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First Capital Holdings PLC Delivers Strong Financials to December 31, 2023.
Business

First Capital Holdings PLC Delivers Strong Financials to December 31, 2023.

First Capital Holdings PLC (the Group), a leading investment institution, and a member of the Janashakthi Group, announces its strong financial results for the nine months ended December 31, 2023. The Group reported a Profit after Tax of Rs. 9.4Bn, marking a significant increase compared to Rs. 1.7Bn recorded in the corresponding period of the previous year. Despite a loss of Rs. 237Mn in the 3rd quarter of 2023/24, primarily attributed to withholding tax on inter-company dividends totalling Rs. 825Mn, the Group's overall performance demonstrates resilience and strategic growth. The dividend payout is the highest in the company's recorded history for its shareholders. The Primary Dealer division emerged as a key contributor to the Group's success, reporting a Profit after Tax of Rs....
PAYable Pvt Ltd Completes LKR 80 Billion in Transactions
Business

PAYable Pvt Ltd Completes LKR 80 Billion in Transactions

Sri Lanka’s leading Fintech service provider announces appointment of Mr. Rajendra Theagarajah as Chairman of the Board. Photo Caption- Yohan Wijesiriwardane, CEO / Co-founder of PAYable and Rajendra Theagarajah, Chairman of the Board, PAYable PAYable Pvt Ltd, Sri Lanka’s leading non-bank digital payment services provider, reported robust performance in its 10 year journey with over LKR 80 Billion in transactions processed. The company also plans to launch a host of new innovations, showcasing consistent growth and reliability. In a move that signifies a major leap forward for PAYable, the company also announced the appointment of Mr. Rajendra Theagarajah as the new Board Chairman. A distinguished veteran in the banking and financial services sector, Mr. Theagarajah has been asso...
Dr. Gehan Gunatilleke Appointed to Janashakthi Life Board
Finance and Leasing

Dr. Gehan Gunatilleke Appointed to Janashakthi Life Board

Janashakthi Insurance PLC, a member of the Janashakthi Group, announces the appointment of Dr. Gehan Gunatilleke as an Independent, Non-Executive Director to the Company’s Board of Directors, effective from 24th January 2024. Dr. Gehan Gunatilleke is an attorney-at-law and a founding partner of LexAG, a law firm based in Colombo. He has previously served as an advisor to Sri Lanka’s Ministry of Foreign Affairs, where he provided counsel on international treaty compliance and facilitated access to the European Union’s GSP+ trade concession scheme. Additionally, he has contributed to several legislative drafting committees in Sri Lanka. Currently, Dr. Gunatilleke holds positions as a Commissioner at the Human Rights Commission of Sri Lanka and as a post-doctoral Fellow at Pembroke Co...
First Capital Stands as the Principal Sponsor of the SSC Open Tennis Championship for the Third Consecutive Year
Banking and Insurance

First Capital Stands as the Principal Sponsor of the SSC Open Tennis Championship for the Third Consecutive Year

First Capital Holdings PLC has come forward as the principal (title) sponsor of the SSC Open Tennis Championship for the 3rd consecutive year. The SSC Open 2024 is taking place from 06th January to 21st January 2024 at the Sinhalese Sports Club (SSC) tennis courts. The Championship is a major open ranking tennis tournament that will commence the 2024 tennis calendar year with over 750 entries as one of the most anticipated and highly coveted sporting events of the year. SSC Honorary Secretary Vasantha Wijesekera stated, “This year’s championship is special and will be historical, as SSC celebrates 125 years. I am indeed delighted to see the First Capital SSC Open Ranking Championship being the first ranking tournament of the year 2024. Since the first championship was held in the 1...
Business

Adani Green completes JV with TotalEnergies, raises USD 300 million

−          AGEL completed the transfer of 1,050 MW renewable portfolio to a JV between AGEL and TotalEnergies −          AGEL contributed the mix of operational (300 MW), under construction (500 MW) and under development assets (250 MW) and TotalEnergies has made equity investment of USD 300 million Adani Green Energy Limited (AGEL) today announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects. This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mi...
Janashakthi Life Great Manager Awards Launched Setting New Standards for Leadership.
Business

Janashakthi Life Great Manager Awards Launched Setting New Standards for Leadership.

Janashakthi Life, a leading life insurance provider in Sri Lanka, recently launched the "Janashakthi Life Great Manager Awards" to celebrate outstanding performance of its managerial talent within the sales force. The event was graced by a special guest, cricket legend, and Director Mahela Jayawardena, who shared valuable insights on effective management, leadership, and the significance of work-life balance with the audience. Prakash Schaffter, Deputy Chairman of Janashakthi Life, and Ravi Liyanage, Director/CEO, were also present at the gathering. Ravi Liyanage, Director/CEO, emphasized the significance of the momentous occasion in a passionate speech, stating, "Today marks a pivotal moment in our journey at Janashakthi Life as we gather to reflect on our progress and chart the c...
First Capital Wins GOLD at TAGS Awards 2023 for Inclusive Reporting Excellence.
Business

First Capital Wins GOLD at TAGS Awards 2023 for Inclusive Reporting Excellence.

First Capital Holdings PLC, the pioneering investment institution, has secured a prestigious accolade at the TAGS Awards 2023, organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for the 58th consecutive year. The company was honoured with the prestigious Gold Award in the Investment Banking category, recognizing its outstanding performance and dedication to transparency, accountability, governance, and sustainability in corporate reporting. The TAGS Awards bestowed recognition upon exemplary companies spanning 29 industry sectors, reflecting a commitment to comprehensive progress and governance. First Capital has embraced both the Integrated Reporting Framework and the Global Reporting Initiative framework, positioning the organization at the forefront of g...
Business

The Urgency of Revolutionizing Sri Lanka’s Energy Landscape

The government has already explored the offshore wind power potential in the country especially in the North and East, expediting two mega wind power projects of 286 MW in Mannar and 234 MW in Pooneryn undertaken by India’s Adani Green Energy Ltd for an investment of over US$ 500 million. Power and Energy Minister Kanchana Wijesekera disclosed that Adani Green Energy has been given approval to implement the projects in August and it has expressed commitment to complete the projects by December 2024. A cabinet paper on the same projects, dated August 14, 2023, noted that it should be considered as a government-to-government arrangement. According to the proposed power purchase agreement, Adani Company has quoted the selling price of a wind power unit to be generated by Mannar wind...
Business

U.S. International Development Finance Corporation, America’s development finance institution, to fund CWIT, Adani’s JV in Sri Lanka, for USD 553 Million

Development of CWIT will support the growth of the Sri Lankan economy U.S. fund will support development of deepwater shipping container terminal in the Port of ColomboWill facilitate private sector-led growth and attract crucial foreign exchange to Sri Lanka to aid in its economic recoveryU.S., Sri Lanka and India to foster an enduring legacy of cooperation in the development of sustainable infrastructure, like smart and green ports U.S. International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd. (CWIT) – a consortium of India’s largest port operator Adani Ports and SEZ Ltd., Sri Lanka’s leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority – to the tune of USD 553 million. DFC,...
First Capital Reports Impressive Financial Performance with Profits Soaring to Rs. 2.81 Billion
Finance and Leasing

First Capital Reports Impressive Financial Performance with Profits Soaring to Rs. 2.81 Billion

First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year. Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year's figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs....