Author: lbostgadmin
Nexi Monday
The US$ 100 mn loan to the government arranged through Citibank NA, will come into the Treasury quote s coffers next Monday.The treasury is expected to retire Rs. 7 bn worth of bills next week with the money, says Central Bank quote s Deputy Governor, W A Wijewardene.rn rnBacked by the Nippon Export Investment Insurance […]
Money Money
Central Bank has started issuing Central Bank securities to check reserve money growth, as its own supplies of treasury bills dwindle away.ldblquote We started issuing Central Bank Securities this week, dblquote says Deputy Governor W A Wijewardene.rn rnThe Bank issued about Rs. 2.5 bn worth of Central Bank (CB) securities mainly to EPF endash the […]
Wider Net
The governments privatisation arm is throwing its doors open to the local investment banking community to help them out as financial advisors for upcoming privatisation issues.The Public Enterprise Reform Committee (PERC) says the move, will pave the way for merchant banks, investment arms of foreign banks and certain foreign consultants to take a look at […]
Looking Healthy
Fitch Ratings Lanka re-confirmed its SLAA+ national rating on John Keells Holdings Ltd. senior debt following the conglomerates recent acquisition spree.SL AA+ rating denotes a very low expectation of credit risk. It indicates very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.rn rnAfter picking up a […]
Road Works
The Road Development Authority has commissioned a Korean Company to carry out a feasibility study to rehabilitate the Puttalam-Trincomalee (A12) Road. The study will be carried out at a cost of US$ 1.2 mn, with the funds coming through a grant from the Korean government. rn rnWork will begin in November this year and go […]
Direct Dialling
It is understood that the Premier had advised senior state officials to consider direct offers, with the option of listing part of the stake in the country of the new investor. rn rnInitial reports indicate that an 8.5 per cent to 10.00 per cent stake could be on offer not this year, but next year.rn […]
Sixth Sense
Thai resort and spa chain lquote Six Senses is in talks with John Keells Holdings, to develop a luxury tea spa on a 600-acre stretch of Maskeliya Plantations.ldblquote Talks are still in early stages and if its successful, the chain will invest as much as Rs. 2 bn to develop the property into a tea […]
Tight Fist
The provision, generally known as Section (t) exempted trading profits from dealing treasury securities.rn rnThough trading profits is actually the small spread between buy and sell quotes, some tax experts have argued that it applied to all interest income from treasuries.rn rnThe government is expected to take away this ambiguity and apply the effect retrospectively.rn […]
Boom Times
The Janashakthi Group expanded its property portfolio on Monday by taking full control of Kelsey Holdings (Pvt) Ltd.The deal, which cost just under Rs. 50 mn by way of debt/equity, saw Kelsey Holdings management and Ayojana Fund Management sell out to Janashakthi Securities & Financial Services Ltd.rn rnKelsey Holdings currently controls 87.82 percent of Kelsey […]
Dream Homes
Its fashionable to have an address at one of Colombos plush apartments these days. The government has fuelled the apartment craze by pushing lending institutions to offer cheap credit to meet the shortage of houses. As a result, price to rent ratios for apartments are currently topping 21 times. The sky-high rents are expected to […]
Tourist Dollars
Sri Lanka is beginning to put in place its tourism infrastructure, with eight key areas around the island and four zones in the North and East tagged for initial development.A US$ 60 mn JBIC loan is on the cards to develop infrastructure like roads and utilities like electricity, water supply, sewerage systems and waste disposal.rn […]
Water Birds
SriLankan Airlines will float its amphibious planes in November, whisking visitors off the runway and over ocean to the hills or as far off as Trincomalee in a fraction of the time. ldblquote We will be starting our float plane operations in November this winter season. It will include two amphibious aircraft that can take […]