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Safe Bet
Mercantile Leasing Ltd has raised Rs. 102.2 mn from the market by securitising its future cash flows.The four-year paper was priced at two percent above the one-year treasury bill rate and snapped up by a fund management company.rn rnThe issue was structured and placed jointly by Capital Alliance Ltd and National Wealth Corp.rn rnDeutsche Bank […]
Laying Bricks
State housing finance giant HDFC plans to start offering pawning services to allow customers to take out housing loans.Loans linked to its pawning schemes will be priced at 15 percent, significantly lower than the market average of 18 percent.rn rn”Customers will be only allowed to use the funds for housing loans and not for private […]
Auditing Auditors
A top-level committee to evaluate the role of auditors has suggested that accounting firms not take up any non-audit services and also opt for compulsory rotation every three years.The committee comprising members from the Securities & Exchange Commission (SEC), Sri Lanka Accounting & Auditing Standards Monitoring Board, the Central Bank, the Auditor Generals Dept., bankers […]
Spruced Up
Hoteliers in once conflict areas of the north and east can apply for low cost funding of up to Rs. 50 mn to refurbish properties damaged at the height of war.rnrn ldblquote We are processing the applications, but five hotels in the East have already received the low interest loans dblquote , Tourism Minister Gamini […]
Sweet Music
Telecom operator Suntel has posted a 451 percent growth in net profits for the first six months of this year, largely aided by a gradual drop in interest rates.The countrys second wireless operator said its net profits topped Rs.193 mn as against Rs. 35 mn reported in 2002.rn rnBut revenues dipped 2.7 percent to Rs. […]
Not Genuine
Pramuka Depositors have protested to the Monetary Board that no genuine effort is being made to restructure the failed bank and demanded that immediate positive action be taken.Depositors writing through their attorney said Central Bank is still not giving sufficient information to come up with a new restructuring proposal.rn rn”I am instructed to state that […]
Buzzing Out
Dialog GSM will double its network capacity in the Western Province by the year end when its 1800 GHz network is fully deployed. The network being installed at a cost of US$ 10 million, will give Dialog the urgently needed capacity to service its over 500,000 strong customer base in Colombo and make room for […]
State Ruins
State Engineering Corporation officials say its role has to change from a construction company to a foreign market oriented skills development centre.The plan also requires the Corporations to continue under state ownership.rn rnThe proposal falls within its restructuring plan handed in to policy makers who have tagged the Corp., for privatisation. rn rnChairman, Ariyaseela Wickramanayake […]
Slight Hiccup
The International Monetary Fund says it will delay releasing the second US$ 80 mn installment next month, as the government has missed two of its targets.The government signed up for a US$ 567 mn structural adjustment facility in April this year under the Funds poverty reduction and growth facility or PRGF.rn rnThe initial US$ 81 […]
New Birth
Sri Lankas second rating agency, Lanka Ratings is expecting to start operations in late October.Ceylinco Group owns a controlling 51% stake in the company, which is a joint venture with Rating Agency Malaysia (RAM).rn rnRAM officials say a number of safeguards are in place to ensure that rating decisions are independent.rn rnldblquote The shareholders have […]