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”’ rating; outlook stable
Fitch has published Sri Lanka-based Cargills Bank Ltd’s (CBL) National Long-Term Rating of ‘BB(lka)’ with a Stable Outlook. KEY RATING DRIVERS NATIONAL RATINGS CBL’s rating reflects its small and developing domestic franchise, evolving business model and limited operating history in Sri Lanka’s banking sector. The rating also captures its high risk appetite and pressures on […]
High Court issues interim order against Dr. Ali Gulamhusein and Malayandi Jeyapragash
October 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon & Foreign Trades (CFT) recently released a disclosure with regard to its legal matters. In the disclosure it states that the Hight Court has issued : “an interim order against the 1st to 3rd Respondents from disposing, alienating, and/or encumbering and of the assets […]
Opinion: BOI/BOC/PB fiasco, Are board positions worth fighting for?
October 19, 2019 (LBO) – Thursday morning the Colombo business community woke up the news that President Maithripala Sirisena had given instructions for the dissolution of the boards of directors of the Board of Investment (BOI), Bank of Ceylon (BOC) and Peoples Bank. After the news broke there was much speculation on the legality of […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
AmCham appoints new Board of Directors for 2018/2019
(Press release) – The 26th Annual General Meeting of the American Chamber of Commerce in Sri Lanka (AmCham) was held in September at the Hilton Colombo Residences, ushering in the new Board of Directors for 2018/2019. Mr. Michael Koest is the newly elected President of AMCHAM.Mr. Koest takes over from Dr. Kumudu Gunasekera who successfully completed his […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
ICRA Lanka upgrades issuer rating of Softlogic Holdings
Rating action ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service has upgraded the issuer rating of Softlogic Holdings PLC (SHL/” the company”) to [SL] BBB+ (pronounced SL triple B plus) from [SL]BBB (pronounced SL triple B) and rating watch with developing implications has been removed. The outlook on the […]
BOI rejects reports about resignation of its Director General
Oct 18, 2018 (LBO) – Sri Lanka’s Board of Investment on Thursday rejected media reports that its Director General Duminda Ariyasinghe has tendered his resignation. BOI Media Director, Dilip Samarasinghe in a statement requested media to refrain from baseless speculation, especially on matters that have implications on investor confidence. Releasing another statement in the afternoon, International […]
Sri Lanka to implement tranche 2 of green power development program
Oct 18, 2018 (LBO) – Sri Lanka plans to implement the tranche 2 of the green power development and energy efficiency improvement investment program. The program includes three major components; transmission infrastructure enhancement, efficiency improvement of medium voltage network and demand-side management improvement for energy efficiency. Accordingly, Secretary of the Finance Ministry Dr.R H S […]
‘s Leasing board, amid litigation/floundering listed companies
October 17, 2018 (LBO) – Controversial Colombo Stock Exchange (CSE) investor Dr. Ali Asgar Shabbir Gulamhusein has resigned as an independent non-executive director of listed state controlled leasing giant Peoples Leasing and Finance (PLC). According to a stock exchange disclosure the resignation is “effective from August 31st in terms of section 5 of the Finance Companies […]