Category: Companies
Sri Lanka Kalpitiya Beach Resort says new plan on track
Sep 02, 2015 (LBO) – Sri Lanka’s troubled Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC which blamed the former government for not developing Kalpitiya to build their hotel from the money they raised through an Initial public offering says the new plan for the construction of a Ayurveda spa resort is on track. […]
Coca Cola Sri Lanka resumes operations, will pay compensation: CEA
Sept 01, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit has been reinstated after the company addresed the oil seepage into the Kelani river, and agreed to pay compensation for the damage, the Central Environmental Authority said.“Coca cola has agreed to pay costs associated with the environmental damage, impact on […]
Nestle Lanka continues Rs 10bn investment plan; to comply with listing rule
Sep 01, 2015 (LBO) – Nestlé Lanka, a unit of the Swiss-based food group, said they would continue to invest in infrastructure, brands and people as part of a 5-8 year plan to invest 10 billion rupees in the island.“We’ve so far invested about four billion rupees and this is ongoing and there is no […]
ICRA Lanka assigns BBB- rating for Sanasa Development Bank
Sep 01, 2015 (LBO) – ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd, a group company of Moody’s Investors Service has assigned the Issuer rating of BBB- with a Positive outlook to Sanasa Development Bank. The full text of the rating release is reproduced below. ICRA Lanka assigns [SL]BBB- rating with Positive outlook […]
Colombo City Center on track, 54 pct apartments booked: Abans
Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed. The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]
‘ Chief
Aug 31, 2015 (LBO) – The assembly plant investment by the German automaker Volkswagen in Sri Lanka needs to be transparent and all other motor companies who wish to invest should get the same facilities, an official of the Ceylon Motor Traders’ Association said. “I think they have to be very transparent in the Volkswagen […]
DFCC Vardhana Bank shareholders approve amalgamation with DFCC
Aug 28, 2015 (LBO) – Shareholders of DFCC Vardhana Bank and DFCC Bank have approved the proposed amalgamation of DFCC Bank with DFCC Vardhana Bank at an extraordinary general meeting held today.The amalgamation will be effective on 01 October 2015 and a payment of 52 rupees for every one ordinary voting share held in Vardhana Bank to […]
Sri Lanka’s Heladiv to go after Chinese and Indian markets
Aug 28, 2015 (LBO) – Sri Lanka’s HVA foods, which exports ready to drink tea under its “Heladiv” brand, says the company plans to expand more in to Chinese and Indian markets with ready to drink teas to gain a strong foothold. “Whilst our Chinese operations have progressed to 55 tea cafes and outlets, further […]
Ceylon Printers to raise Rs30mn through rights issue
Aug 28, 2015 (LBO) – Sri Lanka’s stationery merchants and printing firm, Ceylon Printers, is to raise 30 million rupees by way of a rights issue, the company said in a stock exchange filing.Subject to the necessary approvals, the company is to issue 25 thousand shares at 1,200 rupees each in the ratio of 5 […]
Ceylon Asset Management replies to Fitch on income fund rating
Aug 27, August (LBO) – Ceylon Asset Management, commenting on the Fitch Rating press release which maintained the A (lka) credit quality rating of the Ceylon Income Fund on rating watch negative (RWN), says the LRA suspension by the SEC and the absence of an alternative process is outside the control of the fund. “The […]
US markets rally, appears to shake off China worries
Aug 27, 2015 (LBO) – US markets rallied on Wednesday appearing to shake off fears about China, but all eyes will be once again on the Shanghai Composite Index on Thursday. The S&P 500 recovered 3.9 percent and NASDAQ surged 4.2 percent after the Chinese market closed down 1.3 percent on Wednesday. Europe, however, bucked […]