Category: Companies
“Open, free, secure and resilient cyberspace vital for development and democracy” British HC to SL
Mar 22, 2019 (LBO) – At the launch of the “Cyber Resilience for Development” project, British High Commissioner to Sri Lanka James Dauris noted the importance of an open, free, secure and resilient cyberspace in safeguarding democracy and furthering development. He explained that this vision aligns with the UK’s own National Cyber Security Strategy. The British, […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
SLASSCOM People Summit 2019 to feature Bill Duane, Google’s ‘superintendent of wellbeing’
Mar 18, 2019 (LBO) – SLASSCOM’s 2019 People Summit sees a change in its traditional technologically themed content, to sound a more humanistic beat. Titled “Transcending Technology – The Human Factor”, the event is scheduled to take place on the 22nd of March at the Shangri-la and, will feature Google’s long standing ‘superintendent of wellbeing’ Bill […]
‘s banks aggressively raising capital without adequate disclosure?
March 17, 2019 (LBO) – Banking institutions over the last few months seem to be making an aggressive push to raise capital through rights and debenture issues. Almost all banks in Sri Lanka are in the midst of some capital raising exercise. LBO has reported extensively on the subject of rights issues in the following […]
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 […]