Category: Companies
Cabinet approves to pay Golden Key depositors
June 18, 2015 (LBO) – Sri Lanka’s government has given approval for the repayment mechanism of the golden key depositors which was submitted by Prime Minister Ranil Wickramasinghe. It has been proposed to grant reliefs to depositors of nonbank inactive financial institutions by the supplementary budget 2015 and several meetings have been held with the […]
Govt to allow Port City project if environmental assessment clean
June 18, 2015 (LBO) – Sri Lanka’s controversial port city project will be given a nod if there are no issues with the environmental report, cabinet spokesman said today. “There had been an environmental report but the committee say it is not enough,” Rajitha Senarathne said. “After a new report, the committee will decide whether […]
Sri Lanka’s NDB debenture oversubscribed
June 17,2015 (LBO) – Sri Lanka’s National Development Bank’s debt issue was oversubscribed reciving 10 billion rupees during the early hours of the opening day as per the disclosures made to the CSE by the Registrars to the Debenture Issue, a statement said. The company issued 75,000,000 rated unsecured subordinate redeemable debentures with a par […]
Ravi K justifies Insurance corporation MD’s appointment
June 17, 2015 (LBO) – Sri Lanka Finance Minister Ravi Karunanayake, justifying the appointment of T.M.R. Bangsa Jayah brother-in-law of the Minister says that it’s better to appoint a go getter rather than an inefficient professional.Jayah was appointed as the Managing Director (MD) of Sri Lanka Insurance Corporation after the new administration took over on […]
Sri Lanka’s pepper to discover Chinese market
June 17, 2015 (LBO) – Sri Lanka’s pepper or the king of spices to enter into Chinese market, with a view to diversify markets-and to cash in on the emerging Far-East, Export Development Board said. “Compared to many other black peppers around the world, Lankan pepper has higher “piperine” content taken for dietary applications” Yousuf […]
Sri Lankan resort wear brand partners with Zalora – Asia’s largest online fashion store
June 17, 2015 (LBO) – Sri Lanka’s Rum Punch, an exclusive brand of resort wear is to be retailed on Zalora – Asia’s largest online fashion store, later this month. “We were very impressed by Rum Punch’s perspective on fashion,” said Joanne Teh Ai Ling – Swimwear Buyer at Zalora. “It’s chic, trend right, and […]
Sri Lanka’s FLC Hydro Power commissions its fourth power plant
June 15, 2015 (LBO) – Sri Lanka’s FLC Hydro Power which has interests in building, owning, operating and maintaining hydro power generation facilities in the island has commissioned its 800Kw plant on 11 June 2015.Newly built mini hydro power plant is owned by Thebuwana mini hydro private limited which is a wholly-owned subsidiary of FLC […]
Singer Finance to enter the Credit Card business
June 15, 2015 (LBO) – Sri Lanka’s Singer Finance said it plans to launch a credit card in the latter half of this year targeting rural consumers, the company told shareholders in its annual report of 2014/2015. The company said that it has applied to the Central Bank of Sri Lanka for a license to […]
Aitken Spence to build two resorts in Maldivian Islands, bullish about tourist potential
June 15, 2015 (LBO) – Sri Lanka’s Aitken Spence group said it plans to start construction of two new resorts in Maldives which will add 360 room to its portfolio and boost capacity in Maldives by 57 percent. The group acquired two islands, Aarah Island in Raa Atoll in 2014 and Raa Fushi in Noonu […]
US to test Nestlé’s Maggi after product pulled from Indian shelves
June 13, 2015 (LBO) – United States Food and Drug Administration to test Maggi noodles, which was pulled out from Indian shelves, last week foreign media reported.The Nestle India faced a troublesome period after Indian authorities claimed to have established that Maggi noodles contains excessive levels of lead in MAGGI noodles.Nestle India exports Maggi noodles […]
Sri Lanka’s Global Glass to set up Double and Triple Glazed Units, Plans for regional exports
June 12, 2015 (LBO) – Sri Lanka’s Globe Mirror Industries, a glass merchant and a processor, rebranded as Globe Glass, said that it plans to set up a Double and Triple Glazed Units, to expand its product portfolio while expanding exports to region.“We have planned to set up our own double and triple glazed units […]
EAP Broadcasting to get new rating for debt issue
June 11, 2015 (LBO) – Sri Lanka’s EAP Broadcasting Company Limited said that it has taken all the steps necessary to obtain another rating for its proposed debenture issue which was to be held today.Sri Lanka’s securities watch dog issued a directive to EAP Broadcasting Monday to hold its debt issue citing a conflict of […]