lbostgadmin – Page 486 – Lanka Business Online

Sri Lanka’s SEC directs Kalpitiya Beach Resort to call an EGM

Mar 20, 2015 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) has directed Kalpitiya Beach Resort to call an extraordinary general meeting for not complying with a construction work stated in the prospectus.In 2011, Kalpitiya Beach Resort has raised 283.5 million rupees from an initial public offering stating that the funds will be utilized […]

Sri Lankas’s Access Engineering accepts new govt.’s position on BIA runway contract: Chairman

Mar 20, 2015 (LBO) – Sri Lanka’s Access Engineering, a construction company said they have no issue in accepting the new government’s decision to annul the contract awarded overlay the islands airport runway, it’s Chairman said.“We have no issue with this, we don’t see it as a problem,” Sumal Perera, chairman, Access Engineering told LBO […]

Sri Lanka’s new government’s mini budget sends a filthy message; Entrepreneurs are extremely unhappy: Corporate Lawyer

Mar 20, 2015 (LBO) – Sri Lanka’s entrepreneurs are extremely unhappy with the new administration’s interim budget 2015 which was approved by parliament last month including one-off and super gain taxes, Naomal Goonewardena,partner of Nithya partners, a corporate law firm said. “You can’t decide anything with the mini budget except the fact that there is […]

Sri Lanka’s regional plantation companies report Rs. 2,850 mn losses in 2014: Planters Association

Mar 20, 2015 (LBO) – Sri Lanka’s planters associations says about 19 Regional Plantation Companies’ (RPCs) have reported a loss amounting to 2,850 million rupees due to low prices in the world market and high production costs. “By end of 2014, on average the RPCs were making a loss of approximately 30 rupees per kilogramme […]

Sri Lanka’s inconsistent policy drives investors away, early elections will help: Investment Advisor

Mar 20, 2015 (LBO) – Sri Lanka’s policy inconsistency is unhealthy for foreign investments while the new mini budget does not send the right signals to the FDI community, an investment advisor said. “In my role as a banking partner at KPMG, we get lot of investors who come and one of the things they […]

Sri Lanka’s ICT export sector revenue to hit US $ 1 bn in 2015: Minister

Mar 20, 2015 (LBO) – Sri Lanka’s ICT exports are projected to top one billion US dollars this year while the sector has grown at 123 per cent in the last five years, Minister of Industry and Commerce said.“Sri Lanka has launched an ICT value survey to find the national hi-tech exports it achieved in […]

Sri Lanka allows Chinese Port City breakwater construction

Mar 20, 2015 (LBO) – Sri Lanka’s new rulers allowed the Chinese construction company to build the break water of the Chinese’s funded port city project which had been suspended by the government earlier March.The 1.4 billion US dollar Chinese Port City is to be constructed between the Southern edge of the new Colombo South […]

Sri Lanka’s US $85mn airport runway contract awarded to Access Engineering annulled: Minister

Mar 19, 2015 (LBO) – Sri Lanka’s Bandaranayake International Airport runway overlay and related work tender that was awarded to Access Engineering, a local construction company has been annulled by cabinet due to lack of transparency, cabinet spokesman Minister Rajitha Senaratne said today.“No proper procurement procedure has been followed when awarding this contract,” Senarathne said. […]

Sri Lanka new political setting makes bank consolidation uncertain: Rating agency

Mar 18, 2015 (LBO) -The recent change in Sri Lanka’s political setting adds to uncertainty over the fate of the earlier administration’s policies related to economic reforms, monetary policy, and banking sector consolidation, the Standard & Poor rating services said in a report published yesterday. The statement by Standard & Poor rating reproduced below:- The […]

‘s new govt. tracing hidden funds in Dubai: Minister

Mar 19, 2015 (LBO) – Sri Lanka’s Cabinet spokesman Rajitha Senarathne said, that the government has information about accounts amounting to two billion US dollars which belong to a “top and important family” in the island.Senaratne said the government had information of the people who had hidden “billions of dollars” in foreign accounts.“We have found […]

Sri Lanka to publish committee report on the bond market investigation: Minister

Mar 18, 2015 (LBO) – Sri Lanka’s 100 day administration will publish the investigative report on the controversial bond issue, deputy secretary general of the United National Party Akila Viraj Kariyawasam told LBO. Attorney-at-law Gamini Pitipana, who headed the committee appointed by the Prime Minster to probe the matter said the report will be completed […]

‘s intervention over tender board baseless: PM

Mar 17, 2015 (LBO) – Sri Lanka’s Central Bank governor Arjuna Mahendran has taken leave since Monday until the investigations are over, Prime Minister Ranil Wickremesinghe said. “Charge against CB governor’s intervention over tender board is baseless. After that, tender board presented their recommendations. Those recommendations have been duly accepted by CB governor without any […]