Category: Companies
Sri Lanka’s Nawaloka Holdings enters the FMCG sector
Nov 30,2015 (LBO) – Nawaloka Holdings, a diversified conglomerate in Sri Lanka, entered the FMCG sector through its recent acquisition of East West Marketing (EWM), the company said in a statement. “Nawaloka has always been associated with quality. We have proven this over and over again in the past 70 years. And with the recent […]
Mobitel considers strategic acquisition of local operator
Nov 28, 2015 (LBO) – Mobitel, a fully-owned unit of listed Sri Lanka Telecom, said it is considering a strategic acquisition of a local operator and denies reports that the company intends to pay over and above the value of the target entity. “Mobitel denies the assumptions and opinions made on the subject that Mobitel is […]
Colombo Stock Exchange moving ahead with CCP
Nov 26, 2015 (LBO) – The Colombo Stock Exchange is moving ahead with setting up the Central Counter Party institution for secondary market transactions, the bourse said on Thursday. This system will allow delivery upon settlement and establishing a derivatives market including short selling which will raise the Colombo bourse to international standards, Rajeeva Bandaranaike, […]
Sri Lanka stocks close up 0.5-pct: Budget gains
Nov 23, 2015 (LBO) – Sri Lankan stocks closed up at 0.55 percent on Friday with John Keells Holdings and other index heavy stocks showing gains following last Friday’s budget, brokers said. The Colombo benchmark All Share Price Index closed up 38.40 points at 7,055.84 up 0.55 percent. S&P SL20 closed 8.61 points higher at […]
Sri Lanka to sell Lanka Hospitals, Colombo Hilton, Hyatt, Waters Edge and Mobitel on CSE
Nov 23, 2015 (LBO) – Sri Lanka’s government plans to sell some of state-owned non strategic investments on the Colombo Stock exchange to raise money to reduce debt, Finance Minister Ravi Karunanayake said delivering the 2016 budget in parliament. “The government is keen to streamline its portfolio of investments and will therefore exit partially or […]
Sri Lanka’s CSE approves Rs.750mn Peoples Insurance IPO
Nov 23 (LBO) – Sri Lanka’s People’s Insurance, a fully owned subsidiary of People’s Leasing and Finance will be listed on the Colombo Stock Exchange through issuing offer 50 million shares, a statement said. “Through the Initial Public Offering, People’s Insurance will offer 50 million shares at 15 rupees each with the total value being […]
Banks to cease leasing from June, charges on cash withdrawal: Budget 2016
Nov 20, 2015 (LBO) – Sri Lanka’s banks have been asked to cease leasing activities from 01st of June next year while pawning should be limited to five percent of total loan portfolio, Finance Minister Ravi Karunanayake said in Parliament. “Honourable Speaker, I propose that licensed banks should concentrate on their core banking activities,” Karunanayake […]
Sri Lanka to set standards for red clay roofing tiles upon asbestos ban
Nov 19 (LBO) – Sri Lanka is in the process of setting quality standards for red clay roofing tiles while increasing productivity to reduce cost of production upon the ban of asbestos roofing by 2018, an official said. “We have developed standards to cover red clay roofing tiles industry. We presented the draft standards to […]
Laugfs eyes Asian market with USD80mn LPG terminal, 10 ships
Nov 18, 2015 (LBO) – Sri Lanka’s Laugfs group plans to expand into Asian waters more aggressively with the launching of its planned LPG terminal to be built at Hambantota port, the group chairman said. “We are now aggressively working to become a leading LPG player in other Asian markets, and with this significant investment […]
Norway’s Wealth Fund buys a stake in Tokyo Cement
Nov 16, 2015 (LBO) – Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, has bought a stake in Tokyo Cement of Sri Lanka, the company’s interim filed in Colombo Stock Exchange shows. Norges Bank has bought 2,078,857 voting shares of Tokyo Cement, amounting to a 0.93 percent stake, and 6,269,466 non-voting shares […]
Ceylon Hotels Corp to construct a 50-room hotel in Maldives for USD27.7mn
Nov 16, 2015 (LBO) – Sri Lanka’s Ceylon Hotel Corporation said that it plans to construct a 50-room hotel in Maldives with an investment of 27.7 million US dollars. The company said that it has approved an acquisition of the entire shareholding of Ceylon Hotel Maldives (Pvt )Ltd (CHML) for a sum of 700,020 rupees […]
Analysis: Asian, Sri Lankan equities attractive on GARY valuation, says CLSA
Nov 14, 2015 (LBO) – Some equities offer dividend returns as well as earnings growth. Called Gary stocks, these are an attractive value proposition in an Asian context, Desh Peramunetilleke, the head of microstrategy for Asian brokerage and investment firm CLSA, said. “The growth at a reasonable yield, Gary strategy, has delivered strong returns globally,” […]