Category: Companies
Asian Alliance changes name to Softlogic Life Insurance
Oct 11, 2016 (LBO) – Shareholders of Asian Alliance Insurance today approved a special resolution to change its name into Softlogic Life Insurance, the company said in a stock exchange filing. The move comes after Asian Alliance Insurance sold its stake in Asian Alliance General Insurance business. On 24th June 2016, the company agreed to […]
Sri Lanka’s Kotagala Plantations sells stake in Lankem Dev
Oct 11, 2016 (LBO) – Sri Lanka’s Kotagala Plantations has disposed its entire stake in Lankem Developments through the Colombo Stock Exchange at current market prices. The company said in a stock exchange filing that they sold their an equity stake of 10.04 percent in Lankem Developments represented by 6,026,500 shares. Lankem Developments today closed […]
‘s Fitch ratings summary as of October
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‘s Elephant House pours soft drinks into Europe
Oct 07, 2016 (LBO) – Sri Lanka’s iconic Elephant House has signed up with a UK-based bottling facility for the production of 1.5 litre PET plastic variants of its much-loved Necto, Cream Soda and Orange Barley beverages. With a view to increase exports into the European market, this bottling deal immediately targets expansion into key […]
Sri Lanka’s Seylan Bank to raise Rs5bn from listed debenture
Oct 06, 2016 (LBO) – Sri Lanka’s Seylan Bank is to raise 5.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated senior unsecured redeemable debentures worth 50 million rupees at 100 rupees each with an option to issue up to a […]
New board appointments at Softlogic
(PRESS RELEASE) – Softlogic Holdings PLC recently announced the appointment of Prof. Ajantha Dharmasiri and Mr. Aaron Russell-Davison as Non-Executive Independent Directors with effect from 1st July and 5th October 2016 respectively. Prof. Dharmasiri is Chairman and Director of the Board of Management of the Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura. He […]
Sri Lanka’s John Keells Holdings gets Dialog’s Hans on board
Oct 04, 2016 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings said Dialog Group Chief Executive Hans Wijayasuriya has been appointed to their board with effect from today. The company said Wijayasuriya who has been appointed as an independent non-executive director, does not have a relevant interest in the shares of the company as […]
Sri Lanka plans to levy heavy penalties for tax defaulters in 2017
Oct 04, 2016 (Reuters) – The Sri Lankan government plans to impose heavy penalties for tax defaulters and expand tax offices across the country as it aims to increase the tax base by bringing to heel thousands of tax dodgers, Finance Minister Ravi Karunanayake said on Monday. The moves are expected to boost the island nation’s […]
Sri Lanka’s Central Bank allows foreign investors full control: CIFL
Sep 29, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says the Monetary Board has assured that investors would get 100 percent control once the proposed investment materializes. Clarifying a newspaper report, CIFL said that such intervention would be subject to other circumstances of the mechanism of proposed investment. The investors have […]
Sri Lanka’s Fitch places Distilleries on rating watch negative
Sept 28, 2016 (LBO) – Sri Lanka’s Fitch Ratings has placed Distilleries Company’s national long-term rating of ‘AAA(lka)’ on rating watch negative following its restructuring of the group. Full text of the rating action is reproduced below. Fitch Places Distilleries Company of Sri Lanka on Rating Watch Negative Fitch Ratings has placed Distilleries Company of […]
Sri Lanka’s Citrus Leisure proposes to restructure group
Sep 27, 2016 (LBO) – Sri Lanka’s Citrus Leisure has proposed restructuring its group subject to the relevant regulatory approvals, the company said in a stock exchange filing. The board has decided to dispose company shares in Waskaduwa Beach Resort (CITW) in exchange for Hikkaduwa Beach Resort (CITH) shares. It will be carried out after […]
Sri Lanka’s Commercial Bank kicks off operations in Maldives
Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing. Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the […]