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Market Indicators
2 March 2021

2 March  2021

Local News:

Import policy sparks local investment bounty (Daily FT)
A top official has stated that local manufacturers are stepping up with about 140 new proposals, worth an estimated Rs. 48bn which are currently under evaluation by the Industries Ministry. Industries Ministry Secretary Anusha Pelpita has stated that the new ventures are likely to need approximately 395 acres of fresh land and will create 11,655 new jobs.

Wages Board clears way to gazette Rs. 1,000 for plantations (Daily FT)
The Wages Board on 1 March cleared the way to gazette the Rs. 1,000 daily wage for plantation workers after considering nearly 200 complaints against the move from both the tea and rubber sectors. Labour Commissioner General Prabath Chandrakeerthi has stated that the 19 members of the Wages Board heard 179 complaints from Regional Plantation Companies (RPCs) and 18 others from the rubber industry, against the increase in the daily wage.

Sri Lanka quarterly income tax payments bouncing back (Economy Next)
Treasury Secretary S R Attygalle has stated that Sri Lanka’s quarterly income tax filed for 4Q2020 had exceeded the 4Q2019 number, despite lower tax rates indicating that economic activity was starting to pick-up and some tax payers had also opened new files.

Panasian Power commissions Solar Project worth Rs.420mn (Daily News)
Panasian Power (PAP) recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of Rs. 420mn. The company believe that the latest clean energy project is on track to earn up to Rs 90mn in revenue annually.

Colombo land prices rise 4.6% in 2H2020 (Daily FT)
The Central Bank in its latest report stated that the Land Valuation Indicator (LVI) for the Colombo District increased by 4.6% YoY to 145.2 during the 2H2020. In addition, the LVI recorded an increase of 2.5% for the 2H2020, compared to the 1H2020. All sub-indicators of LVI, namely Residential LVI, Commercial LVI and Industrial LVI, contributed to the overall increase.

Corporate announcement:

Extraordinary General Meeting of Arpico Finance Company (ARPI) is to be held on 22 March 2021, at 09.30 a.m. to consider special resolution with regard to the amendment to the articles of association and amalgamation of the company with Associated Motor Finance Company.

Vidullanka (VLL) announced it has acquired 51% equity stake in Orik Corporation (Pvt) Ltd completed on 1 March 2021. The Orik Corporation holds the right and approvals to develop a 1MW ground mounted solar power plant in Monaragala. VLL will continue to invest in the equity of Orik Corporation (Pvt) Ltd, which would ultimately increase the ownership of VLL to 87%, whilst the 13% equity stake shall be held by the promotor. The company intends to utilize part of the proceeds to be raised via the rights issue of Non-voting shares for the above purpose.

Dividend announcements:
Seylan Bank (SEYB – Vot and Non Vot)– Dates – Scrip dividend of Rs.1.50 per share – in the proportion of 1 new ordinary voting share for every 34 existing ordinary voting shares and 1 new ordinary non-voting share for every 27.06 ordinary existing non-voting shares – XD 31 March 2021

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