Category: Companies
Lankem (LCEY) continues to bleed, loses over Rs400mn for the June quarter
August 31, 2018 (LBO) – Lankem Ceylon (LCEY) reported another rough quarter, continuing its multiyear losses. For the quarter ended June 2018, the company reported a loss of Rs417mn.The loss is troublesome for a company whose equity is down to Rs1.137bn, This large quarterly loss comes after losses for the year ended March 31, 2018 […]
Former Combank CEO Jegan Durairatnam joins DFCC as an Independent Non-Executive Director
August 31, 2018 (LBO) – Former CEO of Commercial Bank (COMB) Jegan Durairatnam has been appointed to the Board of Directors of DFCC. He joins the board as an independent non-executive Director. Duriaratnam spent 36 years at Commercial Bank rising to the level of CEO. Commercial Bank is the largest private sector bank in Sri […]
‘s Gihan Cooray to Chair Nations Trust Bank
August 30, 2018 (LBO) – John Keells Holdings (JKH) Group Finance Director Gihan Cooray is set to take over as Chairman of Nations Trust Bank from December 1, 2018. The unanimous board decision to appoint Cooray as Chairman came amidst the anticipated retirement of current Chairman Krishan Balendra, who is required resign after his 9 […]
‘s Expolanka Freight extends global footprint with new office in Malaysia
Aug 30, 2018 (LBO) – EFL (Expolanka Freight) a global freight-forwarding company headquartered in Sri Lanka is setting up its 18th overseas operations in the regional hub of Malaysia. The company is taking over an existing operation managed by its parent company SG Holdings Global and will officially open for business in Kuala Lampur on 1 September 2018. […]
Singapore listed Hotel Properties buys Tangalla Bay Hotels for Rs385mn
Aug 30, 2018 (LBO) – Singapore listed hotelier, Hotel Properties Limited (HPL) through an associate company has acquired 94.71 percent stake in Tangalla Bay Hotels in Sri Lanka for 385 million rupees. West Asia Investments Pte Ltd, a newly incorporated associated company of HPL Properties (West Asia) Pte Ltd, which is, in turn, a wholly […]
Cotton Collection divests to Softlogic Group
Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc. Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand […]
Ashok Pathirage buying controversial NDB shares after 1 year hiatus
August 28, 2018 (LBO) – Softlogic Chairman and CEO Ashok Pathirage has started buying NDB shares in the open market according to a Colombo Stock Exchange disclosure. His last purchases of stock in the bank were approximately one year ago at significantly higher prices. These new purchases amount to a few million rupees worth of […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]
Sri Lanka official reserves at USD9.3Bn : Rupee depreciated by 5.0-pct by Aug 2018
Aug 28, 2018 (LBO) – The Central Bank of Sri Lanka said reflecting developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 5.0 percent during the year up to 27 August 2018 against the US dollar. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against the euro, […]
Sri Lanka Govt gives Cabinet nod to increase subsidy for rubber planting
Aug 23, 2018 (LBO) – Sri Lanka’s cabinet of Ministers has given the go ahead for increasing subsidies given to farmers for planting rubber in a bid to increase productivity in the industry, a statement said. The subsidy for new planting will be doubled to 300,000 rupees a hectare and the subsidy for replanting will […]
” weak 1Q results reflect seasonality: Fitch Ratings
Aug 21, 2018 (LBO) – Fitch Ratings said the weakness in Sri Lanka-based diversified conglomerate Hemas Holdings first-quarter financial results is temporary and is mainly due to the cash flow seasonality of its new school stationary business.The agency expects Hemas’ performance to improve during the remainder of the fiscal year to end 31 March 2019 […]
Melstacorp to enter into health care industry in Sri Lanka
Aug 21, 2018 (LBO) – Melstacorp is to enter into the healthcare industry in Sri Lanka shortly through the subsidiaries incorporated to undertake such activities, the company said in a stock exchange filing. This would involve management of hospitals, operating diagnostics centers and involvement in related healthcare institutions as and when the opportunity arises. Diversified […]