Category: Companies
HVA avoids trading suspension, takes Rs140mn provision to resolve accounting issues
March 15, 2019 (LBO) – Colombo Stock Exchange CSE listed HVA Foods (HVA) has avoided an impending trading suspension by resolving accounting issues flagged by the CSE. Shares were set to be suspended from trading next week. Shares spiked almost 40% on the news on a light Rs4mn in trading volume. The CSE released the […]
Mandatory provisions regarding separation of Chairman/CEO roles, awaiting public consultation: SEC
Mar 14, 2019 (LBO) – The corporate governance provisions for the separation of the chairman and chief executive officer roles in listed companies, were to be introduced only after stakeholder consultation, Ranel Wijesinha chairman, Securities and Exchange Commission (SEC) said. A decision was taken at the end of the third quarter of 2018, to subject […]
MTD Walkers (KAPI) trading still halted, collapse likely to cause pain for bankers
March 13, 2019 (LBO) – Shares in Colombo Stock Exchange listed MTD Walkers (KAPI) have been halted from trading since February 14th. Investors are still awaiting information on when the stock will start trading again, if ever. The debt filled construction company has been mired in controversy for several months, as they have reported massive […]
UK’s Flexicare launches USD 10Mn health care manufacturing facility in SL
Mar 13, 2019 (LBO) – Flexicare Lanka (Pvt) Ltd., a fully owned subsidiary of Flexicare Group, UK launched the construction of a state-of-the art modern manufacturing facility in Bandaragama with an investment of over US 10 million dollars, recently. The project is approved by the Board of Investment of Sri Lanka.Flexicare Group UK Managing Director, Hash […]
‘s Michelin eyes Sri Lanka for new operations
Mar 13, 2019 (LBO) – A delegation from Michelin, the French tire manufacturing giant met with the Board of Investment Chairman Hemasiri Fernando and Champika Malalgoda, Director General of the BOI. By acquiring Camso Lodestar the leader in the manufacture of solid rubber tires in the country and a BOI enterprise, Michelin are now established […]
LSEG appoints Dee Liyanwela as head of LSEG Technology Sri Lanka
Mar 12, 2019 (LBO) – The London Stock Exchange Group (LSEG) announced Dee Liyanwela has been appointed as the Head of LSEG Technology Sri Lanka, in addition to his role as Group Head of Shared Service Centres. LSEG Technology, formerly known as MillenniumIT, develops and operates high performance technology solutions, including trading, market surveillance and […]
HVA Foods (HVA) under threat of trading suspension next week
March 12, 2019 (LBO) – Colombo Stock Exchange (CSE) listed HVA Foods (HVA) has been informed by the CSE that their stock will suspended from trading on March 21st if they do not rectify the modified audit opinion in the latest audited financial statements dated March 31, 2018 by March 19th next week.HVA came public […]
CSE listed East West Properties (EAST) reports a crippling loss, equity almost wiped out
March 12, 2019 (LBO) – Colombo Stock Exchange listed East West Properties (EAST) has reported a crippling loss which has almost wiped out the entire equity of the firm. The group, which is the controlling shareholder of the Marriot hotel in Weligama, is suffering under a crippling debt load of over close to Rs6bn. It […]
Interview : Present and future trends in real-estate and condo market in Sri Lanka
Mar 11, 2019 (LBO) – The Blue Ocean Group of Companies has grown into a versatile conglomerate over the past few years. The group of companies engage in real estate, construction, engineering, trading, education, travels and holidays, entertainment, consultation and many other fields. LBOTv had a chat with Chairman of Sri Lanka’s Blue Ocean S.Thumilan…..
Realistic budget but concern on growth & implementation: Ceylon Chamber
Mar 07, 2019 (LBO) – The Ceylon Chamber of Commerce says that the GDP growth estimates provided in the budget speech, for the period from 2019-2024 are of concern as it only expects growth to gradually rise from 3 percent in 2018 to 4.8 percent by 2024. “The growth estimates for this period is not […]
Another cash call – DFCC to tap the markets for Rs7.6bn in strikingly low priced rights issue
March 6, 2019 (LBO) – DFCC became the latest major bank in Sri Lanka to tap the capital markets in an aggressive rights issue. The bank aims too raise Rs7.6bn in new equity with the rights issue priced at Rs72/share. Pricing is close to the current trading price in the market of Rs75/share, but much […]
Sri Lanka Budget 2019: Overview of key taxation proposals
Mar 06, 2019 (LBO) – Sri Lanka’s budget 2019 estimates total revenue and grants of 2,464 billion rupees against a total estimated expenditure of 3,149 billion rupees. The resulting budget deficit of 685 billion rupees is expected to be financed by foreign financing of 55 billion rupees and domestic financing of 630 billion rupees. All […]