Business
First and only local company to receive SLS certification for fire rated cables
Creating history and proving its dominance in the cable industry once again, ACL Cables PLC announced it had been awarded the SLS 1504-3-31 certificate under the product marking scheme for its fire rated – Low smoke Halogen Free (LSHF) non – sheathed single core cables by the Sri Lanka Standards Institution (SLSI) recently.
SLSI is the highest local authority that awards quality standardizations for products sold locally. Upon complying with the requisite standards ACL Cables PLC has become the first company in the country to obtain this certification. The equivalent British Standard (BS) for the above local certification is BS EN 50525-3-31.
Moreover, ACL Cables is currently the largest and pioneering company that manufactures a wide range of LSHF cables locally. The certification was awarded for cables with voltage up to 450/750 volts. The tests were conducted at ACL in-house laboratories located at their factory premises under the supervision of the SLS audit committee. ACL cables is the only company in Sri Lanka that has a comprehensive lab facility for testing fire rated cables.
Currently ACL cables markets three brands under the category of fire rated cables, namely; ACL Fireguard, ACL Firezero and ACL fire survivor. ACL Fireguard is the core brand out of all three that has reached the masses island wide and is manufactured with a specially insulated PVC compound. The latter two falls to the category of LSHF cables and vastly marketed for high-end construction projects.
As the No. 1 Cable Company in Sri Lanka ACL Cables has always placed itself at the forefront of the local cable industry, which has earned them a strong following in the market.
Up on receiving this certification it proves the reliability of the range of fire rated cables ACL produces. This accreditation makes ACL the only company in Sri Lanka that produces fire rated cables as per appropriate local standards and regulations that has the genuine properties of fire prevention. ACL has also gained international certification from PSB Singapore for the same range prior to receiving this.
Fire related accidents in buildings can occur as a result of electrical short circuits. Thus, the main objective of fire rated cables is to prevent the spread of fire whilst extinguishing within a very short period of time. Designed with fire retardant qualities by the use of special material and compounds, ACL fire rated cables is the perfect, trusted solution to safeguard all buildings.
In order to receive the SLS 1504-3-31 standard ACL Cables was required to complete the following additional three quality tests stated in the standard: Test under fire conditions for vertical flame spread of vertically mounted bunched wires in accordance with BS EN 60332-3-24 (Category C), Measurement of smoke density of cables burning under defined conditions in accordance with BS EN 61034-2 and Assessment of halogens (acid gas) for all non-metallic materials in accordance with BS EN 50525-1(Annex B).
Commenting on this landmark award, Suren Madanayake, Managing Director said, “We have constantly placed great importance and responsibility in the quality and authenticity of our products assuring customers of the highest levels of reliability and safety specifications. I am very proud that ACL Cables has achieved this prestigious local status. We have once again demonstrated to the market our quality and dominance. I appreciate the effort of my technical and quality assurance teams for their untiring efforts to ensure this Product certification process was a success.”
Madanayake added, “Since our inception in 1962, ACL Cables has always been the trendsetter in introducing new products and receiving proper certification. This is one such milestone. Currently we are processing a considerable number of orders for LSHF cables and this is the main reason to push ourselves towards gaining this certification. The certification enables customers to have more confidence when they purchase LSHF cables from us. I am convinced that as the recipient of the SLS standard, we will be able to grow our market share further with this product and strengthen our top and bottom lines.”
Based on the process, ACL had to initially study and follow the respective British Standard that complies with the above criteria. Following which presentations were made to the SLSI, who then awarded the equivalent Product certification as per local regulations and standards.
ACL Cables PLC own 70% of the market share recording annual revenue over Rs. 18 billion as a group.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
