Category: Companies
Otara Gunewardene resigns from Singer Sri Lanka board
Oct 25, 2019 (LBO) – Otara Gunewardene has tendered her resignation from Singer Sri Lanka board which will be effective from 31 December 2019. The company said in a stock exchange filing that she does not have any relevant interests in shares of the Company as specified in the listing rules as at date. Joined […]
Sri Lanka ranked 99th in new Doing Business Index
Oct 24, 2019 (LBO) – Sri Lanka is ranked as 99th out of 190 countries with a score of 61.8 in Doing Business 2020 report released by the World Bank. The Doing Business report presents quantitative indicators on business regulations and the protection of property rights that can be compared across economies. As per the […]
Central Bank to issue license cancellation notice to The Finance Company
Oct 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to issue a Notice of Cancellation of the License issued to The Finance Company (TFC), with effect from today to safeguard the interests of the depositors and other creditors. Accordingly, the interest due for deposits will be paid continuously to the depositors […]
Fitch affirms Melstacorp &”; outlook stable
Oct 23, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate Melstacorp and its subsidiary Distilleries Company at ‘AAA(lka)’ with a stable outlook. Fitch said it rates Distilleries based on the consolidated profile of Melstacorp due to strong legal and operational linkages between the two entities, as defined in […]
Real-time online payment facility for BOI customers
Oct 21, 2019 (LBO) – The Board of Investment of Sri Lanka has taken another significant step forward where customers have the convenience of making their payments online directly to BOI, a statement said. This initiative is facilitated via LankaPay Online Payment Platform, a real-time and online payment platform of LankaClear. Such an initiative on […]
ICRA Lanka revises outlook on issuer rating of BoC to negative
Oct 21, 2019 (LBO) – ICRA Lanka Limited, subsidiary of ICRA limited, a group company of Moody’s Investors Service, has reaffirmed the issuer rating of Bank of Ceylon at [SL]AAA. The outlook on the rating is revised to negative from stable. Rationale The revision in outlook factors in BOC’s moderate capitalisation levels with steady decline […]
BOI enters into supplementary agreement with concrete poles manufacturer
Oct 18, 2019 (LBO) – Sri Lanka’s Board of Investment signed a supplementary agreement with Senaka Zenn (Private) Limited to set up a project to manufacture pre-stressed spun concrete electrical poles, piles and railway sleepers for both local and export markets. The initial investment made by the Company was 10.3 million US dollars. The Supplementary […]
Opinion: Cigarette smuggling in Sri Lanka, Hype vs. Reality
By Harini Weerasekera In the run up to elections, Sri Lanka is once again witnessing various news activities highlighting how the government is losing revenue due to increased consumption of illicit cigarettes and beedi. However, the wider government policy on tobacco control is aimed to reduce smoking rates and the related direct and indirect costs […]
Hemasiri Fernando retires from Chairmanship of People’s Leasing & Finance
Oct 15, 2019 (LBO) – Former Defence Secretary, Hemasiri Fernando has retired from the office of People’s Leasing & Finance with effect from 12 October 2019. People’s Leasing & Finance said in a stock exchange filing that the Non-Executive Non-Independent Chairman and Director, Hemasiri Fernando had no relevant interest in the shares of the company […]
SEC issues cautionary notice to public on investing in offshore companies
Oct 14, 2019 (LBO) – Sri Lanka’s Securities and Exchange Commission says that it has become aware of a growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, offering to facilitate investment in shares of companies traded on offshore jurisdictions with a promise of guaranteed high returns. […]
Sri Lanka business registrations can now be done from home
Oct 11, 2019 (LBO) – Opening a new chapter in Sri Lanka’s private sector development, incorporation of a new company is now possible from the comfort of one’s own home. “Name reservation of companies could be obtained online. Company registrations and incorporations could be done online and there is no need for physical attendance at […]
CAL surpasses an LKR 100 Bn footprint in Investment Banking
Oct 10, 2019 (LBO) – Capital Alliance (CAL) has continued its reign as the market leader in Investment Banking services (Debt & Equity fundraising and Mergers & Acquisitions) with a transaction footprint of over 100 billion rupees in the past 24 months. With a focus on family businesses since its inception, CAL has been able […]