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Hurdles in Law
The private sector is calling for a new law to facilitate asset securitisation transactions in the country and a high-powered financial reforms committee is trying to come up with a draft Act in consultation with industry players.Asset securitisation deals are a rave with leasing companies to hosing loan providers borrowing against their future cash flows.rn […]
An Act For Audits
The top Government Auditors job is to be made independent with the enactment of a new Law, which will also give the department wide ranging powers.The Auditor General will report directly to Parliament under a proposed Audit Act, and also conduct Value for Money audits on the public sector.rn rnOfficials are trying to get the […]
Bulls Eye
The Finance Minister said last week that fiscal targets were on track in his first Fiscal Position Report. The Government said that privatisation proceeds were expected to be higher than the estimated Rs.13.5 bn. rn rnAn upbeat finance minister told the media a few days ago that the governments fiscal program was on track despite […]
Return Ticket
Supreme Court on Friday refused to take up Central Banks appeal on the Court of Appeal decision on Pramuka Bank.The Central Bank sought to stay the Appeal Court decision without serving notice on the depositors or their counsel.rn rnThe case will be taken up on Monday, after Central Bank has served notice on depositors counsel.rn […]
Bad Line
Sri Lanka Telecoms rating outlook was revised to negative by Fitch Ratings, as liberalization poses many uncertainties for the telecom giant. Fitch says future debt obligations, falling revenues and capital expectative on network expansion could strain its cash flows.rn rnHowever, Fitch affirmed SLTs SL AA+ rating for its listed unsecured redeemable debenture maturing in 2005. […]
Smooth Ride
Bus leasing specialist, Peoples Leasing, raised another Rs. 300 mn via securitisation paper for its general business expansion.First Capital Markets, the debt-raising arm of the First Capital Group, placed the four-year instrument at an average cost of 12.5 percent to the issuer.rn rnldblquote Rates were tiered according to the risk profile of the assets. The […]
Eagles Call
Capital Development & Investment Co (CDIC) plans to come out with a Rs. 1.5 bn rights issue to pay for its acquisition of Eagle Insurance.NDB on Thursday bought out Zurichs 58.44 percent stake in Zurich NDB Finance Lanka (the holding company of Eagle Insurance) through its subsidiary CDIC.rn rnCDIC coughed up Rs. 1.5 bn at […]
An Eagles Calling
National Development Bank on Thursday acquired Zurich Insurance Companys 58.44 per cent stake in Zurich NDB Finance Lanka endash the holding company for Eagle Insurance, at Rs.143.00 a share or close to Rs. 1.5 billion.Through the deal NDB will hold an 87.2 per cent direct stake in Eagle Insurance. rn rnThe deal also ends intense […]
Super Profits
Telecom operator Suntel, says its profits soared to Rs. 200.4 mn in 2002, from Rs. 22.8 mn.Suntel benefited from the prevalent low interest rates, while value added services and a tariff increase pushed revenues up by Rs.400 mn.rn rnRevenues rose to Rs. 3.58 bn from Rs. 3.156 bn in 2001. Cost of sales was up […]
Midyear Review
Sri Lankas top trade chamber has commended the government on pushing ahead with a series of legislative reforms, but said more work needs to be done to implement policy reforms.In its annual balance scorecard on the governments 2003 budget, the Ceylon Chamber of Commerce (CCC) says the government has made some effort to reform sectors […]