Category: Companies
Janashakthi Insurance completes amalgamation with AIA general
Jan 31, 2016 (LBO) Sri Lanka’s Janashakthi Insurance said it has now successfully completed the amalgamation process of Janashakthi General Insurance and AIA General Insurance Lanka. The company acquired the latter for a sum of 3.2 billion rupees in October 2015. “The acquisition of AIA General Insurance Lanka Limited marked a significant step in our […]
John Keells Holdings 9-month net up 6-pct, 3Q net down
Jan 29, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings said group net profit grew six percent in the nine months to December despite a weaker performance in transportation, leisure, information technology and plantation sectors in the third quarter. Net profit grew six percent to 10.6 billion rupees in the nine months to December, […]
Orient Finance IPO raises Rs987 mln on opening day
Jan 26, 2016 (LBO) – Orient Finance PLC’s initial public offering had received applications for shares worth 986.9 million rupees on Monday, the company said in a statement to the Colombo Stock Exchange. The company is offering 71.5 million voting shares at 15 rupees a share to raise 1,072.5 million rupees. The IPO received 262 […]
Laugfs launches virtual shopping site in Sri Lanka
Jan 25, 2016 (LBO) – Sri Lanka’s Lfinity Pvt Limited, a subsidiary of Laughfs Holdings, announced the launch of a virtual hyper mall, ‘clickNshop.lk’, a statement said. This is the latest e-commerce site for Sri Lankan shoppers and offers a selection of over 2,000 products and services for everyday needs and guaranteed 2-3 day island-wide […]
Sri Lanka Telco outlook improves with new budget: Fitch
Jan 18, 2016 (LBO) – Fitch Ratings has revised the outlook on Sri Lanka’s telco sector to stable from negative as the new budget, introduced in December 2015, has scrapped the recurring taxes which could have diluted the industry’s EBITDA margin by an average of 6 – 7 percent. “We believe that Sri Lanka Telecom’s and […]
CCP by first quarter 2017: CSE Chairman
Jan 14, 2016 (LBO) – Sri Lanka’s Colombo Stock Exchange aims to establish the Central Counter Party (CCP) system, a new risk management system, by early 2017, a senior official said. “We have to properly draft the laws. This is a difficult task but we are doing that with the help of some consultants,” Vajira […]
Finance Ministry delays budget proposals on VAT & NBT
Jan 13, 2016 (LBO) – Sri Lanka’s Finance Ministry has suspended implementing the budget proposals on VAT and NBT until the relevant legislative enactments are passed by Parliament. However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016, the […]
Sri Lanka’s Orient Finance to raise Rs1bn through IPO
Jan 06, 2016 (LBO) – Sri Lanka’s finance sector player Orient Finance is to raise one billion rupees by way of an Initial Public Offering. The company will offer 71.5 million ordinary shares at 15 rupees each, the company said in a stock exchange filing. The finance company formerly known as Bartleet Finance has obtained […]
Sri Lanka Finlay’s get regulator nod for delisting
Dec 22, 2015 (LBO) – Finlay’s Sri Lanka unit, a blender and packager of tea exports has received the approval of the Securities and Exchange Commission to delist its ordinary shares from the Colombo Stock Exchange, a statement said.. “The offer documents on the exit offer to be made by James Finlay Ltd. of London […]
People’s Insurance IPO oversubscribed
Dec 16, 2015 (LBO) – An initial public offering of 50 million ordinary shares by People’s Insurance Limited, a subsidiary of People’s Leasing and Finance, to raise 750 million rupees was oversubscribed within hours on the opening day, a statement said.SSP Corporate Services, registrars to the issue, said in a stock exchange filing that the […]
‘s proposed debenture issue A-(lka)(EXP)
Dec 16, 2015 (LBO) – Fitch Ratings has assigned Singer Sri Lanka’s proposed unsecured senior debenture issue of up to 3 billion rupees, a National Long-Term Rating of ‘A-(lka)(EXP)’. The full rating statement is reproduced below. Fitch Ratings has assigned Singer Sri Lanka PLC’s (Singer; A-(lka)/Stable) proposed unsecured senior debenture issue of up to LKR3bn […]
Sri Lanka alcoholic beverage demand sustainable despite higher prices: Fitch
Dec 09, 2015 (LBO) – Sri Lanka’s alcoholic beverages makers in will be able to pass on back-to-back increases in excise duties to consumers without worrying about them shifting to the more affordable illicit market, Fitch Ratings says in a new report..Full release follows: Fitch Ratings-Colombo-08 December 2015: Makers of alcoholic beverages in Sri Lanka […]