Category: Companies
Singer revenue up 16-pct in 1Q
Aug 09, 2018 (LBO) – Singer (Sri Lanka) PLC announced a 16 percent increase in its revenue to 15.1 billion rupees in the first quarter of FY19 in spite of challenging business conditions, the Company said in a statement. While an improvement in the rural economy was noted in April-May, the company noted a lower consumer […]
Advantis Engineering partners ATAD Steel Structure Corporation to improve construction solutions in Sri Lanka
Advantis Engineering, a subsidiary of Hayleys Advantis Limited, recently entered into a Memorandum of Understanding (MOU) with global pre-engineered building giant ATAD Steel Structure Corporation. This latest partnership is in keeping with the company’s ongoing efforts to bring sustainable, cost effective and rapid construction solutions to Sri Lanka. Pre-engineered steel buildings are tailor-made solutions to […]
Land area of Mirigama Export Processing Zone to be expanded by 108 acres
Aug 07, 2018 (LBO) – Sri Lanka’s Board of investment says the Mirigama Export Processing Zone is presently expanding its land area by another 108 Acres, adding 31 industrial lots to the zone with an objective of facilitating more FDI into the country. The Mirigama Export Processing Zone (MEPZ) has contributed 14 million US dollars […]
Prime Finance (GSF) swings to profit, increases capital via rights issue, deposits top Rs2.6bn
August 6, 2018 (LBO) – Colombo Stock Exchange listed Prime Finance PLC (GSF) reported a profit of Rs29mn for the quarter ended June 2018.This was against a loss in the year ago June quarter.Deposits at the CBSL registered finance company were up more than 10% over the March 2018 quarter to stand at Rs2.66bn. Revenues […]
SOMAP makes mandatory offer to all shareholders of Anilana Hotels (ALHP)
August 6, 2018 (LBO) – Singapore incorporated company SOMAP has made a mandatory offer to acquire all outstanding shares in CSE listed Anilana Hotels (ALHP). The price of the offer is Rs1.30/share, and total outlay if all shareholders accept the offer will be over Rs600mn. The offer is being made due to the takeover rules […]
Asia Securities Chairman Dumith Fernando appointed to Union Assurance (UAL) Board
August 3, 2018 (LBO) – Asia Securities Chairman has been appointed as an Independent Non-Executive Director of CSE listed insurance company Union Assurance (UAL). Profile of Mr. Fernando from Asia Securities website: “Based in Colombo, Mr. Fernando is one of most experienced senior global investment bankers in Sri Lanka, with over two decades in the […]
Ramani Ponnambalam appointed Chairperson of Alliance Finance (ALLI)
August 3, 2018 (LBO) – The Board of Directors of CSE listed Alliance Finance has appointed Non Executive Director Ramani Ponnambalam as Chairperson with effect from July 31st. From Alliance Finance website: Mrs. Ponnambalam “has held several senior management positions in large private sector entities. She served as a Director of McLarens Holdings Ltd. and currently […]
Asanga closes deal; Anilana Hotels (ALHP) gets capital infusion
August 3, 2018 (LBO) – After several delays, Colombo Stock Exchange (CSE) listed Anilana Hotels and Properties (ALHP) has finalised a deal with investor SOMAP for an infusion of capital. According to a CSE filing just released, ALHP has issued 513,443,555 ordinary shares, now amounting to 51% of the total shares outstanding of the company, […]
Sampath Group pre-tax profit exceeds Rs10Bn for first half of 2018
(PRESS RELEASE) – Sampath Bank’s Group pretax profit for the first half of the year exceeded Rs 10.3 Bn (28.2% growth) while Sampath Bank recorded a pre-tax profit of Rs 9.9 Bn for the same period. This registered a YoY growth of 28.1% in comparison to the first half of 2017. Profit after tax of […]
‘s Integrated Business Solutions
Aug 03, 2018 (LBO) – Fintek Managed Solutions (Pvt) Limited has announced its acquisition of the Integrated Business Solutions (IBS) unit of Brown and Company PLC. With this acquisition Fintek consolidates its role as the authorized distributor of Sharp office automation products and solutions in Sri Lanka. In a previous release detailing its role as […]
Finance Min calls for new regulatory body for Microfinance industry
Aug 03, 2018 (LBO) – Sri Lanka’s Finance Minister said that he is proposing the establishment of a new microfinance regulatory authority together with mandatory registration for the companies and amendments to the Act. “This is a national tragedy. It needs to be addressed in layers,” Mangala Samaraweera, Minister of Finance told reporters in Colombo, Thursday […]
LB Finance (LFIN) reports profits of Rs1.1bn for the quarter, deposit base grows to Rs75bn
August 2, 2018 (LBO) – Colombo Stock Exchange listed LB Finance (LFIN) reported earnings of Rs1.137bn for the quarter ended June 2018.Profits were up a robust 20% year over year, however sequentially from the march quarter, revenue and profits seem to be flat. Analysts say the lack of sequential profit growth may be deliberate, in […]