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Gas Move
Nov 03, 2010 (LBO) – The state-run Sri Lanka Insurance Corporation (SLIC) will help operate a liquid petroleum gas business the government acquired after buying out a majority stake held by Shell, a statement said. The LPG business has been rebranded the ‘Lithro’ gas company, the government statement said. Gamini Senarath, chairman of Sri Lanka […]
Final Stretch
Nov 03, 2010 (LBO) – Sri Lanka’s government is scheduled to wrap up the purchase of liquefied petroleum gas distribution operations of Royal Dutch Shell for 63 million US dollars today, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a spokesman for Shell said an agreement with […]
‘s
Nov 03, 2010 (LBO) – A 2011 budget that will broaden the tax base and cut tax holidays will help improve the outlook on Sri Lanka’s credit rating, but an contingent liabilities can undermine its credit, Moody’s Investors Services has said. Aninda Mitra, senior analyst and vice president of Moody’s Investors Services said the rating […]
Sri Lanka buys Shell LP Gas unit
Nov 03, 2010 (LBO) – Sri Lanka’s government has bought liquefied petroleum gas distribution operations of Royal Dutch Shell in the island for 63 million US dollars, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a company official, said the agreement was signed at 11.00 am. Sri […]
Sri Lanka Treasuries move up across maturities
Nov 02, 2010 (LBO) – Sri Lanka’s Treasury bill yields moved up between 16 to 18 basis points across maturities at Tuesday’s auction, the government’s debt office said. The spot US dollar was quoted at 111. 69/70 rupees, dealers said. The 3-month yield rose 16 basis points to 7. 29 percent, the 6-month yield rose […]
Sri Lanka stocks close down 0.62-pct
Nov 02, (LBO) – Sri Lanka’s stocks closed down Tuesday, dragged down by index heavy stocks like John Keells Holdings (JKH) and Hayleys, brokers said. The Colombo All Share Index dipped 0.62 percent (41.79 points) to 6,710.64 points, while the Milanka Index of more liquid stocks also dipped 0. 65 percent (47.34 points) to 7,228.91, […]
Top Gear
Nov 02, 2010 (LBO) – Sri Lanka imported over 10,000 cars in the four months after import duty was slashed in June this year while state revenue has also soared, a senior finance ministry official said. The tax reduction brought down excise duty on a Maruti car, a popular model, to 90 percent from 183 […]
Dockyard Deal
Nov 02, 2010 (LBO) – Sri Lanka’s Colombo Dockyard has been short-listed in a contract to build more passenger ferries for an Indian government customer, having completed delivery of two vessels, officials said. The new vessels to be ordered are bigger, being capable of carrying 400 passengers and 250 tonnes of cargo. Jitendra Kumar Dadoo, […]
Finance Listing
Nov 02, 2010 (LBO) – Sri Lanka’s Singer Finance Ltd is planning to raise 400 million rupees in an initial public offering by selling 25 percent of its shares to the public, a stock exchange filing said. Singer Finance has 106.6 million shares in issue and it will sell 26.6 million shares at 15 rupees […]
Sri Lanka seeks international hotel chain to manage heritage property
Nov 02, 2010 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is seeking an international hotel chain to manage its subsidiary, Grand Oriental Hotel (GOH), a landmark built during British times overlooking Colombo port. Sri Lanka is experiencing a tourism boom with a sharp upturn in visitors following the end of its 30-year ethnic war […]