Category: Companies
‘s Distilleries approves Melstacorp as holding company of group
Sep 07, 2016 (LBO) – Shareholders of the Distilleries Company (DCSL) at an Extraordinary General Meeting approved the special resolution to make Melstacorp Ltd the holding company of the group yesterday. The resolution was approved with 99.9987 percent voting for and 0.0013 percent voting against. The EGM was convened on the orders of the Commercial […]
Mobitel to make Rs732 mln voluntary offer for E-Channelling
Sept 06, 2016 (LBO) – Mobile telecommunications company Mobitel (Private) Limited says it will make a voluntary offer to shareholders of E-Channelling PLC for a total consideration of 732 million rupees, at six rupees per share. Mobitel had entered into a share sale and purchase agreement on September 5th with Senior Marketing System Asia Pte. […]
Softlogic Capital reports Rs1.1 bln profit for year to March
Sept 02, 2016 (LBO) – Softlogic Capital PLC, the financial services holding company of the Softlogic Group, said it crossed the billion rupee profit mark and reported profit after tax of 1.1 billion rupees for the financial year ended March 2016. The result was a substantial increase of 45 percent compared with the previous year’s […]
IFC ready to finance Sri Lankan private sector projects
Sep 01, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, is ready to finance Sri Lanka’s private sector projects by providing mid to long term loans through a multiple of financing methods, an official said. “The loan component for potential partners would start from around 3 million US dollars […]
Ceylinco Life’s 6-month income up 14-pct to Rs 11 billion
(PRESS RELEASE) – Ceylinco Life has reported that total income grew 14 per cent to Rs 11.028 billion in the six months ending 30th June 2016, with robust growth in both gross written premium and income from investments enabling the life insurance leader to consolidate its position at the helm of the sector. Gross premium […]
Sri Lanka’s Volkswagen project temporarily halted: Minister
Aug 29, 2016 (LBO) – The proposed project to set up a Volkswagen car plant in Sri Lanka has temporarily been halted, Deputy Minister of Public Enterprise Development Eran Wickramaratne said. “Due to the international issues they had to face, they have decided not to invest in this project in Sri Lanka for now,” Wickramaratne […]
Sri Lanka’s tea industry opposes state interference to use levy
Aug 29, 2016 (LBO) – Sri Lanka’s tea industry players have opposed the Finance Ministry’s move to appropriate the funds accumulated by Tea Board, collected from the industry, for global tea promotion. Releasing a statement, six associations in the tea industry appealed to the Government to reconsider what they called an ‘unfair’ action in deference to […]
JKH reduces Keells Food Products stake for minimum float
Aug 26, 2016 (LBO) – Diversified John Keells Holdings says subsidiaries of the company have sold around 2 percent of shares in Keells Food Products to meet the SEC’s minimum public float rule. 413,408 shares were disposed at 160 rupees per share at August 25th amounting to 2 percent of the company’s ultimate shareholding in […]
Sri Lanka to regulate lubricants, bitumen through PUCSL
Aug 24, 2016 (LBO) –Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the lubricant industry and bitumen trade so as to increase competition in the industry in line with the 2016 budget proposals. At present 13 companies including Ceylon Petroleum Corporation and Lanka Indian Oil Company are engaged […]
DCSL to suspend share transactions from Oct until public float restores
Aug 23, 2016 (LBO) – Sri Lanka’s Distilleries Company in a stock exchange filing says the trading in shares will be suspended starting from October until the public float in DCSL is restored. Directors of DCSL recently decided to make Melstacorp limited the ultimate holding company of the group and to obtain a listing from […]
Browns Beach Hotels to raise Rs1.4bn through rights issue
Aug 23, 2016 (LBO) – Sri Lanka’s Browns Beach Hotels is to raise 1.4 billion rupees by way of a rights issue subject to necessary approvals, the company said in a stock exchange filing. The company is to issue 54 million new ordinary shares at 25.85 rupees each in the ratio of 5 new shares […]
VirtusaPolaris Receives Stevie Award for Investor Relations and Technical Innovation
(PRESS RELEASE) – WESTBOROUGH, Mass.,– VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd., and a leading worldwide provider of information technology (IT) consulting and outsourcing services, announcedthat it has been awarded two Stevie Award recognitions; a Gold award for Investor Relations and a Silver award for Most Innovative Technology Company […]