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New Brooms
National Development Bank on Tuesday sold off 53 percent of its 66 percent stake in Mercantile Leasing Ltd to a consortium for Rs. 239 mn.Savings giant, National Savings Bank bought 19.5 percent while a consortium led by M M Udeshi picked up the balance 29 percent stake.NDB will still control a 10 percent slice.rn rnThe […]
Sailing Off
Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd.(ZNFL) in Sri Lanka. rn rnldblquote […]
Solemn Bell
Transmarco Limited, Lanka Bells Singaporean parent company is looking at divesting its remaining stake in its Sri Lankan wireless local loop operation. On Monday, wire services reported that Transmarco had successfully negotiated with Lanka Bells creditors to write off a significant part of its debt and accept cash and an equity stake for the rest.rn […]
Leap Frog
The Central Bank is optimistic the economy will leap frog and can add another 4 percent growth, if the peace initiatives continue.Central Bank governor A S Jayawardena said the bank is looking at an average 6.5 percent GDP growth over the next four years, up from about an expected 3.5 percent last year. rn rnldblquote […]
Avrudu Bonus
Sri Lanka on Friday received a US$ 567 mn concessionary aid package from the International Monetary Fund.The funds will be disbursed over a three-year period under the IMFs Poverty Reduction and Growth Facility (PRGF) and Extended Fund Facility (EFF), the fund said in a statement on Friday.rn rnThe IMF said funds amounting to SDR 413.4 […]
Quick Service
DHL Keells Ltd says it has pumped in Rs. 20 mn to revamp its Gateway Operations Centre.Situated at its bonded warehouse in Ja-Ela, the high-tech operation offers close circuit TV cameras, new conveyor systems, computers and a new volumetric measuring device, the firm said in a release.
Swift Move
Sri Lankas largest cellular operator, Dialog GSM, got another US$ 90 mn injection from its parent company, Telekom Malaysia Bhd on Thursday.Thursdays announcement raises Telekom Malaysias investment in its fully own Sri Lankan subsidiary to US$ 200 mn, its Chairman Muhammad Radzi Mansor told a news conference. rn rnDescribing its Sri Lankan investment as a […]
Building Blocks
The has government got international commitment to raise in excess of a billion dollars, over the next three years to rebuild the war ravaged economy.The announcement came at the end of a donor seminar for Sri Lanka hosted by the United States on Monday, which included representatives from 30 other governments and international financial institutions.rn […]
In Union
The National Savings bank will meet treasury officials soon about making an equity injection to the under capitalised Union Bank.NSB together with Sampath Bank and Chinkara Group of Singapore is considering an investment in Union Bank, which will then be managed by a special committee.rn rnNSB is looking at a Rs. 100 mn investment in […]
Managing State Funds
A new agency to manage government wealth plans to seek private sector expertise and capital to manage government funds.The National Wealth Management Corporation will soon ask for a license from the Central Bank to deal in the primary market for government debt.rn rnThe corporation established as a wholly owned subsidiary of the Mahapola Trust Fund […]