Author: lbostgadmin
New Spirits
The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn rnThe consortium is made up of the Distilleries […]
Labour Export
Asian countries producing the world migrant worker population will lobby for free labour migration at future trade negotiations with developed economies.rnThe move was proposed by the Indian deligation at the Labour Migration Ministerial Consultations for Countries of Origin in Asia held in Colombo on April 1 and 2.rn rnTen regional delegations agreed to back the […]
Bad Weather
This weeks low grown auction average could slip below Rs.130, down from Rs. 147.46 for February. Brokers say that buyers stepped up orders marginally at the weekly auctions, but preferred to stay at previously low prices.Producers with little choice and desperate to liquidate their stocks to meet payments to leaf suppliers ahead of the Sinhala […]
Going Gone
Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs.600 mn more than the original assessment of […]
DEX Brokers
The Colombo Stock Exchange on Wednesday sent out calls to admit trading members to trade on its new debt trading system, the DEX.Trading members are second tier brokers, with access limited to dealing in corporate debt and government securities.rn rnProspective members need a minimum Rs. 25 mn capital and the capacity to develop clientele for […]
Danish Love
The government on Monday signed up for US$ 60 mn worth of aid from the Kingdom of Denmark to finance key development projects.Around 35 percent of the aid comes as grant money, while the rest is interest free with a 10-year repayment period after commissioning the project, Finance Minister K N Choksy told a news […]
Little Colombo
A strategy to diversify its business interests will see Asian Hotels Corporation developing its Galle Road front property into Creascat City endash a self sufficient accommodation, entertainment, recreation and lifestyle complex. The management is expected to invest an estimated Rs.100 million over the span of the project, said Asian Hotels Director Viran Perera.rn rnUp to […]
No Votes
Seylan Bank plans to raise about a billion rupees in this year through a combination of equity and debt to boost its capital adequacy.The bank said Monday it is issuing quoted non-voting shares at a premium, but stopped short from disclosing the price or quantum.rn rnThe new shares on offer will be subject to regulatory […]
Builders Inc.
The Urban Development Authority on Monday rolled out its ambitious plans to build low income housing in densely populated Colombo. Ten locations have been earmarked for development of 500sq feet to 1000sq feet apartments. rn rnFunding for the projects have not been finalised, but indications are that the UDA will tap the local market – […]
IBIS Through
Six state bus companies were sold to a British consortium on Monday for a deal worth over Rs. 1.4 bn.Treasury Secretary Charitha Ratwatte and IBIS Managing Director, the investor who bought the bus entities last October, Ian Barrette signed off the deal at the Public Enterprise Reform Commission (PERC) office.rn rnUnder the much controversial deal, […]
Light Travel
Plans to ease Colombos mega traffic jams are finally getting off the ground with the Urban Development Authority scouting for investors to set up a mass rapid transit system. The mass transport system will stretch along Galle Road and reach the airport and the outskirts of Colombo city.rn rnAt least four firms have so far […]
Surging Ahead
Bank of Ceylon said Monday its profits crossed the billion rupee mark in 2002, despite a slight drop in its turnover.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn rn Financial highlights: rn rn rn Bank rn Group rn rn rn rn 2002 rn (Rs. mn) rn 2001 rn