, 123cc engine for fast acceleration and more importantly low fuel consumption.

LATEC donates bus to President

A specially designed and constructed bus, LATEC Duple 1510 costing Rs 2.1 million was donated to president Chandrika Bandara–naike Kumaratunga by Managing Director ( LATEC) Mr. Ravi Wettasinghe, for the exclusive use of soldiers in the army hospital, recently.

Alpha Thermal Systems acquires franchise agency

By Akhry Ameer

Alpha Thermal Systems (Pvt) Ltd. announced the acquisition of the franchise agency of Tata BP Solar India Ltd. recently.

The franchise agency will enable Alpha Thermal Systems to market Tata BP Solar products in Sri Lanka and the Republic of Maldives. However, initially it will serve as a better source for purchasing of solar panels to be used in the fabrication of their own range of water heating systems, marketed under the brand name 'Solar Therm' and other solar energy systems. Prior to this the company has been sourcing solar panels from various countries. The agency will gradually develop to market Tata BP Solar range of products as well.

Tata BP Solar India Ltd., a company based in Bangalore, designs, engineers, manufactures and installs Solar Photovoltaic and Solar Thermal Systems. The company serves both domestic and industrial needs in India and supplies solar panels and systems to over 100 countries worldwide. In India the company works closely with the government on energy projects. Tata BP Solar India Ltd. is a joint venture between House of Tatas and BP Solar, UK. Alpha Thermal Systems (Pvt) Ltd. was established in 1982 with marketing solar energy as its core business. The company has installed over 5000 water-heating installations in Sri Lanka and the Maldives to date. Some of its major projects include the installation of solar water heating systems at Ranweli Hotel and a centralized system at Kandalama Hotel. Alpha Thermal Systems is also a participant of the World Bank sponsored energy services delivery project. Under this scheme the company has just implemented a project to supply and maintain 100 Solar Home Lighting Systems at Polpitigama which is being funded by Sarvodaya.

Cross Border Trading in the SAARC region

Pakistan would be the first candidate for cross border listing among the South Asian Federation of Exchanges (SAFE) federal Finance Minister, Mr. Sharkat Aziz said at the SAFE Conference held recently in Karachi. Sri Lanka will host the next conference.

The Conference was attended by 22 delegates representing Calcutta Stock Exchange, Chittagong Stock Exchange, Colombo Stock Exchange, Delhi Stock Exchange, Dhaka Stock Exchange, Islamabad Stock Exchange, Karachi Stock Exchange, Lahore Stock Exchange, National Stock Exchange of India, Nepal Stock Exchange, Stock Exchange of Mumbai, besides two observers from Dubai Financial Market and Mauritius Stock Exchange.

The Chairman, SECP, Mr. Khalid Mirza listed four important ingredients for "Cross Border Listing and Trade" which inter-alia included regulatory compatibility for which C-30 standards can be a beginning, logistical linkages of the facilities like central depositories, trading systems through e-commerce, e-trade, setting up a task force to look into these issues and identify regulatory inconsistencies and constraints of capital movements and finally to recommend how to achieve removal of these constraints and regulatory collaborations. In the context of launching Mutual Funds in SAFE countries, he appreciated the idea and observed that it was durable without any major regulatory changes. However he disagreed with the proposal that the AMC should not be a profit making company and said that this should have full commercial objectives to ensure its success.

In the afternoon session of the General Assembly held today and chaired by the Chairman, SAFE Mr. Amir Khusro M. Chowdhury, a number of issues relating to further promoting the SAFE objectives were discussed and deliberated. These, inter-alia, include a thorough review of the SAFE Charter and its approval, a presentation on the comparative study of rules and regulations and a presentation on information compilation and dissemination which included publication of a newsletter on quarterly basis, preparation of data-base of the SAFE and approval of budget and finance. It was also decided to hold the next Conference of the SAFE at Colombo, Sri Lanka.

Another first from CEAT-Kelani

CEAT-Kelani Associated Holdings, the Sri Lanka-India joint venture tyre manufacturer, has announced the launch of the first locally produced tubeless cross ply tyre for light commercial vehicles.

The new 750-16 size tubeless tyre branded "CEAT-Kelani" was specially developed for export on a request from the South American market, and the first trial batch was shipped recently, the company said. Traditionally, radials are tubeless, while cross ply tyres use a tube. The new tyre manufactured by CEAT-Kelani would be the only locally produced tubeless tyre that is not radial. Specially imported thick butyl rubber has been used to produce the new 750-16 tyre. One of the key benefits for commercial vehicles using the new cross ply tyre would be that air retention is higher.

Another important factor is that these tyres will cost nearly 10 per cent less than the normal 750-16 cross ply because there is a saving on the cost of the tube and the flap. A tremendous response from the export market for the new tyre has encouraged the company to supply it to the domestic market. Research shows that the scope for tubeless tyres is higher because of easy maintenance, General Manager Sales and Marketing, seat-Kelani Holdings, A Padukone said in a press release.

As in other tyres of CEAT-Kelani range, the benefits to customers will be reliability, retreadability, higher load carrying capacity, better grip, higher mileage and suitability for most surfaces.

These tyres will carry the same guarantee under which CEAT has undertaken to replace, on a pro-rata basis, any tyre that becomes unserviceable during its initial tread life, owing to a manufacturer's defect.

Cyber Campus in Sri Lanka

By Tania Fernando

With the ever increasing improvement in the superhighway, Singapore Informatics Computer Institute is the first to introduce "Cyber Campus" to Sri Lanka, where one can obtain a BSc(Hon) in Computing by logging on to the internet.

Singapore Informatics has been operating in Sri Lanka for the past five years and have trained about 5000 students. Presently they have approx. 750 students.

At a press conference held, Prof. Lakshman R Watawala, Deputy Chairman of Singapore Informatics said "cyber campus" caters to those students who want a certificate from a foreign university, but where parents are reluctant to send them overseas.

"The cost incurred is also a fraction of what you would spend if you study on the University premises. The certificate is absolutely the same", he said.

To embark on the on-line course, students need an Internet account to access the world wide web. Detailed instructions can be found on the web site called 'purpletrain. com'.

At present Singapore Informatics is connected via the cyber campus to The University of Portsmouth UK where you can obtain a Bsc (Hon) in Computing and Diploma and Advanced Diploma by NCC-UK & University of Cambridge Local Examinations Syndicate (UCLES-UK) leading to a BSc(Hon) Degree in computing.

The advantage of studying on 'cyber campus' is that there is no fixed time table, you submit your assignment via internet and 24 hours availability of a qualified facilitator/lecturer to interact with the students via on-line chats, discussion and private emails.

Prof. Lakshman Watawala said that Singapore Informatics was in the process of setting up 50 franchise computer education and training centres. While Informatics will provide the training courses and material and staff assistance, the owners of the franchise centre will not be Informatics but those who decide to hold the franchise.

Entrepreneurs win awards

Successful entrepreneurs of the North-Western Province were recently recognized for their contribution to the province in a ceremonial and colourful event titled Wayamba Vijayabhimani Viyapa-rika Sammana Pradanaya, jointly organized by the Industrial Services Bureau (ISB), Waymba Export and Trading House (Pvt) Ltd., (WETH) and Wayamba Chamber of Commerce and Industry (WCCI) under the patronage of Ministry of Industrial Development of the Central Government and North-Western Provincial Council. Entrepreneurs from small, medium and large enterprises from the province won awards for their enterprising performances in the respective categories.

The purpose of the award ceremony apart from identifying and recognizing outstanding entrepreneurs, was to motivate more entrepreneurs to emerge and encourage them to enhance their contribution to the socio-economic development of the North-Western Province and to stimulate entrepreneurs to seek excellence in their respective fields of business.

Applicants were called in the category of small, medium and large engaged in the industry/manufacturing, agriculture, livestock and fisheries, trading and services and tourism and hospitality sectors. The sectors were classified according to employment. The selection was based on a scoring system specifically designed for this award ceremony using pre-specified criteria. Only enterprises with a minimum of 1 year in business and enterprises with the North-Western Province were eligible for selection.

The Sri Lanka-German CEFE Programme (SLGCP) was a co-sponsor of this event.

Kodak introduces CD disc

Kodak, recently launched the Kodak Writable CD discs to the local market. Kodak Writable CD discs are yet another aspect of the Kodak digital revolution. CD-Recordable products provide high storage capacity and unique data protection features, which has made storage of and access to information easy and economical, a company release says.

CD-Recordable products provide an ideal way to store large amounts of digital information. Each Writable CD holds up to 682 megabytes (MB) of information. That is equivalent to about 470 floppies, or the data contained on 240,000 sheets of paper. You can replace 20 filing cabinets with a few small disks, and vastly improve your access at the same time. Digital content can include databases, document images, pictorial images, software, motion video, and audio. Storage and distribution of data via Writable CD Media is very economical, in comparison to distribution by paper or floppy discs, the release adds.

Once data has been written with a CD writer, the disc's write-once, read-many-times format prevents someone from erasing or changing the data. Files can be read in any standard CD-ROM drive.

New directors at Janashakthi Life

Janashakthi Life Insurance Company Limited recently announced the appointment of Mr. Prakash A. Schaffter and Mr. L.C.R. de C. Wijetunga as Directors of the Company.

Mr. Prakash A. Schaffter who will now function as Director/General Manager is a Fellow of the Chartered Institute of Insurance and holds a Bachelor's Degree in Political Science from the University of London, and a Master's Degree in Businees Administration from the University of Cambridge. Mr. Schaffter has extensive work experiences in the United Kingdom as well as in Sri Lanka in his career field of insurance practice, and has spent as General Manager of Janashakthi Life from January 1999.

Mr. L.C.R. de Wijetunga is the Executive Director - Corporate Affairs of Nestle Lanka Limited, and is a Director of Janashakthi General Insurance Company Limited, Hunter & Company Limited, Ceylon Brewery Limited, Lion Brewery Limited and the Yahala Group. He is also the Chairman of the Advisory Council on Industries to the Government of Sri Lanka, Chairman of the Industrial Association of Sri Lanka and a Governor of the Sri Lanka Business Development Centre.

Mr. Wijetunga also serves as a Committee Member of the Ceylon Chamber of Commerce, a member of the Council of the Employer's Federation of Ceylon, a member of the Industrialization Commission of Sri Lanka, and as a Member of the Joseph Frazer Memorial Hospital Board of Trustees.

Janashakthi Life Insurance Company Limited commenced operations in September 1994 as the first ever Sri Lankan Insurance Company specializing exclusively in Life Insurance business.

The Board of Directors of the Company now comprises: Deshamanya Nissanka Wijewardena (Chairman), C.T.A. Schafter (Managing Director), Tryphon R. Mirando (Director Marketing), Prakash A. Schaffter (Director/General Manager), N. Pararajasingham, W.T. Ellawala, A.S. de Silva and L.C.R. de C. Wijetunga.