Category: Economy and Markets
CEB and PUCSL call truce : Entities developing common platform to approve generation plan
Sept 10, 2018 (LBO) – Ceylon Electricity Board (CEB), the state utility who provide electricity for Sri Lanka and its regulator the Public Utilities Commission of Sri Lanka (PUCSL) are to develop a mutually agreed process to approve electricity generation plan. The CEB, upon receiving the letter from the PUCSL indicating the timeline of the activities […]
Struggling listed Anilana Hotels (ALHP) loses Rs84mn in the June quarter
September 9, 2018 (LBO) – Colombo Stock Exchange listed Anilana Hotels (ALHP) continued to struggle losing Rs84mn in the quarter ended June 30, 2018. The company has struggled since inception with a cumulative Rs2.1bn in retained losses since inception a few years ago. The company owns hotels in the east coast of the island that […]
Jegan Durairatnam appointed to Asian Hotels board as Independent Non-Executive Director
September 9, 2018 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as an Independent Non-Executive Director at Colombo Stock Exchange (CSE) listed Asian Hotels (AHPL). Commercial Bank, where Durairatnam recently retired as CEO, is the largest private sector financial institution in Sri Lanka. Durairatnam was also recently appointed as an Independent Non-Executive […]
$ 360mn flows out of Sri Lankan markets so far in 2018
September 9, 2018 (LBO) – As money moves out of emerging market stocks and bonds all over the world, Sri Lanka is also falling victim to the dangerous trend. To date a net Rs57.5bn (US$360mn) has been pulled from Sri Lankan stock and bond markets in 2018. Treasury bonds have experienced net outflows of Rs53.3bn, […]
USAID partners with local banks to increase lending for small businesses
Sept 07, 2018 (LBO) – US Agency for International Development (USAID) has partnered with Sri Lankan banks to announce nine million US dollars worth financing program for micro, small and medium-sized enterprises (MSMEs). Hatton National Bank and Sampath Bank have already partnered with this seven-year program to address the current lack of financing to key […]
Sky One residencies launched in Colombo
Sep 07, 2018 (LBO) – Sky-One residencies to be constructed on a land area of approximately 143 perches and due completion in 2021 was launched in Colombo, Thursday. Developed by Sandal Colombo (Pvt) Limited, a fully owned subsidiary of ZhongTian Ding Hui (Pvt) Ltd (ZTDH), the developers of THE ONE, the tallest skyscraper in South […]
Sri Lanka stock bellwether JKH trades just Rs30,000 as market turnover dries up
September 6, 2018 (LBO) – The Colombo Stock Exchange had one of its slowest trading days in some time, the day after protests shut down the city. Although the protests were much less disruptive than feared, it still did not inspire people to come back to the stock market. The major indices finished flat, but […]
Asoka Sirisena re-elected President of Sri Lanka Insurance Institute
Sept 06, 2018 (LBO) – Asoka Sirisena,senior deputy general manager, technical of Ceylinco Life Insurance Limited was re-elected as the President for 2018/2019 at the recently held annual general meeting of the Sri Lanka Insurance Institute (SLII). Asoka is a proud product of Maliyadeva Boys College, Kurunegala and counts over 25 years in the Life […]
Ishara Nanayakkara resigns from Seylan Bank Board
September 5, 2018 (LBO) – Controlling shareholder of listed Sri Lankan financial giant LOLC, Ishara Nanayakkara has resigned from the Board of Directors of Seylan Bank. Reasons given for the resignation, coming 3 months before his tenure was to expire, were increased business commitments and responsibilities.Nanayakkara is a material shareholder of the bank through LOLC […]
‘s says Sri Lankan banking system outlook is negative
Sept 05, 2018 (LBO) – Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk […]
Dhammika Perera resigns from Lanka Ceramic Director Board
Sept 05, 2018 (LBO) – Sri Lanka’s business magnate, Dhammika Perera has resigned from the Chairmanship and the Director Board of the Lanka Ceramic PLC with effect from 31 August 2018. The company said in a stock exchange filing that its Director Board has accepted the resignation letter tendered by Dhammika Perera.The company said A […]
Asanga Seneviratne selling Anilana Hotels (ALHP) shares
September 5, 2018 (LBO) – Famed stock market operator Asanga Seneviratne is selling some of his shares in CSE listed Anilana Hotels (ALHP).Asanga Seneviratne has on September 4th sold 300,000 shares at a price of Rs1.2/share. This information became public via a CSE disclosure released on September 6th.Initially an erroneous disclosure had said the shares […]