Author: lbostgadmin
Wrapped Up
Apr 27, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has sold a 500 million dollar 5-year bond to yield 6. 875 percent a year with the investors oversubscribing the issue 7.7 times, sources familiar with the matter said. Books were initially opened with a price guidance of 7. 1 percent but the price […]
Debut Bond
Apr 27, 2012 (LBO) – A successful 500 million US dollar bond sale by state-run Bank of Ceylon showed investor confidence and broadened access to international capital, chairman Gamini Wickramasinghe said. Bank of America Merrill Lynch, Citi and HSBC managed the bond. It was rated ‘B1’ by Moody’s and ‘BB-‘ by Fitch. The bond issuance […]
Good Start
April 27, 2012 (LBO) – Sri Lanka’s Seylan Bank March 2012 quarter net profit rose 69.3 percent from a year earlier to 644,047 million rupees, helped by less provisioning, accounts showed Friday. Group income grew 13.7 percent to 4.5 billion rupees for the March quarter over the corresponding period 2011. Net interest income grew at […]
Port Draw
Apr 27, 2012 (LBO) – Sri Lanka’s ports will be positioned as logistics hubs to help attract foreign investors for export-oriented industries to generate the cargo volumes needed to continue to lure big shipping lines, an official said. Sri Lanka Ports Authority chairman Priyath Wickrama said ports will provide warehousing and other services to offer […]
Sri Lanka forex markets quiet
Apr 27, 2012 (LBO) – Sri Lanka’s rupee was tentatively quoted around 130.80/131.50 against the US dollar as markets opened Friday but with little firm quotes due to moral suasion from the monetary authority, dealers said. On Thursday the rupee closed around 131.50 to the US dollar with almost no trading earlier in the day. […]
Sri Lanka state construction deals for local firms
Apr 26, 2012 (LBO) – Sri Lanka’s government has agreed to reserve a proportion of construction contracts for local builders in a post-war building boom while banks have also loosened up lending to the sector, an official said. Rohan Karunaratne, president the Ceylon Institute of Builders (COIB), said the construction industry had been lobbying the […]
Sri Lanka forex markets inactive
Apr 26, 2012 (LBO) – There were no deals in Sri Lanka’s forex markets Thursday and quotes have also dried up pending a meeting of bank Treasurers with the Central Bank, market participants said. Monetary policy also loosened in April due to seasonal deficit financing, which has tended to put pressure on the dollar peg […]
Enterprise Award
Apr 26, 2012 (LBO) – HSBC bank and the British Council has launched an award scheme for young entrepreneurs in Sri Lanka targeting students in universities, private higher education institutions, vocational colleges and professional bodies. “Next generation entrepreneurs will drive Sri Lanka™s economy,” Tony Reilly country director British Council said. “It is no different in […]
Sri Lanka™s March tea output hit by bad weather
April 26, 2012 (LBO) – Sri Lanka™s tea output slipped 22.6 percent in March, over the same period 2011, due to bad weather conditions, a tea broking firm said. Crop figures released by the state-run Tea Board showed output fell to 27.21 million kilos in March, as against 35.13 million kilos recorded in March a […]
‘s Pegasus Hotel raises funds to settle debt
April 26, 2012 (LBO) – Sri Lanka’s Pegasus Hotels of Ceylon PLC said Thursday it has raised 110.9 million rupees via a rights issue. The Carsons Group managed hotel, issued 3.04 million shares to existing shareholders at a proportion of one share for every nine shares at 36.50 rupees each, Pegasus said in a stock […]
Stable Outlook
April 26, 2012 (LBO) — Fitch Ratings Lanka on Thursday affirmed Multi Finance PLC’s national long-term rating at ‘B+(lka)’ with a stable outlook. The agency has also affirmed and withdrawn the ‘B(lka)’ rating on Multi Finances proposed subordinated debenture issue of up to 100 million rupees, as the issue did not proceed as previously envisaged. […]
Moving Biz
Apr 26, 2012 (LBO) – GAC International Moving, a division of a Dubai-based logistics group said it has opened a personalized packing and moving business in Sri Lanka, shortly after starting a similar service in India. “The demand for moving services by relocating executives is geared for growth, and the launch of GAC’s International Moving […]