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Central Bank suspends business activities of NatWealth Securities Limited
May 31, 2019 (LBO) – Central Bank having considered the continuous failure to comply with directions applicable to primary dealers has decided to suspend NatWealth Securities Limited (NWSL) from carrying on the business and activities of a Primary Dealer for a period of six months. The Central Bank, however, said it will take necessary measures […]
Competition cuts Asian Hotels (AHPL) annual profit in half
May 31, 2019 (LBO) – Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL […]
BOI signs agreement with foreign investor for USD 4.5mn luxury resort “Plantation Koggala”
May 31, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with Sundara (Pvt) Ltd on a luxury resort project valued at over USD 4.5 million (approximately LKR 792 mn). The project known as The Plantation Luxury Villas in Koggala is considered a strong vote of confidence in Sri Lanka’s tourism sector […]
SriLankan Airlines to resume services to Karachi
SriLankan Airlines is to resume services to Pakistan’s commercial capital Karachi on 1st June 2019. Sri Lanka’s National Carrier will operate five weekly flights on Tuesday, Thursday, Friday, Saturday and Sunday, with flights arriving in Karachi at 15:10 hours and departing Karachi at 16:10 hours. Some of the international flights into Pakistan were suspended following […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
Sunshine Holdings PAT down 36.5-pct; top-line growth 6.9-pct in FY18/19
Divestiture of Tea plantation business in May 2019 Consolidated revenue of Rs. 22.6 billion, an increase of 6.9% YoY PAT amounted to Rs. 1.1 billion, down 36.5% YoY Healthcare revenue up 14.1% YoY to Rs. 9.3 billion Consumer revenue continues its growth, up 8.9% YoY to Rs. 5.9 billion Diversified Sri Lankan conglomerate Sunshine Holdings […]
Samsung redefines SMART TV with the launch of Unbox Magic Series
Samsung Sri Lanka today announced its latest Smart TVs with industry first unique benefits such as Personal Computer, Music System , Live Cast and Two Way Sharing. The new TV line up along with these never-seen-before benefits will redefine the term ‘Smart’ in Smart TVs and take your home entertainment experience to a whole new level. […]
How tourism service providers can avail financial relief package
May 31, 2019 (LBO) – Ministry of Tourism and Ministry of Finance has decided to offer the following financial reliefs for tourism service providers. 01. A relief period for capital loans and interest till 31st March 2020. 02. Reduction of VAT component up to 5 percent for a period of one year from 21st May […]
Amidst elevated market lending rates, private sector credit contracted notably: CBSL
May 31, 2019 (LBO) – Sri Lanka’s Central Bank on Friday said the market lending rates remained downward rigid, despite the measures already taken while the private sector credit showing a notable contraction. Sizable liquidity injections through the reductions in the Statutory Reserve Ratio (SRR) along with appropriate and prudent open market operations (OMOs) have […]
Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points
May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively. The Central Bank […]