Category: Companies
Sri Lanka introduces Business to Consumer direct transaction under E-commerce
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry as envisaged in the Budget-2018 has established a regulatory framework enabling the Sri Lankan companies to initiate Business to Consumer (B2C) direct E-Commerce transactions with overseas customers.Sri Lankan Customers do enjoy this B2C e-commerce facility via E-bay and other trading platforms but not vice versa.Accordingly, hereafter […]
Finance Ministry justifies divestiture of Hyatt and Hilton Hotels
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry on Monday justifying the divestiture of Hyatt and Hilton Hotels said the decision was taken by the Cabinet and proposed in several budget speeches. The ministry further stated that independent financial advisers Lazard and MTI through their global offices have already begun to reach out to […]
Adam Investments (AINV) warned of CSE trading suspension from October 29th
October 22, 2018 (LBO) – The Colombo Stock Exchange (CSE) has notified the marketplace of an enforcement action against listed Adam Investments (AINV). “Trading of securities of the following company, which is on the watch list, will be suspended with effect from 29th October 2018 in terms of Rule 7.5 (d) (l) (9) of the […]
MTD Walkers Executive Deputy Chair Jehan Amaratunga resigns from Peoples Bank board
October 20, 2018 (LBO) – Newsfirst is reporting that Jehan Amaratunga has resigned from the board of Peoples Bank. His resignation as reported by Newsfirst, although handed over on October 18th, is said to be effective August 31, 2018. Amaratunga, Executive Deputy Chairman of CSE listed MTD Walkers (KAPI), has been a subject of controversy […]
‘s request – Hemasiri Fernando
October 20, 2018 (LBO) – Hemasiri Fernando, Chairman of Peoples Bank, has said that he and the rest of the board of directors of People’s Bank are ready to offer their resignations as per the Presidents request. In a call broadcast on Newsfirst, Fernando stated that the President has requested the respective line ministers to […]
September quarterly results for Industrial Asphalts (ASPH), Tea Smallholder Factories (TSML)
October 20, 2018 (LBO) – The first quarterly results posted by CSE listed companies for the September quarter have been by Industrial Asphalts (ASPH) and Tea Smallholder Factories PLC (TSML).ASPH saw a 220% increase year over year in revenue for the quarter, however despite this increase the company reported close to breakeven earnings. ASPH controlling […]
High Court issues interim order against Dr. Ali Gulamhusein and Malayandi Jeyapragash
October 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon & Foreign Trades (CFT) recently released a disclosure with regard to its legal matters. In the disclosure it states that the Hight Court has issued : “an interim order against the 1st to 3rd Respondents from disposing, alienating, and/or encumbering and of the assets […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
BOI rejects reports about resignation of its Director General
Oct 18, 2018 (LBO) – Sri Lanka’s Board of Investment on Thursday rejected media reports that its Director General Duminda Ariyasinghe has tendered his resignation. BOI Media Director, Dilip Samarasinghe in a statement requested media to refrain from baseless speculation, especially on matters that have implications on investor confidence. Releasing another statement in the afternoon, International […]
‘s Leasing board, amid litigation/floundering listed companies
October 17, 2018 (LBO) – Controversial Colombo Stock Exchange (CSE) investor Dr. Ali Asgar Shabbir Gulamhusein has resigned as an independent non-executive director of listed state controlled leasing giant Peoples Leasing and Finance (PLC). According to a stock exchange disclosure the resignation is “effective from August 31st in terms of section 5 of the Finance Companies […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]