Category: Companies
Fitch downgrades Sri Lanka financial institutions on sovereign downgrade
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook […]
Hayleys crowned winner at CA Sri Lanka 54th Annual Report Awards
Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018. John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third with […]
” on sovereign downgrade
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) rating of Sri Lanka Insurance Corporation (SLIC) to ‘B’ from ‘B+’. The Outlook is Stable. The rating action follows the downgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’ (see “Fitch Downgrades Sri Lanka to ‘B’; Outlook Stable,” dated 3 December […]
Fitch downgrades ratings of SriLankan Airlines bond & Sri Lanka Telecom
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the ratings on SriLankan Airlines 175 million US dollars government-guaranteed bonds due in June 2019 and Sri Lanka Telecom Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. This follows the downgrade of Sri Lanka’s Long-Term Foreign and Local-Currency Issuer Default Ratings to ‘B’ […]
CK Hutchison and Etisalat complete combination of their operations in Sri Lanka
Dec 05, 2018 (LBO) – Emirates Telecommunications Group Company PJSC (“Etisalat Group”) has completed the sale of its 100 percent shareholding in Etisalat Lanka (Private) Limited (“ESL”) to Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”).Upon completion of the sale, CK Hutchison Holdings Limited group will have a majority and controlling stake of 85 percent whilst […]
GSK to divest Horlicks and other consumer healthcare nutrition products to Unilever
Dec 03, 2018 (LBO) – GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”). The value of the deal was approximately £3.1 billion based on the 15-day volume weighted average […]
SriLankan gets approval to conduct base maintenance operations on A330 aircraft
Dec 03, 2018 (LBO) – European Aviation Safety Agency (EASA) has approved SriLankan Engineering to carry out base maintenance operations on Airbus A330 aircraft as per their regulations. SriLankan Engineering is the aircraft Maintenance-Repair-Overhaul (MRO) arm of SriLankan Airlines, the national carrier of Sri Lanka. SriLankan Airlines said this certification completes the requirements for SriLankan […]
‘s Aitken Spence commences 150 years celebrations
Aitken Spence inaugurated its 150th Anniversary Celebrations with a religious blessings ceremony that commenced on Friday, 30th November. The ceremony was held at Aitken Spence Towers in Colombo with the participation of senior religious leaders, board of directors, senior management and long-standing staff. The religious blessings were invoked by His Eminence Malcolm Cardinal Ranjith, Venerable […]
Sri Lanka BOI ink deal for USD29Mn Braybrooke Residential Towers
Nov 30, 2018 (LBO) – Sri Lanka’s state investment agency, the Board of Investment signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2. The total investment of this project is US 28.94 million dollars and it will generate 1730 direct employment opportunities. Hemasiri Fernando, chairman BOI […]
Sri Lanka Insurance gets new Chief and board
Nov 30, 2018 (LBO) – A new Chairman and board of Directors has been appointed to the Sri Lanka Insurance corporation with effect form 29 November 2018.Dr. K.A.S. Keeragala, a Special Grade Officer of the Sri Lanka Administrative Service with over 33 years of experience in the government service has been appointed the Executive Chairman.He also possesses excellent […]
‘s retail industry to be a prominent and important pillar of the economy
Nov 28, 2018 (LBO) – Increasingly the significance of retail as an industry, as a value creator for the economy, as an employer and as a catalyst of growth brings to the forefront the need to recognize it as an Industry, a senior official said. Addressing the Sri Lanka Retailers’ Association second annual general meeting […]
Ceylinco Life appoints eminent banker Jegan Durairatnam to its Board
Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of career banker Jegan Durairatnam to its Board as an Independent Non-Executive Director with effect from 14th November 2018. Mr Durairatnam recently retired as Managing Director and CEO of Commercial Bank of Ceylon after a distinguished 36-year career with Sri Lanka’s benchmark private bank, during […]