Author: lbostgadmin
Secret Codes
The telecom regulator on Monday set a base price of Rs. 500,000 for each four digit short codes that is due to be auctioned by mid this year.The short codes will be auctioned to External Gateway Operators (EGO) through a secure purpose designed online interface.rn rnThe Telecommunications Regulatory Commission (TRC) on Monday called on interested […]
Impending Marriage
DFCC Bank said Monday it is talks with key institutions to acquire a commercial bank and an insurance company.A due diligence study on MERC Bank has got under way and DFCC is keen to acquire the small privately held commercial bank, subject to regulatory and other approvals.rn rnMERC Bank also has a foreign exchange licence. […]
A Time To Pay
HSBC, trustees to the Vaniks capital guaranteed debentures says investors will be repaid on April 29.Capital guarantors to the debenture USAID and Peoples Bank met their obligation of Rs.200 million by April 25.rn rnHSBC says Rs. 2.3mn in interest received for the money under its custody upto April 28 will also be distributed among the […]
Lopsided
Ambitious plans for double-digit GDP growth is at the back of the governments mind in a post-war era. More importantly, economic growth must benefit the man on the street. While experts say that GDP growth in the open market era has widened the rich and poor divide, economists point out that while the rich-poor gap […]
Silver Bells
Wiping over US$ 30 million in debt clean off its accounts, Lanka Bell is now monitoring the communication lines, looking for a technical partnership that will take its services to the masses. Lanka Bell Managing Director, Joey Mendoza says the debt elimination programme, which saw its total debt wiped off its accounts earlier this week, […]
Asset Sale
The government hopes to sell off a further 8.5 percent of its shares held in Sri Lanka Telecom this year, as part of its privatisation programme.Last November, the government disposed a 12.5 percent slice of SLT through an initial public offering.rn rnOther state entities earmarked for disposal include CPCs assets and market network, a 69 […]
Cleaning House
The exercise to divest governments ownership in Peoples Bank is due to kick off in Sept and end in March next year. As part of its commitments to get the IMFs US$ 567 mn concessionary aid package, the government has pledged to commercialise the bank as a single entity or separated into viable sub-units through […]
Leap Frog
The Central Bank is optimistic the economy will leap frog and can add another 4 percent growth, if the peace initiatives continue.Central Bank governor A S Jayawardena said the bank is looking at an average 6.5 percent GDP growth over the next four years, up from about an expected 3.5 percent last year. rn rnldblquote […]
Solemn Bell
Transmarco Limited, Lanka Bells Singaporean parent company is looking at divesting its remaining stake in its Sri Lankan wireless local loop operation. On Monday, wire services reported that Transmarco had successfully negotiated with Lanka Bells creditors to write off a significant part of its debt and accept cash and an equity stake for the rest.rn […]
Sailing Off
Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd.(ZNFL) in Sri Lanka. rn rnldblquote […]
New Brooms
National Development Bank on Tuesday sold off 53 percent of its 66 percent stake in Mercantile Leasing Ltd to a consortium for Rs. 239 mn.Savings giant, National Savings Bank bought 19.5 percent while a consortium led by M M Udeshi picked up the balance 29 percent stake.NDB will still control a 10 percent slice.rn rnThe […]
Avrudu Bonus
Sri Lanka on Friday received a US$ 567 mn concessionary aid package from the International Monetary Fund.The funds will be disbursed over a three-year period under the IMFs Poverty Reduction and Growth Facility (PRGF) and Extended Fund Facility (EFF), the fund said in a statement on Friday.rn rnThe IMF said funds amounting to SDR 413.4 […]