Category: Companies
Access Engineering buys warehouse -logistics firm for Rs.925Mn
Oct 03, 2019 (LBO) – Access Engineering PLC has bought 100 percent stake of WUS Logistics Ltd. The shares were bought at for 925 million rupees, the company said in a stock exchange filing. “W.U.S. Logistics owns a land of 41.5 acres in Kimbulapitiya to be used for warehousing purposes,” it added.
Sri Lanka tea prices down in first nine months of 2019
Oct 03, 2019 (LBO) – All elevations show a negative variance January-September 2019 compared with January-September 2018 and high growns show the largest deficit of Rs. 63.37 YOY, a report shows. National average for the month of September 2019 totalled Rs. 511.31 compared with Rs. 506.86 of August 2019 showing a marginal increase of Rs. 04.42 month […]
Sri Lanka Govt allows internal flight operation for foreign airlines
Oct 02, 2019 (LBO) – The Sri Lanka govenments cabinet of ministers has given the nod for foreign airlines to operate domestic flights, a statement said. Sri Lanka’s civil aviation authority will issue one year operating licenses to foreign airlines that are interested in flying within Sri Lanka, the state information office said in a […]
MTD Walkers (KAPI) loses another billion, equity wiped out
October 2, 2019 (LBO) – Embattled construction firm MTD Walkers (KAPI) has reported a loss for the June quarter of approximately Rs1bn, and its equity base has been almost completely wiped out. Trading in the CSE listed KAPI has been halted for some time as the company has been in violation of regulatory guidelines and […]
Imposition of lending rate caps, a credit positive: Central Bank replies to Moody’s
Oct 01, 2019 (LBO) – Sri Lanka’s Central Bank says that the imposition of caps on lending rates of licensed banks would, in fact, be credit positive, contrary to the view held by Moody’s Investors Service. Releasing a statement, the Central Bank said it does not expect a material change in interest margins of the […]
IOSCO launches World Investor Week to promote investor education
Sep 30, 2019 (LBO) – The International Organization of Securities Commissions (IOSCO) today launched its third annual World Investor Week (WIW) following its success in previous years at attracting more than one thousand financial organizations to showcase their initiatives for promoting investor education and protection across the globe. From 30 September to 6 October 2019, […]
Morison receives shareholder approval to delist from CSE
Sep 27, 2019 (LBO) – The shareholders of Morison have approved the delisting of its voting and non-voting shares from the CSE by way of a special resolution, the company said. The company said over 75 percent of the shareholders voted at the Extraordinary General Meeting of the company held today. The Company will now […]
Sri Lanka’s lending rate cut is credit negative for banks: Moody’s
Sep 27, 2019 (LBO) – Sri Lanka’s recent lending rate cut will compress banks’ net interest margins (NIMs) and add to their existing profitability challenges, Moody’s Investors Service said. On 24 September, the Central Bank mandated commercial banks to cut lending rates on all Sri Lankan rupee-denominated loans by at least 200 basis points beginning […]
Ceylinco Life named one of Sri Lanka’s 10 most admired companies
Sep 27, 2019 (LBO) – Ceylinco Life Insurance was named among the 10 most admired companies in Sri Lanka at the 2019 edition of the International Chamber of Commerce, Sri Lanka (ICCSL) collaboration with the Chartered Institute of Management Accountants (CIMA) awards. The only insurance company in this pantheon of corporate giants, Ceylinco Life was […]
Central Bank withdraws order on maximum interest rates on deposits
Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019. The decision has been taken after the issuance of the […]
Central Bank orders banks to reduce loan interest rates by 200 bps by mid-October
Sep 24, 2019 (LBO) – Monetary Board of the Central Bank has decided to order the Licensed Banks to reduce interest rates applicable on all rupee-denominated loans and advances by at least 200 basis points by 15 October 2019, in comparison to the interest rates applicable as at 30 April 2019, subject to certain exclusions. […]
Expolanka settles litigation against US subsidiary with USD6.75mn payment
Sep 24, 2019 (LBO) – Expolanka’s US-based fully owned subsidiary, Expolanka USA LLC, at a mediation held in New Jersey has resolved to conclude a dispute with RCS Logistics Inc with a payment of 6.75 million US dollars without the acceptance of liability. The company said in a stock exchange filing that the payment is […]