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| Friday, 17 December 2004 |
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Lanka IOC Limited - initial public offer I am pleased that Lanka IOC Ltd has announced the basis on which share allotments have been made with regard to the above offer. It could be observed that retail shareholders (those quoting for less than 10,000 shares) have been given preference, thus making it a widely distributed company. Further, those who have made offers for more than one million shares are to be allotted minimum 200,000 shares. Prospective investors have obtained temporary overdraft facilities from their banks at higher interest rates to fund this operation and even the banks have obliged their clients without much formalities such as additional securities etc. Due to heavy borrowings there has been a temporary shortage in money supply and the inter-bank borrowing rate has increased to 10 per cent from the usual 8-8.5 per cent. To be fair by the investors and their bankers, it would be much appreciated if LIOC could announce the date on which refunds on shares that have not been allotted would be made. In the relevant prospectus it has been stated that refund cheques would be posted before the expiry of 15 market days from the day following the closure of the offering. However, it would be appreciated if the company could make the refunds earlier taking into account of the increased trading activities during the festive season. I also make an appeal when making refunds preference in order be given beginning with those who have subscribed for more than 1 million shares with the view to avoiding money congestion. S. R. BALACHANDRAN, As a person travelling around the world and often Sri Lanka I face the similar situations. Just one of them; I wanted to transfer some money to my outside account in "X" country and asked the BOC branch to do so, gave instructions to transfer "Y" amount of money to reach my account overseas. They said it will be charged with 20 US$, I agreed. After realizing the amount getting to my account overseas is lower than I expected, I checked with my overseas bank. Shockingly I got deducted another 27 US$ for even the smallest 200$ transaction other than the 20 $ they charge here. The answer from the bank was simple, there is no corresponding bank in that country. But I made it clear that I wanted to have "Y" there, but the bank didn't tell me anything at that time of transferring. In 6 transactions worth total of XXXX US $, I have paid 120 US $ for so called telegraphic transfers, and there was a hidden charge of 149 US $. Well, fair enough, but at least we deserve a quick genuine answer, not to wait until I visit Sri Lanka the next time and stand in front of the branch manager or the officer, and ask "so what now you have to tell me". Every time I did that the "Ball was passed over" to the next section,department or to the person. After finding this I have written to them, but apart from my inquiry, whenever I am in the country I haven't got a single written reply from any person from the bank. I am working overseas for the past 24 years and have a NRFC account for the same number of years and unable to be present in a bank in Sri Lanka regularly. Therefore I have stated my e-mail on every letter written to the bank. Funny up to now I haven't received a single e-mail from my bank in Sri Lanka. My account is in a super grade branch and don't even have it computerized the NRFC section. I am willing to donate one dollar for that, and I am sure with the number of account holders there are, the bank can easily purchase a computer for that purpose. What is missing in our country? I can get anything done in almost any other country by using a phone or Internet. How long can the people like us wait to see the banks get E friendly in our country?. In the same bank once my wife was questioned by the manager, why all the money you have earned are taken out the account and spent? Is that something you expect from a bank manager? If we are paying the bank charges for whatsoever the service they provide nobody can ask where we invest and what we do with our money? ALWIS, The murder of High Court Judge Ambepitiya will be deplored by all law-abiding citizens of this country, as it is a threat to law enforcement by the judiciary which the authorities should protect. The reintroduction of the death penalty should be welcomed as such offenders should be punished appropriately. KINGSLEY W DIAS, A recent report completed by the UN Human Development (UNHD) showed that high-income (industrialised) countries are home to 90% of all Internet users. less than 1% of people in South Asia are online even though that sub-continent is home to one-fifth of the world's population. Sri Lanka has only 1% of its population using the internet while 50% of Canadians use the internet. (Source: 2004 UNHD report). I have been providing technology skills for young people and adults through community-based technology and learning centres in Ottawa. In addition I also initiated a very successful Information Technology (IT) scholarship program with the support of friends in Ottawa and other parts of the world to help needy students in Sri Lanka. I introduced a concept to build IT centres in Sri Lanka at the information session of September 19, 2004 when I made a representation titled 'Creating quality jobs and contributing to socio-economic growth' in the presence of distinguished guests. The Canada-Sri Lanka Friendship Center of Sirin (with community partnerships) plans to coordinate and implement computer training and distributing hardware and software. Special attention will be focused on underprivileged women to provide self-employment opportunities. This project 'Bridging the Digital Divide' is run by Sirin, a Technology Solutions Provider based in Ottawa, which repairs, sets up computers, provides training and maintenance support as well as computer education to underserved young people and adults. For example, Sirin has a plan to offer an evening job-training program and an English training program. Sirin is looking for volunteers to be involved in joining this effort. These volunteers would offer computer support to local schools and other organisations that do not have the resources to adequately maintain their systems. This idea would first focus in Ottawa, Canada and hopefully would eventually spread to the Southern province of Sri Lanka. The dividents of this project would come in the form of information technology and new jobs, increased entrepreneurship, access to IT education and ease of access of international markets. Yet to many people in developed and developing countries, IT is out of reach. The 'digital divide' threatens to cut off population from quality jobs and the chance to participate in societal affairs. For some people, technology brings the promise of wealth, opportunity and inclusion; for others: increased poverty, less opportunity and more isolation. The revolution in telecommunications and computers along with the sudden increase in knowledge and skills, are creating changes in the flow of trade and other sectors. Sirin believes that providing IT training will create social and economic growth that can transform communities and help people reach their full potential. For more information please contact: Chairman (Educational Partnerships), Canada-Sri Lanka Friendship Centre of Sirin. email: digdiv@sirin.info or CaSL Centre@yahoo.com. VISITA LEELARATNA, Candidature for the Post of UN Secretary General Finally, Sri Lanka has taken a step in the right direction in deciding the candidature of Jayantha Dhanapala for the United Nations Secretary General's Post. Lakshman Kadirgamar should be applauded for making a correct decision at the correct moment. Currently, if there is one Sri Lankan who is qualified, experienced and capable of competing for this position, it is Mr. Dhanapala. He has had an illustrious career. To my knowledge, he is the only Sri Lankan who can get the blessings of most of the parties concerned. KOSALA G. TANTULA The grenade attack last Saturday during Shah Rukh Khan show is one of the most cowardly and disgraceful acts that has taken place in Sri Lanka in the recent past. Various people are saying various things about the reason for the attack. It will take time until the detectives now working day and night on the job come out with the truth. Strangely not a single security person of the private security agency that handled the security arrangements inside the grounds was injured. The JHU has now disclaimed any involvement in the 'fasting' campaign. They should have done that much earlier. Whatever said and done, let us hope the IGP will see that no stone is unturned during the investigations and bring the real culprits to book, irrespective of their political leanings. It's another 'test' for the new IGP. TILAK FERNANDO, |
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