Sunshine Healthcare optimistic of 20% growth

By Charumini de Silva

Ceylon Finance Today: Despite the challenging factors in the market, Sunshine Healthcare Lanka Ltd., is optimistic of achieving a 15%-20% growth by the end of the year, a senior official said.

Sunshine Healthcare Lanka Ltd., Managing Director Shyam Sathasivam told Ceylon FT that it would be positive for the business if the firm can grow at about 15% -20% despite the challenging environment; hence pushing for 15% -20% was quite possible.

"In 2015, we would be concentrating more on investing in our current product portfolio and driving volumes, while making the product available all over the country. We find that wellness is a growing market, where people chose to buy products that help them to be healthier. Therefore, in that space we have launched a few products and we will continue to invest in that sector as we look for products in that space. The wellness market overall will grow significantly, because it is marketed to the consumer and would take a different approach.

The key areas that we intend to invest more are, non-communicable diseases (NCD), which includes products for cardiovascular, diabetes, chronic kidney failure, and products on pain management, dermatology, nutraceutical and so forth," he added.

Commenting on the new drug policy, Sathasivam said there was lack of clarity in terms of the new drug regulations, and since, pharmaceuticals were a regulated market across the world as it added value to the economy. The question according to Sathasivam was how it was being regulated, what could be learnt from across the world, and what the outcome would be. He stressed that in regulating business, clarity was vital, and that the key stakeholders were engaging with the authorities towards this end.

"The sooner the authorities are going to figure out where the new regulations would take the industry, the better for the stakeholders," he noted.
www.ceylontoday.lk

Taprobane Holdings CEO's family sells shares

By J. Kurukulasuriya

Ceylon Finance Today: There were a series of dealings by directors, in the shares of their own companies, this week up to Thursday 11 December. Disclosures are required under section 200 of the Companies Act 2007.

The largest of these was on 4 December, when a close family member of CEO Ruwan Sugathadasa of Taprobane Holdings PLC, namely Anuja Sugathadasa, sold 1,300,000 shares at Rs 4.70 each.

On 5 December, S. A. B. Ekanayake, S. Sirisena and S. G. Amarasuriya who are directors of Asia Siyake Commodities PLC, sold 52,500 ordinary shares through Lanka Commodity Brokers Ltd., of which they are directors at a price of Rs 3.40 each.

On 4 December, Swisstec Ceylon PLC., Managing Director, J. A. P. M. Jayasekera purchased 10,000 ordinary shares at Rs 36.50 each.

On 9 December the directors of Shalimar (Malay) PLC., disclosed a relevant interest in the purchase of 771 shares by Goodhope Asia Holdings Ltd., at a price of Rs 1,602 each.
www.ceylontoday.lk

12 % interest offer to senior citizens with restrictions

The recent budget offer of 12 per cent interest on deposits held by senior citizens, aged 60 years and over, in state banks is being restricted to a cap of Rs.1 million and strictly one account per person, bankers said.

The Central Bank (CB) has directed that applicants should make a declaration that they have one account that would be entitled to this above-market interest rate to prevent senior citizens from having multiple accounts and getting 12 per cent interest on all.

Several senior citizens said that the post-budget developments were very misleading as the proposal itself implied the 12 per cent interest rate was for any eligible person and no amount was stated. “Now they are imposing a limit, which means the first announcement was misleading,” one pensioner said.

Bankers said that no clear instructions have been issued as yet except for verbal directives on the Rs.1 million cap (limit) and one account per person. They said that based on past practice, senior citizens, who have several accounts that total less than Rs. 1 million, may be able to transfer them to one existing account or open a new, single account and apply for this interest rate on the cumulative amount.

Data shows that some 750,000 senior citizens hold accounts worth Rs. 750 billion in 33 banks.
www.srilankatimes.lk

DFCC-NDB merger on hold in view of polls

The merger between the National Development Bank (NDB) and Development Finance Corporation (DFCC) Bank has been temporarily halted till the conclusion of the January 8 presidential poll due to ‘procedural’ matters relating to the gazette notification, official sources said.

The two banks are being merged under this year’s budget with the banks jointly hiring a foreign consultancy firm to recommend a proper merger structure.

A bill paving the way for the merger was passed by parliament in October this year and the Finance Ministry was expected to issue the required gazette notification within two months of the bill being approved.
www.sundaytimes.lk