Category: Companies
Overseas Realty to raise Rs7.3bn in rights issue for Havelock City
Sept 26, 2016 (LBO) – Sri Lanka’s Overseas Realty is to raise 7.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. The company is to issue 355 million new ordinary shares at 20.50 rupees each in the ratio of two new shares for every five shares held. […]
Sri Lanka’s CIFL awaits response from German investor for bailout
Sept 23, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says they are awaiting a response from a prospective German investor indicating their future plan of action to revive CIFL. In a stock exchange filing, the company said they submitted all clarifications to the investor delegation who visited the island recently. A […]
Textured Jersey changes its name to Teejay Lanka
Sept 21, 2016 (LBO) – Sri Lanka’s Textured Jersey, a leading knitted fabric company, has officially changed its name to Teejay Lanka with effect from 15th September 2016. The company said in a stock exchange filing that the name change had the shareholder approval through a special resolution at the Annual General Meeting.
Interview: Sri Lanka stock earnings +6 pct in June quarter, valuations improve
Sept 20, 2016 (LBO) – Sri Lankan listed companies posted earnings of 49.9 billion rupees in the quarter to June, up six percent from the same quarter last year, according to Acuity Stockbrokers. Together with a depressed market, this means valuations have improved. Lanka Business Online spoke to Chethana Ellepola, head of research at Acuity […]
Axiata Group looks to trim stakes in overseas operations
Sept 14, 2016 (LBO) – Axiata Group Bhd., Malaysia’s biggest mobile-phone operator, is seeking to trim stakes in some of its overseas operations, a report said. The Kuala Lumpur-based company is seeking a buyer for about 11 percent of Indonesian unit PT XL Axiata, which has a market value of 2.2 billion, dollars according to […]
Sri Lanka’s cabinet approves VAT increase: State Finance Minister
Sept 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the VAT increase in principle as required by the Supreme Court judgment, State Finance Minister Lakshman Yapa Abeywardena said. The Supreme Court issued an interim order in July preventing the government from implementing the 4 percent VAT increase until the consent of the cabinet and […]
Kotagala Plantations to subdivide shares after Rs800mn rights issue
Sept 13, 2016 (LBO) – Sri Lanka’s Kotagala Plantations is to raise 800 million rupees by way of a rights issue, subjected to exchange approval, the company said in a stock exchange filing. The company is to issue and list 80 million new ordinary shares at 10 rupees each in the ratio of two new […]
Sri Lankan exporters showcase at 13th China Asean Expo
Sep 13, 2016 (LBO) – Twenty five Sri Lankan exporters have represented the island at the 13 CAEXPO (China-ASEAN Expo) in Guangxi, China, as a special guest country. “We believe that Sri Lanka can showcase its products to China in a big way at 13th CAEXPO-more importantly it is an opening to ASEAN importers,” Rishad […]
Maldives calls Sri Lanka to bid for housing, hospitals and power projects
Sep 08, 2016 (LBO) – The Maldivian High Commissioner in Sri Lanka Zahiya Zareer has invited Sri Lankan firms to invest in development projects in Maldives. “We are opening big projects for international bidding, such as airport development, housing, hospitals and renewable power projects’,” she said. “Even now there are big Sri Lankan Companies operating […]
‘s CCC and Police to discuss law enforcement matters
Sept 08, 2016 (LBO) – The Ceylon Chamber of Commerce, the National Police Commission and the Sri Lanka Police says they will will hold a seminar with the participation of the corporate sector representatives to discuss ‘law enforcement matters’ in the country. The seminar will focus on how to collaborate between the police and the […]
Govt approves controlling use and import of asbestos from 2018
Sep 08, 2016 (LBO) – Sri Lanka’s cabinet has approved controlling the use and import of asbestos from January 2018 by adopting more beneficial substitutes and to prepare a operational programme to prohibit asbestos related production by 2024. “Since 1987 importation of blue asbestos (Crocidolite) has been prohibited as it was identified as a carcinogen […]
Sri Lanka CDS signs MoU with Pakistani counterpart
Sep 07, 2016 (LBO) – Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), has signed a memorandum of understanding to strengthen cooperation on mutual development and knowledge sharing with the Central Depository Company of Pakistan. “The MoU indicates the continued commitment of the CDS to enhance cooperation within depositories […]