Category:
Sri Lanka relaxes foreign investment in company debt
Dec 13, 2011 (LBO) – Sri Lanka’s central bank said it had lifted a foreign borrowing limit by companies to 50 million US dollars from 20 million, lifted a rate cap on debentures and also slashed the tenor to two years from five. Before 1950 a currency board arrangement (hard peg) placed a hard budget […]
Sri Lanka stocks end up 0.5-pct
Dec 13, 2011 (LBO) – Sri Lankan stocks closed firmer Tuesday in thin trading with turnover falling to one of the lowest in recent times, brokers said. The main All Share Price Index rose 0.50 percent (29.66 points) to 5,994.66, while the more liquid Milanka index rose 0.75 percent (39.34 points) to close at 5,267.74. […]
Funding Deal
Dec 13, 2011 (LBO) – Sri Lanka’s state-owned Bank of Ceylon (BOC) has signed a deal with Dubai’s Mashreq Bank for a 140 million US dollar syndicated loan facility, a statement said. Mashreq, one of the top financial institutions in the United Arab Emirates, has a strong franchise in loan syndication anchoring the transaction with […]
Finance Rating
Dec 13, 2011 (LBO) – Fitch Ratings said a ‘BB+(lka)’ rating of Sri Lanka’s Trade Finance and Investment (TFI), a registered finance company, has been confirmed with a stable outlook. “The rating factors in TFI’s strong asset quality, capitalization, and profitability metrics for a small-sized registered finance company (RFC),” Fitch said. “The rating is, however, […]
Sri Lanka mall planned by Singapore retailer
Dec 13, 2011 (LBO) – Singapore-based retailer Mohamed Mustafa will build a 115 million dollar mall and mixed development in Sri Lanka’s capital Colombo, the island’s ministry of economic development said. The mall will be built in the Colombo 15, postal area in Sir Ramanathan Mawatha, a ministry statement said. An agreement was signed with […]
Business Model
Dec 13, 2011 (LBO) – WSO2, a Si Lanka-based provider of ‘ middleware’ that lets information technology applications talk to each other, said it has been rated high in a new industry survey. The company has been cited as a strong performer in the ‘Standalone SOA Management Solutions, Q4, 2011’ report published by an independent […]
Sri Lanka India coal plant seeks debt finance: report
Dec 13, 2011 (LBO) – Sri Lanka’s Trincomalee Power Company, a joint venture between state-run Ceylon Electricity Board and India’s NTPC Ltd, has approached banks for a 385 million US dollar loan, a media report said. Bloomberg newswires, citing an undisclosed source said the 550 million US dollar plant would be financed with 406 million […]
Sri Lanka bond yields up, money steady
Dec 12, 2011 (LBO) – Sri Lanka’s money and forex markets were steady but bond yields were slightly up in a thin market Monday, dealers said. Meanwhile Central Bank data showed that foreign investors have bought into bills over the last week, reversing some sales earlier. The Central Bank raised limits for foreign holdings of […]
Sri Lanka stocks slip 0.5-pct
Dec 12, 2011 (LBO) – Sri Lanka’s stocks slipped 0.5 percent, with illiquid stocks losing further ground in thin trade, but more fundamentally strong stocks saw some support, brokers said. One million shares of Distilleries traded with the stock closing at 149.10 down 90 cents. In forex markets the rupee continued to be defended at […]
Credit Trend
Dec 12, 2011 (LBO) – Loans to business from Sri Lanka’s commercial banks hit a fresh high of 54.50 billion rupees in October 2011 to 1,882 billion rupees while central bank credit to the state also rose amid defence of a dollar peg, official data shows. Credit to business grew 33.4 percent in the 12-month […]
‘s CIC and Dubai firm in indoor plant deal
Dec 12, 2011 (LBO) – Dubai-based S S Lootah International said it had inked a partnership with Sri Lanka’s CIC Agri Business to supply ornamental plants to the UAE and later jointly expand into tissue culture with an eye on markets in Africa. The statement said CIC Agribusiness works with 25,000 rural farmers. “We will […]
Sri Lanka inland attractions draw more tourists: minister
Dec 11, 2011 (LBO) – Sri Lanka’s main historical, and wildlife attractions had begun to draw more visitors, weaning the island away from being mainly a beach tourist destination, deputy economic development minister Lakshman Abeywardene said. The ancient city of Polonnaruwa had drawn 103,335 visitors of 15.7 percent of the total and Anuradhapura 75,917 or […]