Category: Companies
‘s Softlogic Holdings plans Rs7bn equity sale
Jan 25, 2018 (LBO) – Softlogic Holdings PLC has come to an agreement with Samena Ceylon Holdings Ltd., a Mauritius based firm to raise 7 billion rupees from a placement of shares to raise private equity. The board of directors of Softlogic has decided to place 182.22 million shares with Samena Ceylon Holdings Ltd at 17 rupees a […]
‘ defensive cash flows: Fitch
Jan 23, 2018 (LBO) – Hemas Holdings acquisition of a controlling stake in Sri Lanka’s leading school and office stationery manufacturer, Atlas Axillia (Private) Limited, will bolster Hemas’ defensive operating cash flows, Fitch Ratings said. Last week, Hemas agreed to buy a 75.1 percent stake in Atlas for 5.7 billion rupees. Atlas has a strong distribution […]
Hemas Holdings to acquire stationery manufacturer Atlas
Jan 19, 2018 (LBO) – Hemas Holdings has entered into an agreement to acquire 75.1 percent stake of Sri Lanka’s leading stationery manufacturer Atlas for 5.7 billion rupees. Hemas said in a statement that the acquisition of Atlas will increase the group’s presence in the fast-moving consumer goods space.“Atlas will become the third largest business […]
CEAT Kelani to invest Rs3Bn in local tyre industry , Eyes US market
Jan 11, 2018 (LBO) – Sri Lankan tyre manufacturer, CEAT Kelani said they will invest 3 billion rupees in the local industry over next two years. Unveiling its masterplan to local media the Indo-Lanka Company said it will set up a new truck bus radial tyreplant while also doubling production of radials and motorcycle tyres and […]
Fitch downgrades Sunshine Holdings to A-(lka), outlook stable
Jan 05, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is Stable. The downgrade reflects Fitch’s expectations that Sunshine’s net leverage – defined as lease-adjusted debt net of cash/operating EBITDAR, including proportionate consolidation of Estate Management Services (Private) Limited (EMSPL), the holding […]
Jetwing Symphony opens trading at CSE today
Jan 05, 2018 (LBO) – Jetwing Symphony Ltd, will open trading at the Colombo Stock Exchange from today following its successful Initial Public Offering last month. This is the CSE’s first listing of the New Year 2018. The company’s 750 million rupees IPO with 50.22 million shares will be utilised to complete Jetwing Symphony’s projects in […]
Banking sector to provide 25-pct average return over 1-Year: FC Research
Jan 04, 2018 (LBO) – First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins. “We expect our banking sector universe to provide 25% average return over 1-Year […]
CB restricts deposit withdrawals of ETI Finance, Swarnamahal Financial Services
Jan 02, 2018 (LBO) – Sri Lanka’s Central Bank has restricted the withdrawal of maturing deposits and renewal of such deposits of ETI Finance and Swarnamahal Financial Services for six months. Central Bank said in a statement that the Monetary Board at its meeting held yesterday decided to appoint a panel to manage the affairs […]
Sri Lanka’s JKH appoints Krishan Balendra as Deputy Chairman
Jan 02, 2018 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings has appointed Krishan Balendra as Deputy Chairman while appointing Gihan Cooray as Group Finance Director of the company with effect from 01 January 2018.They have also been appointed as non-executive non-independent directors of Ceylon Cold Stores. The company said in a stock exchange […]
CA Sri Lanka revises Code of Best Practice on Corporate Governance
Jan 02, 2018 (LBO) – Institute of Chartered Accountants of Sri Lanka recently launched the revised Code of Best Practice on Corporate Governance 2017 with an aim to give leadership to corporates in the country to adhere to the best practices of corporate governance. The code of 2017 builds on the previous codes to strengthen […]
Sri Lanka stock market records 8-pct gain in 1H
July 18, 2017 (LBO) – The benchmark All Share Price Index of the Colombo Stock Exchange (CSE) recorded an 8.23 percent gain year-to-date, a noteworthy turnaround in the first half of this year, having started the year on the back of a slow-moving 2016. The S&P SL 20 index, which features the CSE’s 20 largest […]
New revenue Bill should be implemented from April 2018: Ceylon Chamber
July 17, 2017 (LBO) – Ceylon Chamber of Commerce says it is their view that the new Inland Revenue Bill, once enacted, should ideally be implemented from 1st April 2018. The chamber says it will give a longer transitional period for both the tax payer and the Department of Inland Revenue to become fully conversant […]