Category: Companies
Ravi K warns companies not paying bonuses due to Super Gains Tax
Oct 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Tuesday that the government is in search for big companies that are not paying bonus payments to employees. “I was disappointed with some of the companies that pretended to be paying Super Gains Tax and stop certain payments,” he said.“There is no […]
Germany’s Bosch commences operations in Sri Lanka, eyes construction boom
Oct 20, 2015 (LBO) – Bosch, a leading German supplier of technology and services, commenced operations in Sri Lanka to meet the increasing demand seen in the infrastructure sector, a senior official said. “The inauguration of our new office marks an important milestone for our business expansion in the South Asian region,” Steffen Berns, managing […]
Janashakthi rights issue approved for AIA General acquisition
Oct 16, 2015 (LBO) – Sri Lanka’s Janashakthi Insurance received the formal go ahead from its shareholders to raise over 3.357 billion rupees by way of a rights issue of over 181.5 million rupees new ordinary shares at its Extraordinary General Meeting (EGM) held on Friday to fund acquisition of AIA insurance, the company said in a statement. Under this rights issue, Janashakthi will be issuing […]
MasterCard, NDB to offer purchase control solutions to minimize fraud
Oct 14, 2015 (LBO) – Sri Lanka’s National Development Bank and MasterCard said that they will bring the MasterCard Purchase Control solution to Sri Lanka, which combines an integrated pre-approval process with secure virtual account numbers to deliver enhanced global controls and increased transaction security thereby reducing their exposure to fraud and employee misuse. “As Sri Lankan enterprises […]
Candor to list 5-year unit trust on CSE, makes public offer
Oct 13, 2015 (LBO) – Candor Opportunities Fund, managed by Candor Asset Management, has been approved to list on the Colombo Stock Exchange with a public offering of 75 million units at 10 rupees per unit, the fund manager said. The issue will offer 50 million units at 10 rupees per unit, with an option […]
Sri Lanka to revive Sathosa with help from Singapore
Oct 09, 2015 (LBO) – Sri Lanka’s state owned retail chain Lanka Sathosa aims to get support to revive from Singapore as the retail chain is making continues losses, ministry of industry and commerce said in a release. Lanka Sathosa owned more than 310 outlets around the island. “We are restructuring LAKSATHOSA and are still […]
‘s John Keells (JKL) gets new CEO
Oct 07, 2015 (LBO) – Hishantha G R De Mel has been appointed Acting Chief Executive of John Keells PLC, a subsidiary of John Keells Holdings, from 01 October 2015, the Colombo Stock Exchange said in a statement. Former CEO Sudath Chaminda Munasinghe resigned with effect from October 1 2015. De Mel joined the Company in […]
Sri Lanka’s LAUGFS acquires USD6mn LPG ship
Oct 05, 2015 (LBO) – Sri Lanka’s LAUGFS Maritime Services, a logistic arm of LAUGFS Gas PLC, said it acquired their second LPG ship to provide logistic support for the growing LPG demand in the country. This second acquisition was made with a total expected investment of USD 6 million, is named as MT ”Gas […]
Sri Lanka’s proposed finance bill discourages private sector investment: CCC
Oct 05, 2015 (LBO) – Sri Lanka’s Finance Bill of March 2015 sends negative signal to the private sector and discourages investment, the Ceylon Chamber of Commerce (CCC) said in a statement, Sunday. “ The CCC believes that the Finance Bill of March 2015, presented to Parliament recently sends a negative signal to the private […]
Sri Lanka’s Renuka Foods to acquire Shaw Wallace Ceylon through a share swap
Oct 02, 2015 (LBO) – Sri Lanka’s Renuka Foods is to acquire Shaw Wallace Ceylon limited through a share swap agreement to save cost and improve operational efficiencies, the company said in a stock exchange filing. A share swap is a tactic use during an acquisition of a company, paying shares rather than with cash. […]
Fitch affirms Sri Lanka Insurance Corporation at IFS BB- rating
Sep 30, 2015 (LBO) – Fitch Ratings has affirmed Sri Lanka Insurance Corporation Limited’s Insurer Financial Strength rating (IFS) at ‘BB-‘ with a Stable Outlook. The agency has also affirmed the National Insurer Financial Strength Rating and National Long-Term Rating at ‘AA(lka)’ with Stable Outlook. KEY RATING DRIVERS SLIC’s ratings reflect its well-established franchise and […]
Textured Jersey to offer share options to employees
Sept 30, 2015 (LBO) – Sri Lanka’s Textured Jersey Lanka says it will implement an employee share option scheme (ESOS) for directors and selected executives in management positions, in a stock exchange filing. The total number of shares to be issued, if all of the share options are exercised in full, amounts to 27 million […]