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JKH owned Cinnamon Life Colombo nears settlement in apartment units

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JKH owned Cinnamon Life Colombo nears settlement in apartment units

Cinnamon Life Colombo owned by John Keells Holdings PLC (JKH) the first integrated resort in Sri Lanka and the largest private investment in the country is set to hand over the residential apartments and commercial office spaces completing the selling of those units. 

JKH attributed the increase in profitability to the profit recognition of the residential apartment units at ‘Cinnamon Life’. 

Revenue and profit recognition in ‘Cinnamon Life’ will continue throughout the financial year as the handover of the residential apartments and commercial office spaces already sold will be completed, in addition to new sales recorded.

John Keells Holdings PLC (JKH) said yesterday it has successfully refinanced the $ 395 million syndicated loan at Cinnamon Life which was due for repayment in July this year. 

The exercise was done through a $ 225 million long-term loan facility and a six-month bridging facility of $ 100 million.

In a filing to the Colombo Stock Exchange, JKH said the $ 225 million loan was concluded at a rate similar to the previous facility, taking into account step-down pricing mechanisms based on pre-agreed triggers. 

The facility is a five-year loan with a two-year grace period and back-ended capital payments. 

The $ 100 million bridging facility was structured to align with the maturity date of July 2022 of the original facility.

The refinancing move was first announced in JKH’s second quarter interim results statement. It said the Group was in final stages of discussions to refinance a component of this loan while utilising the proceeds from the sales of the apartments and cash reserves to settle part of the loan.

Whilst JKH’s FY223Q results are expected this week, in the 2Q Property industry group EBITDA at Rs. 1.26 billion was a significant increase from a negative Rs. 12 million a year earlier. 

Whilst the restrictions imposed during the quarter under review impacted the momentum of construction at ‘Cinnamon Life,’ particularly the mobilisation of labour, the available resources have been mainly focused on the completion of the residences and the office towers, for handover as planned. 

The finishing work of the hotel, including cladding, installation of the façade, glazing, and interiors of rooms is progressing well. 

The Group has commenced discussions with key tenants for the retail mall, with various alternatives being considered for the retail space to ensure unique attractions and offerings.

During 2Q, ‘The Offices’ at ‘Cinnamon Life’ entered into an agreement with HCL Technologies of India, global technology company, to occupy over 80% of space in the 30-storey Grade-A office building. 

JKH said the company’s commitment as the anchor office tenant at ‘Cinnamon Life’ added immense value to the project as a whole, as the office spaces are poised to attract a dynamic local and expatriate workforce.

Powerless: Sri Lankans to hit with electricity price hike with power cuts

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Powerless: Sri Lankans to hit with electricity price hike with power cuts

Faced with fuel shortage in dollar crisis and high cost of power generation,debt strapped  Ceylon Electricity Board (CEB)is set to revise electricity tariff  amidst the tug of war between the two ministries of power and energy for power cuts

In the wake of proposed 1- 4 power cuts with no dollars more to import fuel to avoid the energy crisis,President Gotabaya Rajapaksa instructed the Ministry of Power not to enforce  power cuts and also ordered the payment of the required funds to settle the issue.     

Plans are afoot to ‘rationalise’ the electricity tariff shortly to discourage consumption , CEB Chairman M.M.C. Ferdinando said, adding that the 52-year-old system should be changed for the betterment of the electricity consumer.

He said the CEB had received 1500 MT of fuel recentlY and would receive another shipment soon. However, short-term power interruptions would continue in several areas until the operations at the Kelanitissa Power Station returned to normal.

The Public Utilities Commission of Sri Lanka (PUCSL) hinted at a possible upward revision in electricity tariffs, noting it was crucial to ensure financial viability of the State-owned CEB to provide uninterrupted power supply.

Following the 25% tariff reduction in 2014, the Commission noticed that there was no revision.

It is the responsibility of the utility to set the tariffs and obtain approval from the PUCSL,” PUCSL Chairman Janaka Ratnayake said.

“According to Ratnayake, the CEB is incurring a loss of around Rs. 40 per each electricity unit (using diesel) and Rs. 4.50 (hydro and other sources) as a result of providing its service at a concessionary rate. 

“Even amidst such concessions, the collective dues of consumers to the CEB and Lanka Electricity Company Ltd. (LECO) accounts to over Rs. 50 billion. 

Regionally too, the PUCSL Chief pointed out that Sri Lanka had the lowest tariffs for electricity comparatively.Ratnayake also highlighted that the CEB has not set the tariffs as per the cost-effective methodology approved by the Commission since 2014..

He stated that the CEB has requested the PUCSL for permission for daily power cuts from the 25th of January until the 04th of February.

Presently, State and private sector companies are in possession of several 3,000 MW generators, he pointed out, adding that these generators could produce electricity which would assist the production of electricity in the country.

The PUCSL Chairman added discussions were carried out with the companies that own such generators, adding that private companies have agreed to provide their assistance to rectify the power crisis.

Faced with fuel shortage in dollar crisis and high cost of power generation,debt strapped  Ceylon Electricity Board (CEB)is set to revise electricity tariff  amidst the tug of war between the two ministries of power and energy for power cuts

2021 CORRUPTION PERCEPTIONS INDEX REVEALS A DECADE OF STAGNATING CORRUPTION LEVELS

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2021 CORRUPTION PERCEPTIONS INDEX REVEALS A DECADE OF STAGNATING CORRUPTION LEVELS

The latest Corruption Perceptions Index (CPI) compiled by Transparency International was released today. The CPI scores 180 countries and territories around the world based on perceptions of public sector corruption. The scores reflect the views of experts and surveys from businesspeople. The CPI is calculated using data from 13 external sources, including the World Bank, World Economic Forum, private risk and consulting companies, think tanks and others. The CPI uses a scale from 0 to 100; 100 is very clean and 0 is highly corrupt.

Sri Lanka’s score in the 2021 CPI stands at 37, one point lower than the previous year (38). Sri Lanka’s rank has dropped from 94th in 2020 to 102 in 2021. Over the past 10 years Sri Lanka’s CPI score has remained relatively the same with the lowest score of 36 being reported in 2016 and the highest score of 40 being reported in 2012.

Types of public sector corruption captured in the CPI encompass bribery, diversion of public funds, effective prosecution of corruption cases, adequate legal frameworks, access to information, and legal protections for whistleblowers, journalists and investigators.

According to Transparency International, Sri Lanka’s overall performance is in line with the observation that corruption levels remain at a standstill worldwide, with 86 per cent of countries making little to no progress in the last 10 years.

Transparency International notes that the global COVID-19 pandemic has been used in many countries as an excuse to curtail basic freedoms and side-step important checks and balances. It adds that despite the increasing international momentum to end the abuse of anonymous shell companies, many high-scoring countries with relatively “clean” public sectors continue to enable transnational corruption.

The top countries on the Index are Denmark (88), Finland (88) and
New Zealand (88) while Somalia (13), Syria (13) and South Sudan (11) remain at the bottom of the CPI.

Transparency International makes the following recommendations to governments to combat the vicious cycle of corruption, human rights violations and democratic decline:

  • Uphold the rights needed to hold power to account.
  • Restore and strengthen institutional checks on power.
  • Combat transnational forms of corruption.
  • Uphold the right to information in government spending.

* Transparency International Sri Lanka (TISL) is a local chapter of Transparency International which is a global movement against corruption, committed to promoting good governance and eradicating corruption. Data on Sri Lanka used by Transparency International when compiling the annual Corruption Perceptions Index is obtained by sources external to TISL, as explained above.

Another state minister and Ruling Party MP test positive for Covid

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Another state minister and Ruling Party MP test positive for Covid

Sri Lanka Podujana Party MP Amarakeerthi Athukorala and State Minister Jayantha Samaraweera have reportedly tested positive for Covid-19.

Accordingly, the number of MPs tested positive for the virus in a period of one week has risen up to 09.

MIAP

Susantha Perera ousted from CEB. New General Manager Rohantha Abeysekara

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Susantha Perera ousted from CEB. New General Manager Rohantha Abeysekara

Dr. Rohantha Abeysekara has been appointed as the new General Manager of the Ceylon Electricity Board (CEB).

CEB Chairman M.C.C. Ferdinando handed over the appointment letter to Abeysekara this evening (25).

Dr. Susantha Perera, who was recently appointed as acting General Manager of the CEB, was ousted from his position due to the ongoing trade union action taken by the Engineers Association of the CEB.

MIAP

Damage by Organic Farming affected entire field of Agriculture. All entitled to compensation, not just Paddy Farmer: SJB (VIDEO)

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Damage by Organic Farming affected entire field of Agriculture. All entitled to compensation, not just Paddy Farmer: SJB (VIDEO)

The damage by the government’s decision on organic farming affected not only the paddy farmer but also the entire field of Agriculture, said Samagi Jana Balawegaya (SJB) MP Chaminda Wijesiri, speaking to a briefing held in Colombo today (25).

Accordingly, all affected by this decision should be entitled to compensations, the MP noted.

The government should be catering to self-criticism against the foolish decisions it has taken regarding organic farming in order to address the food crisis in the country, he added, warning that further deterioration may occur if agriculture experts are continuously being disregarded and continued to work on advice on organic farming from medical officers.

A Viradam Pooja held Commemorating the 12th Year of Prageeth Eknaligoda’s disappearance

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A Viradam Pooja held Commemorating the 12th Year of Prageeth Eknaligoda’s disappearance

It has been 12 years since the disappearance of Prageeth Ekneligoda who worked as a journalist.

His wife, Sandhya Ekneligoda, has made great efforts to bring to justice the truth about his disappearance and has made great sacrifices to do so. But she has not stopped that fight yet.

Today, 12 years after the disappearance of her husband, she had conducted a Viradam Pooja at the Modara Kovil.

If a 25 watt light bulb could be switched off during the peak five hours, 140 megawatts could be saved – Dullas

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If a 25 watt light bulb could be switched off during the peak five hours, 140 megawatts could be saved – Dullas

Media Minister Dullas Alahapperuma said that ministers and parliamentarians have to make great sacrifices at this juncture as policymakers to manage the current power crisis.

He was speaking at a media briefing today (25).

The Minister said that if one 25 watt light bulb could be switched off during the peak five hours of the afternoon, 140 megawatts could be saved.

Alahapperuma also said that air conditioners have been activated in some offices unnecessarily and according to electrical experts those should be kept at 26 degrees Celsius.

He further emphasized that the government MPs and ministers should make the greatest sacrifice at this moment and set that example as policymakers.

Power can be supplied to demand. A decision to suspend power cuts! (VIDEO)

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Power can be supplied to demand. A decision to suspend power cuts! (VIDEO)

Eranga Kudahewa, a committee member of the Ceylon Electricity Board’s Electrical Engineers’ Association, told the media today (25) that the decision to suspend power had been changed after a discussion with the President yesterday. Accordingly, there will be no power cuts and they say that they can supply power for the demand.

The Ceylon Electricity Board, the Ministry of Energy, the Ministry of Finance, and the Governor of the Central Bank have participated in the discussion.

As a result of these discussions, it has been agreed to transfer part of the fuel stock provided by the Ceylon Petroleum Corporation for the Yugadanavi Power Plant to the Sapugaskanda and Barge Mounted Power Plant.

Accordingly, the Sapugaskanda power plant has already received 750 metric tons of diesel and the Barge power plant has received about 900 metric tons of fuel, said Kudahewa.

He said that in the current scenario, the generation of thermal power plants will not be able to meet the demand as the shortage will be reduced.

It is learned that there is a possibility of adding the Norochcholai power plant to the system by the 29th and the power crisis will be resolved to some extent, he said.

Ajith Rohana re-appointed as Police Media Spokesman

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Ajith Rohana re-appointed as Police Media Spokesman

Senior DIG Ajith Rohana has been re-appointed as the Police Media Spokesman. That is in addition to the current police media spokesman Nihal Thalduwa. Accordingly, Ajith Rohana will act as the Senior Police Spokesman.

This appointment is effective from today.

Ajith Rohana has been appointed to the post of Police Media Spokesman on two previous occasions.

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