Category: Economy and Markets
Palm Oil industry rejects vilification of crop as “baseless and unscientific”
Oct 08, 2018 (LBO) – The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 per cent of the extent under traditional crops – tea, rubber and coconut, an industry body […]
‘s exports to South Asia Region: WB
Oct 08, 2018 (LBO) – If trade barriers are overcome, trade within South Asia can increase three-fold, from 23 billion US dollars to 67 billion US dollars, suggests a World Bank report. “Sri Lanka has the potential to more than double its exports to South Asia,” the new ‘A Glass Half Full: The Promise of […]
‘s stock/bond markets approach $ 500mn for 2018
October 8, 2018 (LBO) – Net foreign selling of Sri Lanka’s stocks and bonds is nearing US$500 million dollars for 2018. The outflows have been a significant factor in the devaluation of Sri Lanka’s currency and declining foreign reserves. Year to date in 2018, net foreign selling of Sri Lanka’s stocks and government securities stands […]
NDB seeks new investors to plug rights issue deficit, shareholder approval yet to be sought
October 6, 2018 (LBO) – Colombo Stock Exchange listed National Development Bank (NDB) has obtained board approval to sell shares unsubscribed for in their rights issue to new investors at the rights issue price of Rs105/share. Undersubscription of the rights issue is expected as the share price was trading slightly below the price of the […]
Sri Lanka targets USD2.5Bn FDI in 2018
Oct 05, 2018 (LBO) – Sri Lanka is targeting 2.5 billion US dollars worth of foreign direct investments (FDI) for 2018 from 1.63 billion US dollars in 2017, a senior official said. “Our target is 2.1 billion US dollars and we are trying to stretch it to 2.5 billion US dollars,” Mangala Yapa, member, Board of Directors, Board […]
President, NEC hold discussions on devaluation of rupee and economy
Oct 05, 2018 (LBO) – Special attention was drawn at a discussion regarding the promotion of Sri Lanka’s export sector and managing the devaluation of the rupee by the National Economic Council, headed by President Maithripala Sirisena. The NEC gathered under the patronage of President Maithripala Sirisena at the Presidential Secretariat, Wednesday with the participation […]
NDB trades below rights issue price of 105 on last day for subscription
October 4, 2018 (LBO) – Colombo Stock Exchange (CSE) listed National Development Bank (NDB) traded at Rs104 per share before noon on the last day for acceptance and payment of its rights issue. NDB is attempting to raise funds via a rights issue to bolster the capital of the bank. The bank is trying to […]
Sri Lanka tea prices marginally up in Sept 2018
Oct 04, 2018 (LBO) – Auction average for the month of September 2018 totalled Rs.537.77 compared to Rs.534.02 of August 2018 showing a marginal increase of Rs.03.75 month on month, a new report said. “However in comparison to September 2017 average of Rs.635.40 it shows a substantial decrease of Rs.97.63,” Forbes & Walker Tea Brokers said […]
M Power Capital raises Rs 1.5Bn in corporate debt
(PRESS RELEASE) – Sri Lanka’s M Power Capital Limited (MPC) initially focused on mergers and acquisitions, other corporate finance advisory mandates and middle market related private equity transactions.With the addition of a specialist debt team in 2018, MPC has now mobilised over 1.5 billion rupees for issuers of debt securities, other corporate debt instruments as well […]
Demand growth and urbanisation fuel Sri Lanka’s retail sector: OBG
Oct 03, 2018 (LBO) – Rising demand and an accelerating population shift to major urban centres is driving activity in Sri Lanka’s retail sector, however, recent pressures on domestic spending power could curb sales in the shorter term, Oxford Business Group said. Releasing their latest Sri Lanka economic update, Oxford Business Group said despite these short-term […]
” rating; outlook stable
Oct 03, 2018 (LBO) – Fitch Ratings has assigned Sri Lanka-based conglomerate Melstacorp a National Long-Term Rating of ‘AAA(lka)’ with a stable outlook. Fitch said Melstacorp’s rating reflects the group’s strong credit profile, underpinned by its entrenched market position in Sri Lanka’s alcoholic-beverage sector and the high entry barriers, which drive its strong operating cash flows […]
LOFC, CLC, Brac Lanka Finance propose to list debt & remove equity from CSE
Oct 03, 2018 (LBO) – Commercial Leasing & Finance, LOLC Finance, and Brac Lanka Finance have proposed to list its debt securities and remove all equity securities from the Colombo Stock Exchange. Director Boards of these companies have disclosed to their shareholders that this action is required to ensure that they are not in violation […]