Connect with us

Business

Minister Bandula Gunawardena tours LAUGFS Corporation rubber plant in Horana

Published

on

Minister of Trade, Dr. Bandula Gunawardena visited the LAUGFS Corporation (Rubber) Plant in Horana on October 6. The minister was welcomed by the Group Chairman of LAUGFS Holdings Limited, W. K. H. Wegapitiya, Group Deputy Chairman, Thilak De Silva and Group Managing Director/GCEO, Piyadasa Kudabalage.

Sri Lanka has been able to become a significant player among global rubber exporters with rubber being a key agriculture product and economic export crop. Identifying the business potential in this lucrative industry, LAUGFS Holdings diversified into the rubber industry in 2008 through the establishment of LAUGFS Corporation (Rubber) Ltd., which is specialised in manufacturing industrial solid tyres. The Minister toured the LAUGFS Rubber factory in Horana; and obtained a detailed overview of the manufacturing facility.

With the core pillars of cutting edge technology, sustainable processes and strong ethics, LAUGFS Rubber currently operates one of the most modern and eco-friendly manufacturing plants in the country. The plant in Horana produces a full spectrum of industrial tyres including industrial solid tyres which are used for material handling, construction, mining and support equipment for a multitude of industrial operations. Bolstering these capacities are LAUGFS Rubber’s highly skilled workforce and heavy focus on research and development, including its fully fledged tyre and accessory design facility. In January of 2020 LAUGFS (Corporation) Rubber, unveiled the latest addition to its product portfolio with the Super Solid Loader Grip Tyre, the largest tyre manufactured in Sri Lanka.

LAUGFS Rubber concentrates on maintaining sustainable eco-friendly operations, its facility is outfitted with several environmentally friendly technologies including solar panels for electricity generation, an effluent treatment plant for recycling factory waste and rainwater collection to be used in the manufacturing process.

With a strong commitment to quality and environmentally sound manufacturing practices, LAUGFS Rubber has received the ISO 9001-2015 certification for policy management, ISO 50001-2011 certification for energy management and ISO 14001-2015 for environment management and utilizes globally recognised Total Quality Management (TQM) processes to produce Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) compliant solid tyres of international standards. LAUGFS Rubber tyres are exported to over 36 countries across 6 continents including the United States and Europe and the organization maintains overseas distributions offices in Illinois, USA and Florijnweg, Netherlands.

LAUGFS Corporation (Rubber) Ltd. is planning to construct the second line of production, by adding a new solid tyre plant, which would expand the factory capacity and double its current output. This project is estimated to be completed in two years. In addition to that an industrial pneumatic tyre plant is in the pipelines. The company has already taken steps to expand its distribution network by appointing three new distributors in France, UAE and the West Coast of USA.

LAUGFS Holdings Limited is one of the largest diversified business conglomerates and a trusted and well-loved home-grown business in Sri Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries in Sri Lanka and overseas, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure and logistics sectors. With 3,500 employees and an annual turnover exceeding Rs. 60 billion, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Unlimited music streaming platform in Sri Lanka

Published

on

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

 

 

Continue Reading

Business

Sri Lanka using ‘sovereign power’ over economy: CB Governor

Published

on

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.

Continue Reading

Business

CSE on the rebound; indices close positive

Published

on

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.

Continue Reading