Author: lbostgadmin
Sri Lanka hydro power IPO oversubscribed 57 times
Nov 02, 2010 (LBO) – Sri Lanka’s Hydro Power Free Lanka Ltd said its 350 million rupee initial public offering has been oversubscribed 57 times with applications worth 19. 97 billion rupees flooding in. Hydro Power Free Lankan offered 32 percent of the firm of 35 million shares. The issue’s managers, Taprobane Holdings Ltd, said […]
Glass Act
Nov 02, 2010 (LBO) – Piramal Glass Ceylon made a net profit of 157 million rupees in the September 2010 quarter as domestic sales rebounded after the end of a war and exports grew sharply, the company said. Chief executive Sanjay Tiwari said all the sectors in the domestic market, namely food and beverage, pharmaceuticals, […]
Sri Lanka seeks international hotel chain to manage heritage property
Nov 02, 2010 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is seeking an international hotel chain to manage its subsidiary, Grand Oriental Hotel (GOH), a landmark built during British times overlooking Colombo port. Sri Lanka is experiencing a tourism boom with a sharp upturn in visitors following the end of its 30-year ethnic war […]
Finance Listing
Nov 02, 2010 (LBO) – Sri Lanka’s Singer Finance Ltd is planning to raise 400 million rupees in an initial public offering by selling 25 percent of its shares to the public, a stock exchange filing said. Singer Finance has 106.6 million shares in issue and it will sell 26.6 million shares at 15 rupees […]
Dockyard Deal
Nov 02, 2010 (LBO) – Sri Lanka’s Colombo Dockyard has been short-listed in a contract to build more passenger ferries for an Indian government customer, having completed delivery of two vessels, officials said. The new vessels to be ordered are bigger, being capable of carrying 400 passengers and 250 tonnes of cargo. Jitendra Kumar Dadoo, […]
Top Gear
Nov 02, 2010 (LBO) – Sri Lanka imported over 10,000 cars in the four months after import duty was slashed in June this year while state revenue has also soared, a senior finance ministry official said. The tax reduction brought down excise duty on a Maruti car, a popular model, to 90 percent from 183 […]
Sri Lanka stocks close down 0.62-pct
Nov 02, (LBO) – Sri Lanka’s stocks closed down Tuesday, dragged down by index heavy stocks like John Keells Holdings (JKH) and Hayleys, brokers said. The Colombo All Share Index dipped 0.62 percent (41.79 points) to 6,710.64 points, while the Milanka Index of more liquid stocks also dipped 0. 65 percent (47.34 points) to 7,228.91, […]
Sri Lanka Treasuries move up across maturities
Nov 02, 2010 (LBO) – Sri Lanka’s Treasury bill yields moved up between 16 to 18 basis points across maturities at Tuesday’s auction, the government’s debt office said. The spot US dollar was quoted at 111. 69/70 rupees, dealers said. The 3-month yield rose 16 basis points to 7. 29 percent, the 6-month yield rose […]
Sri Lanka think tank warns against reliance on foreign loans
Nov 01, 2010 (LBO) – Depending too much on foreign borrowings to fuel growth in post-war Sri Lanka can be risky, the Institute of Policy Studies (IPS), a think tank, has warned in a new report. Its annual ‘Sri Lanka: State of the Economy’ report for 2010 is devoted to an assessment of the economic […]
Sri Lanka budget slightly behind target in August
Nov 01, 2010 (LBO) – Sri Lanka’s budget performance for the first eight months of the year is broadly on track though a gap between revenues and current spending has overshot the the full year target, official data show. The revenue deficit in the budget which involves cash items such as salaries puts pressure on […]
Sri Lanka could gain 1.5-pct of GDP revenue by tightening tax holidays: IMF
Nov 01, 2010 (LBO) – Sri Lanka can gain as much as 1.5 percent of gross domestic product in revenue by limiting tax holidays, and also cut tax rates if the base is broadened, an International Monetary Fund review has said. China had a standard rate of 17 percent and got 5.8 percent. Sri Lanka […]
Sri Lanka thrash Australia
PERTH, October 31, 2010 (AFP) – Australian captain Michael Clarke again failed with the bat as his side lost their first Twenty20 game at home in a one-off international against Sri Lanka at the WACA Ground in Perth on Sunday. After winning the toss and batting first, the home side, featuring only four players expected […]