Author: lbostgadmin
Bank of Ceylon, Sri Lanka sells US$500mn bond at 5.3-pct
Apr 09, 2013 (LBO) – State-run Bank of Ceylon, Sri Lanka’s largest lender, said it had sold a 500 million US dollar 5-year bond at 5.325 percent attracting two billion dollars in orders from 140 European and Asian based investors.The bond was rated ‘BB-‘ by Fitch. Bank of Ceylon said the sale was done with […]
Shuffle
Apr 08, 2013 (LBO) – NDB chief executive Russell de Mel will retire on Augus 23, 2013 to be replaced by Rajendra Theagarajah, a stock exchange filing said.De Mel has been with NDB for 33 years. Theagarajah will take over as CEO designated from August 01, 2013. .
Sri Lanka stocks close up 0.2-pct
Apr 08, 2013 (LBO) – Sri Lanka’s stock closed up 0.2 percent with interest shown in banking stocks amid thin trade, brokers said. Aitken Spence closed flat at 119.50 rupees after spiking to 120.90 rupees. Colombo Land & Development which last week got tax breaks for a 600 million rupee expansion closed up 4.30 rupees […]
Bank of Ceylon international bond sale begins
Apr 08, 2013 (LBO) – An international bond of sale of Sri Lanka’s state-run Bank of Ceylon has got underway with an initial price guidance issued to investors by lead managers, a media report said. Bloomberg newswires, citing an un-named source said an initial guidance of 5.5 percent had been set. The price guidance may […]
Sri Lanka rupee strong, bonds flat
Apr 08, 2013 (LBO) – Sri Lanka’s rupee strengthened to one year highs of as much as 125.20/30 in early trade Monday before weakening to 125.50/60 level amid seasonal conversions and weak demand, dealers said.A 5-year bond maturing on 01 April 2018 was quoted at 11.37/42 percent, dealers said. In April exporters covert dollars to […]
”BB-(EXP) by Fitch
Apr 08, 2013 (LBO) – A dollar denominated 5-year bond being issued by state-run Bank of Ceylon has been rated ‘BB-(EXP) by Fitch.“The notes will have a maturity of five years and coupon payments will be at a fixed rate on a semi-annual basis,” Fitch said. “The issue proceeds will be used for BOC’s refinancing […]
Sri Lanka invites China to invest in mineral sector
Apr 07, 2013 (LBO) – Sri Lanka has asked China to invest in the mineral mining and processing sector for export especially in mineral sands and graphite, the trade ministry said.In recent years Sri Lanka’s Treasury has helped expand the trade gap with China by borrowing heavily from its Exim Bank and others (exporting Sri […]
Sri Lanka villager puts big business, grid power consumers to shame
Apr 07, 2013 (LBO) – Off-grid power users, who generate their own electricity in villages too remote for the national grid to reach, put rent-seeking big business and grid-connected householders to shame at a public hearing on a proposed tariff hike. Speaker after speaker, representing big business low user domestic customers and the renewable energy […]
Clawback
Apr 07, 2013 (LBO) – A high powered task force will be appointed following a court order to identify assets of directors of Golden Key Credit Card Company, an unregulated financial firm that collapsed five years ago, a media report said.The Sunday Island newspaper said the team will also identify assets the directors have alienated, […]
Wheels
Apr 07, 2013 (LBO) – SML Frontier Automotive (Pvt) Ltd, a unit of listed Sathosa Motors will invest in a one million dollar plant in Hambantota to assemble Land Rovers in Sri Lanka, an official said.At the moment the state has raised taxes on cars bought by ordinary people in the street but elected rulers […]
‘s subsidy calculation flawed: expert
Apr 05, 2013 (LBO) – The calculation of subsidies to customer categories by Sri Lanka’s power regulator was flawed, as the cost of supply to bulk users was lower than retail and domestic customers who were at the tail end of the grid, a top energy expert has said. “I submit to the commission that […]