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Sri Lanka tea estate in iced tea project with US firm
April 01, 2010 (LBO) – Sri Lanka’s listed Bogowantalawa Tea Estates said it was starting a two million dollar iced tea unit with a US firm in which the firm would take up a 25 percent stake. The joint venture will export packaged iced tea to the United States. The company said it was teaming […]
South Health
Apr 01, 2010 (LBO) – Sri Lanka’s Asiri Hospital had bought a 40-bed hospital in the island’s southern Matara area for 160 million rupees, the firm said in a stock exchange filing. Matara Medi House (Pvt) Ltd is build on a 241 block of land in the Matara town. The firm said the purchase was […]
Software Raid
Apr 01, 2010 (LBO) – Sri Lanka’s police have raided a company suspected to be using pirated and unlicensed software, the Business Software Alliance (BSA) which represents software firms said. The company is suspected to be infringing the intellectual property rights of BSA members, Adobe, Autodesk and Microsoft, it said in a statement. The raids […]
Sri Lanka president visits Tamil heartland
JAFFNA, April 1, 2010 (AFP) – Sri Lanka’s President Mahinda Rajapakse reached out on Thursday to the country’s ethnic minority Tamils as he made his first visit to their cultural heartland since his re-election. Rajapakse, on a trip to battle-scarred Jaffna, the former stronghold of separatist Tamil rebels in the island’s north, promised to work […]
Sri Lanka rating agency takes ex-central banker on board
Mar 31, 2010 (LBO) – Sri Lanka’ RAM Ratings said it had appointed Priyanthi Liyanage, a former central banker to its board as an independent director. She is a qualified banker with service at the Bank of Ceylon and also in the Sri Lanka Administrative Service. Liyanage has 37 years’ experience in the state sector […]
Sri Lanka inflation slows to 6.3-pct in March
Mar 31, 2010 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 6.3 percent in March 2010 from a year earlier, down from 6.9 percent in February with the index falling 1. 0 percent in the month, the government’s statistics office said. In the month of March the Colombo consumer price index fell 1.0 […]
Sri Lanka grey market dollar premium high
Mar 31, 2010 (LBO) – Foreign exchange premiums in Sri Lanka’s kerb or black market have widened in recent months to about three rupees above the bank currency rate from below the rate a few years ago. A US dollar note is being sold in the kerb market for around 117.25/50 rupees compared to a […]
Sri Lankan stocks close 1.08-pct down
Mar 31, 2010 (LBO) – Sri Lankan stocks closed lower Wednesday after the price of Environmental Resources Investments, an index heavy firm, fell owing to heavy retail selling with an ex-rights issue expiring Tuesday, brokers said. Colombo’s All Share Price Index closed at 3,724.59, down 40.48 points, while the Milanka index of more liquid shares […]
Fixed Interest
Mar 31, 2010 (LBO) – Fitch Ratings Lanka said it has assigned an ‘A-(lka)’ National Long-term rating to People’s Leasing Company Limited’s (PLC) proposed senior unsecured redeemable debentures of up to 630 million rupees. The rating agency said in a statement it has confirmed PLC’s national long-term rating at ‘A-(lka)’ with a stable outlook. The […]
Finance Demand
Mar 31, 2010 (LBO) – An initial public offering (IPO) by Sri Lanka’s Vallibel Finance to raise 114. 4 million rupees has been oversubscribed and will close Wednesday afternoon, a stock exchange filing said. The firm offered 5.2 million shares at 22 rupees each. The stock exchange filing said applications for 8,310,900 shares were received, […]
Sri Lanka tea wage hike erodes Malwatte Plantations profit
Mar 31, 2010 (LBO) – Sri Lanka’s Malwatte Valley Plantations said 2009 annual profits fell 99.3 percent to 2.15 million rupees from a year ago with a big loss in the December quarter on higher wage costs and gratuity provisions. Its financial results filed with the Colombo stock exchange showed December quarter losses shot up […]
Transit Point
KUALA LUMPUR, March 31, 2010 (AFP) – Malaysia on Wednesday launched a national plan against human trafficking as the country moves to quash its image as a transit point for traffickers. Home minister Hishammuddin Hussein said the five-year plan would strengthen anti-trafficking legislation and training and improve border security among measures to tackle the problem. […]