Category: Companies
‘s Hemas Holdings March net down 17.6-pct
June 11, 2015 (LBO) – Sri Lanka’s Hemas Holdings which has interests in consumer goods, power and leisure has posted a profit of 771 million rupees in the March 2015 quarter, down 17.6 percent from a year earlier, interim accounts showed. The group reported earnings of 1.50 rupees per share for the March quarter against […]
Sri Lanka’s Seylan Bank launches new breed of credit cards
June 10, 2015 (LBO) – Sri Lanka’s Seylan Bank launched a new line of credit cards eliminating all fees and slashing down the interest rate, the bank said.“We found that while consumers appreciate the security and convenience offered by credit cards, they are increasingly weary of the plethora of fees charged,” Kapila Ariyaratne, Director and […]
Sri Lanka’s E B Creasy and Lankem reassess direct and indirect investments
Jun 10, 2015 (LBO) – Sri Lanka’s E B Creasy and Lankem says they have assessed their direct and indirect investments and categorized some of them as associates.According to the Sri Lanka financial reporting standard 10, these two companies have determined that it does not control the below mentioned indirect investments and they should not […]
SEC issues directive to hold debt issue of EAP Broadcasting
June 10, 2015 (LBO) – Sri Lanka’s securities watch dog issued a directive to EAP Broadcasting to hold its debt issue citing a conflict of interest arising in the credit rating of the company’s debenture.The decision was taken at a meeting of the Securities and Exchange Commission of Sri Lanka held Monday (09),2015 which deliberated […]
Nestle India to pull out Maggi Noodles off the shelves
June 5, 2015 (LBO) – Nestle India said that it will pull out all the Maggi noodle products from Indian shelves.Releasing a statement Nestle India said, “MAGGI Noodles are completely safe and have been trusted in India for over 30 years,” “The trust of our consumers and the safety of our products is our first […]
‘s Litro has no plans to increase gas prices; Says no shortage
Jun 05, 2015 (LBO) – Sri Lanka’s Litro Gas Lanka, the largest importer and supplier of Liquid Petroleum Gas (LPG) in the Island, says that there will be no immediate price revision by the company and there is no gas shortage in Sri Lanka. “There are no plans to increase the price of gas in […]
Lanka Rating Agency Restrained By SEC from providing new ratings
June 4, 2015 (LBO) -The Securities & Exchange Commission of Sri Lanka (SEC) has taken steps to restrain Lanka Rating Agency Ltd from providing new ratings with effect from 25th March 2015 until the company complies with regulatory requirements imposed by the Commission, the security watch dog said in a statement today. “The Commission took […]
‘s Nawaloka Hospital Enters Elder Care Service Business
EJune 4, 2015 (LBO) – Sri Lanka’s Nawaloka Medical Centre (Pvt) Ltd, a subsidiary of Nawaloka Hospital signed a memorandum of understanding with Harmony and Fusion International Pvt Ltd to put up elder care service business.The joint venture will carry out the service under Nawaloka Guardina International (Pvt) Ltd, in which Nawaloka Medical Centre (Pvt) […]
‘s Rs5bn Debt Issue Oversubscribed
June 4, 2015 (LBO) – Sri Lanka’s DFCC Vardhana Bank said, that it issued five billion subordinated and senior unsecured listed redeemable rated 5-year listed debt in order to raise 5 billion rupee funds to utilize for on-going lending activities of the bank.The “Type A”, senior, unsecured, listed, redeemable, rated five year (2015/2020) debentures was […]
Sri Lanka Chemcel operations to cease
Jun 04, 2015 (LBO) – Archer Daniels Midland, a multinational said that its closing the Sri Lankan unit of chemicals manufacturing, Chemcel (Pvt) limited, in which Chemanex PLC also has a stake. “Archer Daniels Midland Europe BV, the main shareholder of Chemcel, has informed us that Chemcel will cease operations based on a number of […]
Sri Lanka Nestle Unit Assures MAGGI Meets Food Laws; India Keeps Testing
Jun 03, 2015 (LBO) – Nestle Lanka Plc, a unit of a Swiss-based food group said, that the company’s product “Maggi Noodles” which is manufactured locally, meets all the food laws in the Indian Ocean Island. “The quality and safety of our products is the top priority for the company,” Nestle Lanka said.“MAGGI Noodles is […]
Ceylon Cold Stores Says Health Concerns May Impact Carbonated Soft Drink Market
June 3, 2015 (LBO) – Sri Lanka’s Ceylon Cold Stores says that the growth potential for carbonated soft drinks may be limited due to growing health concerns of consumers, even though there has been an increase in disposable income.“I am confident that the increase in disposable income witnessed in the last quarter will act as […]