Category: Companies
Rs.1.36Bn takeover of People’s Merchant Finance by Sterling Capital
May 09, 2019 (LBO) – Sterling Capital Investments has completed a 1.36 billion rupee takeover of People’s Merchant Finance (PMF), a statement said.The take over happened through a private placement of shares and a rights issue giving Sterling Capital a stake of 67.9 percent in People’s Merchant Finance, a company filling at the Colombo Stock Exchange […]
Sri Lanka allows duty free import of security equipment
May 08, 2019 (LBO) – State Minister of Finance Eran Wickramaratne announced the Government has decided to waive of duty on the import of of latest security equipment.“This is a decision taken to help not only travel and tourism but State institutions, private sector, schools and hospitals so that they can strengthen their security after the attacks,” he […]
SriLankan Airlines appoints a new CCO and CFO
May 07, 2019 (LBO) – SriLankan Airlines has appointed Joshua Bustos as its chief commercial officer and Shaminda Samaraweera as its chief financial officer with effect from April this year. Bustos is an internationally experienced senior level airline executive with over 20 years of experience. He has held several key positions in leading organizations including American […]
EFL 3PL looks towards Bots and RPA to stay ahead of logistics game
May 06, 2019 (LBO) – Expolanka Freight (Pvt) Ltd. (EFL), a logistics service provider announced that it has implemented its first wave of transformative Robotic Process Automation (RPA) across all its distribution centers and freeport to support day-to-day operations. Through this move to automate repetitive processes across its portfolio, the country’s most dynamic supply chain […]
‘s ordinary technology, US politicians exaggerated its role: Huawei
May 06, 2019 (LBO) – Huawei Technologies Co. founder Ren Zhengfei recently pointed out that 5G is not that powerful and is just an ordinary technology, whilst United States politicians have exaggerated its role, only to call people’s attention to the 5G technology. “There is basically no Huawei equipment in the US networks. If networks are […]
‘s private sector opposes SLPA tariff hike at this juncture
May 04, 2019 (LBO) – Sri Lanka’s private sector firms have strongly opposed the unilateral decision by the Sri Lanka Ports Authority (SLPA) to increase port tariffs.In a joint statement, the private sector representatives involved in the import-export business said the opposition to the tariff hike is based on several reasons. “Amongst them is the […]
Seylan Bank reports 11-pct year on year growth in 1Q 2019
May 03, 2019 (LBO) – Seylan Bank has made a steady start in 2019 by posting a Profit after Tax of 903 million rupees in the first quarter, up 11.10 percent from a year earlier, its interim accounts showed. Profits attributable to the equity holders of the Seylan Bank group rose 8.14 percent to 817 […]
Central Bank considering alternatives to revive Swarnamahal Financial Services
May 02, 2019 (LBO) – Sri Lanka’s Central Bank said they are currently considering alternative measures to revive Swarnamahal Financial Services PLC as the buyer failed to remit the remaining amount for the disposal of ETI Finance Ltd (ETIF).Monetary Board gave its concurrence on 21 February 2018 to dispose identified subsidiary, sub-subsidiary companies and investment properties of ETIF for […]
Ceylon Chamber proposes action points for reviving Sri Lanka
May 02, 2019 (LBO) – Ceylon Chamber of Commerce has proposed several action points for reviving the Nation following the acts of terrorism which occurred on Easter Sunday. Consequent to concerns discussed at its April meeting of the Chamber Committee, the Ceylon Chamber of Commerce has sought meetings with President and Prime Minister to discuss matters relating […]
LAUGFS officially inaugurates operations of S Asia’s largest LPG transshipment terminal
May 02, 2019 (LBO) – LAUGFS Terminals Ltd officially inaugurated operations of its LPG transshipment terminal at the Hambantota international Port. It is the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan flagged vessel Gas Success, part of LAUGFS Maritime’s own LPG vessel fleet. […]
Social media and messaging apps restored in Sri Lanka
Apr 30, 2019 (LBO) – Access to social media and messaging apps is being restored in Sri Lanka on the ninth day after the services were blocked as a security measure following a series of terror attacks, according to the latest NetBlocks network data. The restoration appears to be in progress and is as yet only […]
‘s housing market is gearing to meet economic, environmental and social challenges
Apr 30, 2019 (LBO) – Sri Lanka’s Landmark Group, a real estate development company bent on challenging traditional approaches to the island’s housing and property market says it is now gearing up to meet the economic, environmental and social challenges facing the industry. The real estate company is run by leading businesswoman Neelangani Hapangama and managed by […]