Category: Companies
Anilana Hotels to sell 51-pct stake to Somap International
June 28, 2017 (LBO) – Sri Lanka’s Anilana Hotels said an international firm Somap International (Private) Limited plans to invest in up to 51 percent of the company by way of an issue of new shares, with a total investment of 667 million rupees. Accordingly, 513 million new shares will be issued at a price […]
Laugfs enters residential apartment development
June 27, 2017 (LBO) – Sri Lanka’s Laugfs Property Developers, a subsidiary of Laugfs Gas PLC, has formed a fully owned subsidiary to undertake residential apartment complex projects. The new entity, Laugfs on Reid (Private) Limited, incorporated under the Companies Act last week, is located at their head office premises. Laugfs Property Developers (Private) Limited […]
New share transaction fees to be effective from next week
June 23, 2017 (LBO) – Sri Lanka’s securities regulator has directed all licensed stock brokers and dealers to comply with the new fee structure which will be effective from 27 June 2017. The CSE proposed adopting a step-up fee structure rather than the present flat fee structure when consolidating transactions for the purpose of computing […]
Sri Lanka should relax issuing licenses for beer & wine: FinMin
June 23, 2017 (LBO) – Sri Lanka’s Finance Minister told Parliament Thursday that the country needs to relax issuing liquor licenses for beer & wine as it may reduce illegal liquor consumption. Minister Mangala Samaraweera said the ministry is now collecting information and is having discussions with the relevant parties with regard to the issue […]
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Sri Lanka plans trade, business delegation to Bangladesh
June 16, 2017 (LBO) – Sri Lanka’s Ministry of Industry and Commerce plans a trade and business delegation visit to Bangladesh next month, on the back of a three-fold rise in trade between the two countries, a statement said. “Bilateral trade between the two countries tripled since 2010 but there is unexplored potential,” said Minister […]
Sunshine Holdings records strong growth despite challenging market condition, Revenue up 10.3-pct
(PRESS RELEASE) • PAT improves sharply by 33.1% YoY to Rs. 1.6 billion • Healthcare revenue up 9.8% YoY to Rs 7.9 billion revenue • Agri revenue grew 3.2% YoY to Rs. 6.5 billion • FMCG revenue grew 22.5% YoY to Rs. 4.2 billion May 31, 2017: Sunshine Holdings PLC posted consolidated revenues of Rs. […]
Unilever’s Project ArunellaWorks with Communitieson Sustainable Waste Management
Unilever’s Project ArunellaWorks with Communitieson Sustainable Waste Management (PRESS RELEASE) – Initiative Eliminates Garbage Dumps in Agarapathana Region Together With Authorities and Local Community The Arunella Waste Management project spearheaded by Unilever Sri Lanka’s CeyteaFactory in Agarapathanarecently achieved the complete elimination of waste being dumped in and around the KothmalaOya in the surrounding towns of […]
Virtusa Announces Fourth Quarter and Full Year 2017 Consolidated Financial Results
Fourth quarter fiscal 2017 revenue of $226.0 million increased 4.0% sequentially and 31.5% year-over-year. Fourth quarter fiscal 2017 diluted EPS was $0.34 on a GAAP basis, and $0.43 on a non-GAAP basis. Fiscal year 2017 revenue of $858.7 million increased 43.0% year-over-year. Fiscal year 2017 diluted EPS was $0.39 on a GAAP basis, and $1.25 […]
Lankem Ceylon acquires injection moulding firm for Rs150mn
May 26, 2017 (LBO) – JF Packaging Private Limited, a fully owned subsidiary of Lankem Ceylon, has acquired a firm engaged in the business of injection moulding. Lankem Ceylon said in a stock exchange filing that the acquisition of 100 percent stake in Alliance Five Private Limited took place Wednesday for 150 million rupees. Earlier […]
DFCC sells stake in Commercial Bank to subscribe for rights issue
May 25, 2017 (LBO) – Sri Lanka’s DFCC Bank Wednesday sold 1.18 percent of the issued voting shares in Commercial Bank, the bank said in a stock exchange filing. Accordingly, 10 million shares were sold at 138 rupees per share, and the bank has recognized a net capital gain of 915 million rupees. Commercial Bank’s […]
Fitch downgrades Kotagala Plantations to CC (lka) on worsening liquidity
[pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2017/05/Kotagala-Plantations-RAC-May-2017.pdf” title=”Kotagala Plantations RAC May 2017″]