Category: Companies
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 […]
Kalpitiya Beach Resort To Build Ayurvedic Spa; Seeks Shareholder Approval
June 3, 2015 (LBO) – Sri Lanka’s troubled Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC, has said, that it plans to commence work on a sixty room Ayurveda and Spa resort in the same land in Kalpitiya as a first stage of development.“The company is confident that it has the necessary resources to […]
Nestle India rejects reports of excess lead in MAGGI noodles
June 02, 2015 (LBO) –After Indian authorities claimed to have established that Maggi noodles contains excessive levels of lead in MAGGI noodles, Nestle India said their extensive testing has revealed that no excess lead in tested noodles.“We have submitted samples of MAGGI Noodles from almost 600 product batches to an external laboratory for independent analysis […]
”’; outlook stable
May 29, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Singer (Sri Lanka) national long term rating at ‘A-(lka) with a stable outlook. Singer’s rating reflects its strong share in the market for retail of consumer durables in Sri Lanka, where Singer and Abans Limited (BBB+(lka)/Negative) dominate with similar revenue shares, releasing a statment […]
Sri Lanka’s Ceylon Cold Stores March quarter net down 7-pct
May 27, 2015 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, fell 6.75 percent to 601.2 million rupees in the March 2015 quarter from a year earlier with the tax expense doubled, interim accounts showed.The firm reported earnings of 6.33 rupees per share for the quarter […]
” final national long term rating: Fitch
May 27, 2015 (LBO) – Sri Lanka’s Fitch Ratings has assigned Singer Finance (Lanka) senior secured debt a final national long-term rating of ‘BBB(lka)’, the rating agency said in a statement. The final rating is at the same level as the expected rating assigned on 18 February 2015, Fitch said.On 21 May 2015, Singer Finance […]
‘s John Keells Holdings March quarter profits up 11-pct
May 26, 2015 (LBO) – Profits at Sri Lanka’s John Keells Holdings, up 11.55 percent from a year earlier to 5.2 billion rupees in the March 2015 quarter, interim results showed.The group reported earnings of 5.13 rupees per share. In the year to March it reported earnings of 14.15 rupees per share. Group revenues rose […]
‘s Sunshine Holdings eyes renewable energy projects
May 26, 2015 (LBO) – Sri Lanka’s Sunshine Holdings said it is considering diversify and expand the renewable energy sector, if the government is willing to disclose plans for the sector, Group Managing Director said, Tuesday. “We are looking at opportunities in solar and wind power,” Vish Govindasamy, Group Managing Director of Sunshine Holdings Plc […]
‘s Orient Finance announces amalgamation and payment plan for shareholders
May 26, 2015 (LBO) – Sri Lanka’s Orient Finance, a company to be amalgamated with Bartleet Finance, announced its payment plan for shareholders on Tuesday, the company said in a stock exchange filing. As per the announcement, every one ordinary voting share held at Orient Finance as at the date of amalgamation, 14.97 rupees will […]
‘s United Motors property revaluation surplus crosses Rs. 1.73 bn
May 26, 2015 (LBO) – Sri Lanka’s United Motors, one of the oldest automobile companies in the island has transferred a revaluation surplus of 1.73 billion rupees to the revaluation reserve account, the company said in a stock exchange filing.The company has recently carried out a revaluation for lands owned and occupied by them as […]