Archives

Financial institution to study CEB crisis

The Ceylon Electricity Board (CEB) has selected a financial institution to study its ongoing crisis and to submit proposals to overcome its adversities.

A top CEB official, refusing to reveal the name of the financial institution, told the Daily News yesterday that the Chairman will officially announce the name of the selected institution shortly. The institution itself has not been informed of the selection.

However, CEB Vice Chairman Dr. U.H. Palihakkara said that the no finality has been reached yet and that the Board was awaiting final recommendations from the General Manager. " The papers are with the GM and will make the final announcement after studying them," Dr. Palihakkara said.

Denying that the CEB was going through a current financial crisis, Dr. Palihakkara said the 'consultancy assignment' that the proposed bank was to get, was to make funding arrangements for the CEB before its restructuring program. (CNK)

Dammika buys 48% stake of Reef Comber Hotel

The Colombo Bourse recorded a turnover of Rs.174.3 million yesterday, up from Rs. 155 million of the previous day. The ASPI slightly decreased to 814.6 points, down from 815 while the Milanka Index increased to 1391.3 points up from 1387.2.

Investor Dammika Perera purchased 48% stake of the Reef Comber hotel in Hikkaduwa managed by Serendib Hotels, contributing the most to the turn over of the day. Perera bought 4.1 million shares of Reef Comber at Rs.5. With this taking over, Perera will have the controlling interest of the hotel and it will be managed by the Connaisance group which is also owned by Perera, his Fund Manager, Nimal Perera said.

A 38% of the hotel is owned by an Israeli investor and the balance is owned by Akbar Brothers and a group of small investors, . The top five gainers of the day include Good Hope, Selinsing, LOLC, Samson International and Ruhunu Hotels.

Large volumes of Distilleries, JKH, MLL and Grain Elevators shares were also sold.

New strategic direction for EDB

Sri lanka's Export Development Board (EDB) has launched their strategic plan that maps the future strategy for Sri Lanka's exports which is based on MTI's 8S Model. MTI Consulting stated in a press release.

Over the last four months, the senior management team of EDB (including the Chairman and Directors) has worked on several consulting workshops that have now culminated with MTI's 8S Planscape document - a flip chart size tree diagram that displays the entire strategic plan, showing the strategic links to action.

Sri Lanka's economy is heavily dependent on exports and the EDB has a strategic role to play.

The new mission of the EDB is to facilitate Sri Lanka's exporters to find profitable export market opportunities, leading to the country's GDP growth, while EDB's vision is to be the most admired export facilitation organisation in the developing world, while making a significant contribution to the GDP.

The new strategic plan has formulated eight core strategies that the EDB team has already started work on. The key strategies are based on positioning of EDB, exporter segmentation, buyer access, supply chain development, migration towards value added products and brands, capitalising on PTAs and FTAs and development of export support services.

MTI's 8S is a strategic planning model starting with the Scope of the business and works its way down to Systems and the Lowest Common Actions - in a sequential and flexible manner.

It is a comprehensive model that also covers structure, staff, systems and social responsibility - in addition to the obvious aspects of objectives and strategies.

www.crescat.com

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager