v2025 (2)

v2025

Business

Standard Chartered big winners at "The Asset Triple A Awards 2020'

Standard Chartered Sri Lanka has won big at “The Asset Triple A Treasury, Trade, SSC and Risk Management Awards 2020” announced recently, with awards for ‘Best Service Provider for Cash Management’ and ‘Best Service Provider for Trade Finance’ in Sri Lanka.

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Dialog invites customers to experience the power of 5G

Dialog Axiata PLC, Sri Lanka's premier connectivity provider, extended an open invitation to its valued customers to register their 5G devices on its 5G trial network and experience the power of 5G at Dialog Iconic, Dialog Experience Centres at Alfred House and World Trade Center, and several zones in Colombo city. Subscribers can register their 5G device on www.dialog.lk/5g to experience 5G and stay updated as Dialog expands its 5G trial network into more areas.

This 5G trial network was enabled in collaboration with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) who has led the region in making available the spectrum in the 3.5GHz band for the piloting of pre-commercial 5G services. These endeavours will lay the groundwork for Sri Lanka to innovate new 5G related products and services, paving the way to access the global 5G marketplace and facilitate industries to leverage the benefits of 5G.

Commenting, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, "Since Dialog conducted South Asia's first standards-based 5G transmission in 2018, we have been exploring the boundless possibilities of 5G to ensure that we build a strong platform to support our 5G network to deliver exceptional experiences for our customers. We are thankful to the Telecommunications Regulatory Commission of Sri Lanka for enabling our vision of delivering The Future. Today, where we have not only maintained our leadership in 5G in Sri Lanka, but also the region."

Dialog covers more than 92% of the Sri Lankan population with 4G broadband and has upgraded over 20% of its expansive base station network to a "5G Ready Status" by deploying Massive MIMO (Multiple Input Multiple Output) technology on its Home Broadband Network. The same infrastructure will transmit 5G speeds upon the licensing of commercial 5G spectrum in Sri Lanka, enabling the delivery of nationwide 5G coverage.

This announcement follows Dialog's demonstration of a fully standards-based 5G mobile service for the first time in South Asia, the first 5G showcase in South Asia, the demonstration of South Asia's fastest 5G mobile speeds in 2019, and the first standards-based 5G fixed-wireless pilot transmission in December 2018. Implementing 5G will mean faster speeds for end consumers, as well as limitless opportunities to automate industrial and home environments.

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SLT, Just In Time and Huawei collaborate to provide virtual courtrooms

In response to the COVID-19 pandemic and alarming increase in criminal activities involving prisoners in jails, video conferencing and tele-presence technology in courtrooms and prisons will soon become reality in Sri Lanka.
 
Accordingly, Sri Lanka Telecom (SLT) announced that the Ministry of Justice has entrusted them with introducing video conferencing solutions for courts and prisons in the country.
 
Under the initial plan, 20 courthouses will be linked up with the same number of prisons countrywide through a video conferencing system which will enable court proceedings to be held without moving inmates, official sources said.

The project is a collaborative initiative between the Ministry of Justice, SLT and the Judiciary.

Video conferencing solutions for the Ministry of Justice will be carried out by SLT with Just in Time Technologies Private Limited as the managed service partner (lead partner) by using Huawei products for the solution design.

This decision was taken at the recent meeting on finalising strategic partnerships for the project, an official document revealed.

The total cost for the whole video conferencing system will be in the region of Rs.350 million, according to the costing estimates submitted to the ministry.
 
SLT employees oppose JIT


However, employees of Sri Lanka Telecom vehemently protested against the appointment of Just in Time Technologies (Pvt) Ltd as the lead partner without directly dealing with Huawei, which is also a key partner of SLT.

They noted that SLT has had legal battles with the JIT group in a case in which JIT and SLT were involved in providing WAN connections to the National Savings Bank (NSB).

SLT has a back-to-back agreement with NSB and the latter has failed to make payments under the agreement. SLT had to settle the case out of court, informed sources said.

Several SLT employees claimed that entering into similar agreements with the JIT group will replicate similar results like the NSB deal.

The secretary to the Ministry of Justice, S.M. Mohommed said that the project is in the pipeline and that she cannot comment on matters relating to it as no cabinet decision has been taken as yet.

However, the Ministry has given consent to SLT to go ahead with the plan of developing the video conferencing solution partnering with Just in Time Technologies and Huawei Lanka, informed sources added.

The video conferencing solution is aimed at increasing the efficiency of court proceedings by reducing time and costs while offering practical solutions to problems of transporting prisoners,

It will reduce security risks and the potential harm to prisoners and the public creating a more responsive and engaging interaction between legal practitioners and clients.

The Ministry of Justice is to set up more virtual courts to ensure the timely delivery of justice while upholding the safety of litigants, lawyers, judges, and all other judicial and law enforcement officials.

According to the project concept plan, main solution deliverables are remote court hearings for extending the remand period of inmates, virtual jail visitation for inmates family members ,enabling attorneys at law to consult and take instructions from inmates(remote legal consultations during convenient times).

It will also provide remote participation and observation facilities for lawyers for lawyers and remote participation of law enforcement officers.

Future enhancement of the solution includes remote court hearing proceedings, and providing administrative collaboration facilities for justice ministry, prisons and judiciary.

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Revenue of Sri Lankan corporates could fall by LKR 30 billion: Fitch

Revenue across Sri Lankan corporates portfolio could fall by almost LKR30 billion, or around 7% yoy, in the financial year ending March 2021 (FY21), based on the agency’s baseline coronavirus pandemic scenario, Fitch ratings announced on Monday.

This worsens to LKR 40 billion, or around 15% yoy, if the two large telecom companies, which are likely to stay resilient during the pandemic, are excluded. However, most corporates should recoup lost growth momentum by FY22 and generate higher revenue than in FY20.

"Our forecasts examine the effect of the March 2020 lockdown on revenue for the next 18-24 months. We also refine our expectation of recovery trajectories to reflect easing social-distancing requirements from May 2020 and a gradual recovery in economic activity. Key risks to our assumptions include a second wave of infections that lead to further lockdowns and a prolonged weak global economic and travel environment, which could depress Sri Lanka’s economy for longer than we expect," the agency said.

Sri Lanka GDP to contract in 2020

Fitch Ratings said that they expect Sri Lanka’s real GDP to contract by 1.3% in 2020 due to the pandemic, worsening from our 24 April 2020 forecast of a 1.0% contraction. This follows mid- to low-single-digit economic growth in the last five years. However, GDP growth should rebound to historical levels in 2021, with 4.0% growth. The weakened operating environment will continue to dampen demand and challenge the near-term operating performance and liquidity profiles of most of our rated corporates.
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Litro launches mobile app for home delivery service

Sri Lanka’s largest importer, supplier and market leader in LP Gas, Litro Gas Lanka Limited (LGLL), launched its Home Delivery mobile application (App) at a ceremony held at the Litro Gas Head Office recently. The mobile app serves to facilitate swift and convenient home delivery to customers’ doorstep through a widespread network of dealers throughout the country.

The Litro Home Delivery app has been designed with a user-friendly interface and aims to streamline and simplify the process of ordering. This app allows customers to select a service/product of their choice and having it delivered to their doorstep by going through a few simple steps. This is significantly more efficient and innovative than the existing ‘call-in’ option.

The app which is optimised for mobile devices as well as desktop/laptop computers is manned by a Customer Care Centre which processes all orders centrally by routing them to the respective Litro Gas Dealer once an order is placed. This enables Litro Gas to monitor and be in control of the delivery process at all times. The customer too, is able to monitor their order via the app. The hotline 1311 is active in the meantime to assist customers whenever needed.

Chairman and CEO of Litro Gas, Anil Koswatte said that Litro Gas is proud to have been the first supplier and distributor of LP Gas in the country to offer customers an on-line delivery service for Gas cylinders: “The need for an application to handle the delivery process swiftly was felt especially during the last pandemic period when customers were unable to leave their homes.
 Litro launch 1
Chairman and CEO of Litro Gas, Anil Koswatte handing over the gear.

While we were still efficiently managing the orders, we thought that having an app would convenience the customers further enabling them to place an order with a few clicks as well as giving them the option to monitor the status of delivery via GPS/network-based technology.” He noted that though a simple affair, in terms of participation, the event was an inspiring and meaningful one.

At the event, a map of Sri Lanka was illuminated by members of the Top Management at Litro alluding to the Company’s vision of broad-basing its presence as well as delivery facilities to the entire nation.

Director, Sales and Marketing/ Corporate Affairs, Janaka Pathirathna added: “The app gives a technological edge to the Company as this is the first time customers will be ‘directly’ connected with Litro Gas.

This way we are able to analyze customers’ behavior, preferences and model our products and service accordingly.”

The event concluded with Chairman & CEO handing over Litro branded gear which included a safety helmet, t-shirt, jacket with reflective strips and a pouch to the fleet of dispatchers. The Chairman also flagged-off a colourful line-up of Home Delivery vehicles optimised to facilitate safe, economical and efficient delivery of cylinders to customers.

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Deepthi Lokuarachchi appointed as Group CEO of Lanka Hospitals

The Board of Directors of The Lanka Hospitals Corporation PLC has appointed Deepthi Lokuarachchi as the Group Chief Executive Officer of the company effective from 20 July 2020.

Lokuarachchi stepped down as MD/CEO of HNB Assurance PLC and its fully-owned subsidiary HNB General Insurance Limited, in line with the group retirement policy, upon reaching his 55th birthday on July 20, 2020.

Lokuarachchi holds a Law Degree from the University of Colombo and is professionally qualified as a Chartered Member of CII-UK.

Being an insurance professional and having served in both Life and General sectors, he had gained extensive exposures into executive general management, and other areas such as underwriting, claims and reinsurance within insurance companies owned by the Eagle Star Group, Zurich Financial Services, AI-Futtaim UAE, AVIV A and AIG. Lokuarachchi also functioned as CEO of Sri Lanka’s biggest State insurance company SLIC in his career.

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HNB - DIMO partner to offer exclusive leasing options for Mercedes Benz and Jeep

Sri Lanka’s premier private sector bank HNB PLC, partnered with Diesel & Motor Engineering PLC (DIMO) the only authorized general dealer for Mercedes- Benz and Jeep in Sri Lanka, to offer customers an exclusive range of leasing packages inclusive of attractive interest rates and benefits.

The partnership is applicable for all brand new/ pre-owned Mercedes-Benz passenger cars and commercial vehicles, as well as Jeep SUVs sold by DIMO. The offer extends to Mercedes-Benz and Jeep vehicles already in stock with new models to be added to the list soon. HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne and DIMO Group CEO, Gahanath Pandithage graced the ceremony held at ‘DIMO 800’ to cement the partnership.

 “The long-standing relationship between DIMO and Mercedes-Benz is a partnership built on innovation and excellence. This tie-up will offer vehicle enthusiasts in our loyal customer base a unique framework to access tailor-made leasing packages to purchase some of the world’s finest motor vehicles and enjoy outstanding after-sales service. This tie-up will undoubtedly excite customers who have been dreaming of acquiring a premium vehicle as they have the means to make their dream purchase via our flexible, convenient leasing package,” HNB Deputy General Manager – Retail & SME Banking, Sanjay Wijemanne stated.

HNB customers can obtain lease facilities for special concessionary interest rates and optional repayment methods where leases with a residual value of 50% and structured leases with “Interest only” option made available.

“Coming up with unique, customer-focused mechanisms to enable our clientele to purchase their dream vehicle has been our forte. Through this latest partnership with HNB, we can offer the lowest rates in the market. As a result, more clients will be able to afford their dream Mercedes-Benz or Jeep vehicle through us,” DIMO General Manager- Mercedes Benz, Rajeev Pandithage said.

DIMO will offer HNB customers with special discounts of up to Rs. 300,000 for specific vehicle models, in addition to 5 years of free service up to 300,000 km, as well as a five-year warranty for 14 seater mini-coaches and single cabs and a three-year warranty for Jeep gladiators.

Furthermore, DIMO offers unmatched after-sales services. All DIMO imported vehicles receive service repairs for every 10,000 km, with factory warranties, and one year warranties for each repair.

Meanwhile, new leasing customers will be offered the HNB Prestige Prime credit card providing access to exclusive discounts on automobile products, servicing, spare parts, tires and batteries. The first year annual fee for the credit card is waived off.

More information on the HNB DIMO Lease Promotion for Mercedes-Benz and Jeep vehicles can be obtained from any HNB Customer Centers or the Mercedes-Benz Centre ‘DIMO 800’ by calling on 0112449797.

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Moody's extends review for downgrade on three Sri Lankan banks' ratings

Moody's Investors Service in a statement yesterday (21) had extended its review for downgrade on Bank of Ceylon's (BOC), Hatton National Bank PLC's (HNB) and Sampath Bank PLC's (Sampath) long-term local currency deposit and foreign currency issuer ratings of B2. 

RATINGS RATIONALE

The extension of the review for downgrade on the banks' ratings follows the review for downgrade that remains in place on Sri Lanka's B2 sovereign rating. Moody's believes that there is a high level of dependency between the creditworthiness of the banks and that of the sovereign, given that the banks operate mainly within the country and hold significant amounts of sovereign debt. Furthermore, the government's ability to support the banks in times of need is a key input to Moody's assessment of the banks' ratings.

Moody's had earlier initiated the review for downgrade on the banks' ratings following its placement of the sovereign rating on review for downgrade.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the review for downgrade, the banks' Baseline Credit Assessments (BCAs) and long-term ratings are unlikely to be upgraded during the review period. Nevertheless, Moody's could confirm the ratings if Sri Lanka's sovereign rating is confirmed.

A downgrade of the sovereign rating could lead to a downgrade of the banks' BCAs and long-term ratings. Moody's could also downgrade the banks' BCAs if there is a material deterioration in asset quality. A significant decline in capitalization could also exert downward pressure on the banks' BCAs.

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Colombo dockyard launches Buoy Tender Vessel built for Iraq

Colombo Dockyard PLC (CDPLC) auspiciously launched it’s Yard Number NC 0244, a 60 m Buoy Tender Vessel being built for General Company for Ports of Iraq (GCPI) as per an Agreement signed with Toyota Tsusho Corporation (TTC) of Japan funded under Japanese ODA Loans by Japan International Cooperation Agency (JICA).

The ceremonial launching is the process of floating or transferring the vessel to water for the first time. Symbolically this is done by breaking a ‘pot of milk’ according to Sri Lankan traditions over the ship’s bow area inviting good luck to the vessel, the crew and the owners and subsequently filling the dock with sea water enabling the vessel to float.

The ceremony was graced by Mr. Hayder Khaldoon Mohammedsami Alahmed, Mr. Rayed Kareem Mashhoot Al-Saeedi, Site Engineers from GCPI, Mr. Ali Alakus Site Manager of Project from Nippon Koei Co. Ltd and Mr H.V.K. Sarath Kumara Peiris Deputy General Manager Nippon Koei Co. Ltd Liaison Office. Mr. Hayder Khaldoon Mohammedsami Alahmed of GCPI performed the honour of cutting the rope to break the milk pot and launch the vessel.

Mr. Madhawa Fonseka, Manager-Colombo Office and Mr. Vishal Chowdary, in-charge of project and Mr. Roshan Sanjeewa Colombo Office Surveyor attended this event representing the Classification Society ClassNK.From CDPLC, Mr. Hideaki Tanaka (Chairman), Mr. D.V. Abeysinghe (MD/CEO), Mr. K. Kanaya (Director), Mr. Y. Saki (Technical Advisor/ Alt Director) and a host of other Senior Management and Staff participated at this momentous occasion.

 Group Photo at the Launching Ceremony 1
Group Photo at the launching ceremony
 The Buoy Tender Vessel is designed to be operated to retrieve and launch marine navigation buoys, to provide repair and maintenance to marine navigation buoy, to transport marine navigation buoys and/or spare parts and to transport general cargo. This is a 60m long vessel with a breadth of 12m and a depth of 4.6m. The vessel is driven by twin diesel engines and is capable of achieving a speed of 12 knots. The vessel also shall be equipped with a Crane with a lifting capacity of 22 tons. This vessel also provides fully air conditioned comfortable living quarters for its complement of 28 persons.


In addition to this BTV, CDPLC is constructing another vessel for GCPI which is a 50m Pilot Station Vessel (PSV). The PSV is a twin hull Catamaran type vessel which will be used to transport of pilots and provisions, to provide pilots with accommodation services and to provide station and necessary support for pilot boats.

These projects which are vital to the socio economic development of Iraq will strengthen the relationship with Republic of Iraq, one of Sri Lanka’s close allies for decades and we are confident that with these shipbuilding projects generating from TTC Japan which are funded by JICA, will dawn in a new era in the bilateral economic sphere of the relationship between Sri Lanka and Japan.

This ceremony was organized and conducted in a modest scale and in a simple manner paying special attention to the Government’s Health and Safety guidelines placed in view of the COVID-19 outbreak, depicting CDPLC’s corporate social responsibility towards the prevention of any possible transmission of the COVID-19 at workplaces. CDPLC has demonstrated great resilience in the face of the pandemic and has taken many initiatives for ‘Revival’ of its operations and is planning to bounce back stronger in the future.

Colombo Dockyard PLC is a flag ship investment of Japan and operates in joint collaboration with Onomichi Dockyard Company Limited of Japan. Also the Sri Lankan Government institutions hold more than 35% stake at CDPLC.

As the leader of the Shipbuilding & Repairing Industry in Sri Lanka, CDPLC continuously proves its excellence by successfully securing shipbuilding projects and Repairing vessels both local and overseas. “Colombo Dockyard PLC is Sri Lanka’s front runner of its industrialization drive”.

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AIA recognised as Sri Lanka's best 'Life Insurance' company

AIA Sri Lanka is proud to be recognised as Sri Lanka’s Best Life Insurance Company in 2019, by the internationally acclaimed Global Banking and Finance Review.

This recognition followed a detailed assessment of key performance indicators by the UK-based media powerhouse, that analyses the financial industry and the global economy. The award is testimony to the significant contribution made by AIA Sri Lanka to the life insurance industry in terms of outstanding products and services, enhancing customer experience and serving local communities.

AIA Sri Lanka has always remained strong and maintained financial strength and stability. The recent COVID19 pandemic proved that AIA Sri Lanka has indeed been built strong and built to last. With the highest Capital Adequacy Ratio (CAR) in Sri Lanka’s life insurance industry (of more than 600% and 5 times the required CAR by the regulator), AIA Sri Lanka has an unmatched ability to absorb risks and withstand crisis. This is supported by the company’s prudent investment strategy and high quality of investments.

AIA Sri Lanka’s focus is always on delighting the customer. With a track-record of paying better than promised policyholder dividends for the past 30 years, the company is constantly evolving to meet customer expectations. The company’s pioneering digitalisation efforts and focus on ease-of-doing business has strengthened its reputation of being a truly customer focused insurer.

AIA Sri Lanka was the first and only insurer to win the LIMRA International Quality Award (IQA) for Growth in the world (2018) and also boasts IQA qualifiers for 2019- not to forget topping the number of MDRT qualifiers in Sri Lanka for 5 consecutive years, to date.

MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business. This is a fitting acknowledgement of the relentless commitment and high level of professionalism shown by the company’s advisors in both the Agency Distribution and Bancassurance channels.

The company has also been recognised as a Great Place to Work in Sri Lanka for eight consecutive years, in addition to being recognised as one of the ‘Best Workplaces for Women’ in Sri Lanka, in the inaugural awards presented by GPTW Sri Lanka. These accolades demonstrate the company’s great workplace culture which encompasses equality, inclusivity and opportunity to grow.

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NDB Wealth – Number 1 Wealth Management Company in Sri Lanka

A range of innovative savings and investment products have been carefully curated to match every type of client; big or small, individual, institutional or Trust. Financial planning could be for families looking to safeguard their future requirements or an individual planning for his or her retirement. Much needed expertise is extended for institutions managing their own portfolio of stocks, bonds or for cash flow management.

Prabodha Samarasekera, CEO of NDB Wealth Management commented, “Our success lies in our commitment to offering our clients the best fit savings and investment plans that will grant them the financial freedom they need in the long term. Our professional money management skills and in-depth knowledge of capital and money markets provides us a definitive edge when managing client funds.” He further stated, “The investment team carries out detailed analysis of the macro economic variables as well as various industry sectors and companies which helps us minimise risks for our client investments while maximising their returns.”

NDB Wealth offers an unparalleled and exclusive service to clients by assigning a Relationship Manager to every client. Understanding the client’s needs through careful and thorough analysis helps NDB Wealth to identify the core purpose for planning, for  each client, and support the client by advising the client on the best savings or investment solution taking into consideration the potential risks associated with the investment.

The Relationship Managers are backed by a strong investment team who are continuously monitoring investment conditions in the market and particularly play a very crucial role in managing such conditions that may impact clients negatively. Relationship Managers are readily available to provide investment advice or any service related information and are dedicated at protecting ‘best interests’ while ensuring a successful financial future for all clients.

NDB Wealth is licensed by the Securities and Exchange Commission of Sri Lanka and follows very strict rules to meet compliance standards. Celebrating a successful second year at the new NDB Private Wealth Centre Branch, NDB Wealth Management offers seamless wealth management experience, with a high standard of client service. With easy and ready access to all aspects of banking through the NDB bank products such as current and savings accounts, Fixed Deposits, and Credit Cards, clients are able to meet all their banking requirements under one roof with the added benefit of security and stability.

NDB Wealth is an affiliate of the NDB Group, one of the fastest growing financial services conglomerates in Sri Lanka, with the strategic mission to be the leader in the financial services and banking sector. From its inception, the group which includes NDB Bank, NDB Investment Banking, NDB Wealth, NDB Securities, and NDB Capital has been a catalyst in the development of the nation, strengthening and empowering entrepreneurs, corporates and individuals from all strata of the economy. The customers across all NDB Group companies have benefited from the extensive product and service offerings of the NDB Bank and its affiliates.

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Brandix recognised as Sri Lanka's largest corporate 'blood donor'

Brandix was felicitated as the ‘Largest Corporate Blood Donor’ for the 10th consecutive year by the National Blood Transfusion Service (NBTS) on World Blood Donor Day, for the donation of over 3,500 pints of blood from employees in its local network in 2019/20.

Dr. Anil Jasinghe - Director General of Health Services along with Dr. Lakshman Edirisinghe - Director of National Blood Transfusion Service, presented Brandix with a special token of appreciation for its significant contribution.  Sujith Jayasekera, Senior General Manager – Human Resources of Brandix accepted the accolade on behalf of the company.

Brandix Blood Donation Award 1
 
Dr. Lakshman Edirisinghe, Director of National Blood Transfusion Service (L) looks on as the Director General of Health Services, Dr. Anil Jasinghe presents a token of appreciation to Sujith Jayasekera, Senior General Manager – Human Resources of Brandix.

“We are grateful for the longstanding relationship with the National Blood Transfusion Service that has enabled us to contribute towards the national blood supply in a significant manner year after year. We are also honoured to be recognised as the ‘Largest Corporate Blood Donor’ for the 10th consecutive year. This initiative is solely driven by our employees who donate their blood with the vision of supporting the life of another. Their dedicated efforts inspire more people to contribute towards this worthy cause, reiterating that we really do have a family of ‘Inspired People’ at Brandix who create a positive difference through their acts of selflessness. We are truly honoured to work alongside them every day,” said Ishan Dantanarayana, Chief People Officer of the Brandix Group.

Dr. Anil Jasinghe, Director General of Health Services commented, “Consistent donations of this scale are necessary to meet the demand of the National Blood Transfusion Service which caters to the country’s rising demands. Brandix’s geographical presence allows the NBTS to ensure an unhindered supply of blood across the island, including areas that may not usually receive donations of significant volume. We commend Brandix for committing to this endeavour for over 10 years and we look forward to receiving continued support from the company and its people in the future.”

The Brandix Blood Donation Drive is an annual collaboration with the NBTS, spanning 13 years and successfully raising over 36,000 pints of blood to date. With the ever-growing demand for blood to meet medical emergencies, Brandix conducts its blood drive on weekdays instead of the general norm of weekends. This is particularly helpful in sustaining blood platelets, which have a lifespan of five days, to be used as necessary during the course of the week.

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