MBSL takes over Ceylinco Sussex College

Charumini de Silva

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 future.

Janaka Ratnayake

“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 college.

“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 investments.

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.