MBSL takes over Ceylinco Sussex College
The Merchant Bank of Sri Lanka (MBSL) has decided to intervene in the
management of the Ceylinco Sussex College. This unique educational
institution with its new name, Sussex College Network will take new
initiatives and strategies of diversification and expansion in the near
“The Ceylinco Sussex College is a Rs. 3 billion venture of the
troubled Ceylinco group.
The Finance Company (TFC) has funded 70 percent of the venture while
bank loans, individual investments and Profit Sharing Company Ltd.,
funded the rest of its assets.
TFC will manage the Ceylinco Sussex College since it is the biggest
investor while MBSL will act as the managing agent of the college,” said
Chairman, Merchant Bank of Sri Lanka, Janaka Ratnayake.
He said there are 5,000 students studying in a network of 20 colleges
in many districts and there are over 900 teachers who are well trained
in the English medium of instruction. Therefore, it is important to
build the confidence level of the students, parents and the staff of the
“The re-structuring of the college will have a lot of systems and
procedure for a smooth function.
Recognizing the importance of the sound management practice in the
overall circle for Sussex College, we selected Prof. Gunapala
Nanayakkara to provide leadership to the process of change. We are
confident that we will take the college to a new level”, he said.
The new management has met the principals of the colleges and the
representatives of parents.
These interactions will continue with a one-day workshop with college
principals and vice principals on September 19 followed by the top
management team to Colleges in the districts to meet the parents.
MBSL is working parallel on the concerns of the investors in the
college and a new formula will be offered to them ensuring the
protection of their assets while they receive a yield on their
It is a fundamental responsibility of MBSL to assist market forces to
manage financial risks and efficient fund movements.
The step of undertaking the turnaround of a large and falling
enterprise is expected to make a very positive contribution to the
stabilization process where the Government and the Central Bank of Sri
Lanka has embarked on, Ratnayake said.