Category: Companies
ICICI Bank & Axis Bank to close down business operations in Sri Lanka
Dec 31, 2019 (LBO) – Sri Lanka’s Central Bank has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks. Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from […]
Weekly AWPR declines to single-digit levels after April 2016: Central Bank
Dec 30, 2019 (LBO) – Sri Lanka’s Central Bank says that the weekly Average Weighted Prime Lending Rate (AWPR) has declined to single-digit levels by 27 December 2019, the first time since 29 April 2016. According to the Central Bank, the overall weekly AWPR has declined by 230 basis points from 12.24 percent as at […]
Fitch revises Outlook on Sri Lanka Telecom to Negative; affirms at AA+
Dec 23, 2019 (LBO) – Fitch Ratings has revised the Outlook on Sri Lanka Telecom PLC’s (SLT) National Long-Term Rating to Negative from Stable and affirmed the rating at ‘AA+(lka)’. They have also affirmed the National Ratings on SLT’s outstanding senior unsecured debentures at ‘AA+(lka)’. The rating action follows Fitch’s revision of the Outlook on […]
Government directs banks to suspend recovery of SME loans
Dec 20, 2019 (LBO) – Sri Lanka’s Finance Ministry says the government has issued directives to Chairmen and CEOs of all banks to suspend the recovery of loans obtained by the SME sector. Finance Ministry statement President, PM direct all banks to suspend recovery of SME loans President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa […]
President appoints tech-studded ICTA board to drive digital Sri Lanka
Dec 20, 2019 (LBO) – In line with his vision for a Sri Lanka driven by technology, President Gotabaya Rajapaksa has appointed a tech-studded board for the Information and Communication Technology Agency of Sri Lanka (ICTA). Steering the board as Chairman is Jayantha De Silva, Co-Founder of IFS Sri Lanka, the country’s first FDI-funded technology […]
Sep quarter earnings declined by 9.6-pct for 264 companies: FC Research
Dec 19, 2019 (LBO) – Sri Lanka’s First Capital Research says that quarterly earnings have been dipped for listed companies amidst weaker consumer spending albeit recovers relative to previous quarters. September quarter earnings dipped by 9.6 percent YoY to 45.8 billion rupees primarily due to sluggish performance in Insurance (-48%YoY), Consumer Services (-495%YoY), Capital Goods […]
Sri Lanka’s tallest A-grade office complex, MAGA ONE achieves full occupancy
Dec 18, 2019 (LBO) – MAGA ONE, Sri Lanka’s tallest A-grade office complex developed by the country’s largest construction company, Maga Engineering, has reached full occupancy within its first year of operations. According to the company, the building is now home to multinational giants such as Chevron, Pearson, AkzoNobel, Wiley Global, and Wabtec Corporation, together […]
Singapore fashion platform buys Lankan software firm nCinga for USD15.5mn
Dec 17, 2019 (LBO) – Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for 15.5 million dollars in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times, foreign media reported. nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV […]
Tax reduction allows Sri Lankan traders to import wheat flour instead of wheat grain
Dec 16, 2019 (LBO) – Sri Lanka’s government has removed the consolidated Tax of 36 rupees per kilogram of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of 8 rupees per kilogram. This Special Commodity Levy will come into effect from December 14th through a special Gazette notification issued by Prime […]
Mobitel to play critical role as connectivity partner for Hatton National Bank
(PRESS RELEASE) – HNB as the communication and solutions partner. MEB offers industry-best ICT services and provide tailor made business solutions using big data, data science and advance data analytics which has consistently attracted the nation’s blue chip corporates to opt for Mobitel as their Communications Partner. We will put this expertise to strategic use […]
‘s Lanka Tile in JV with Chinese firm to export porcelain mosaic tiles
Dec 16, 2019 (LBO) – Lanka Tiles Plc has entered into a tripartite agreement with Foshan Shiwan Yulong Ceramic Ltd. of China and Benjamin Malloy of Dallas, Texas in the US with the aim of exporting porcelain mosaic tiles. The venture involves an investment of 200 million rupees where Lanka Tiles will convert its present […]
Sri Lanka to review process adopted to revise original scope of Colombo Financial City
Dec 12, 2019 (LBO) – Sri Lanka’s cabinet nod has been received to appoint an expert committee to look into the process adopted by the previous government to revise the original scope of the Colombo Financial City. With the help of external consultants and the Legal Draftsman, a Bill has already been drafted to establish […]