Category: Economy and Markets
Sri Lanka’s Tokyo Cement on roadshow with U.S. funds
July 20, 2016 (LBO) – Members of Sri Lankan cement producer Tokyo Cement’s (TKYO SL) management team are in the U.S. this week meeting with global investment funds to discuss the company’s expansion plans. The visit led by CFO Vishwa Kuruwita is the company’s first investor roadshow in the U.S., where the management team is […]
Sri Lanka’s Hayleys acquires Maldivian resort for USD23mn
July 18, 2016 (LBO) – Sri Lanka’s Hayleys PLC has acquired a Maldivian resort named Kudarah Island Resort through their subsidiary Luxury Resort private limited for 23 million US dollars. Hayleys said in a statement that Kudarah Island Resort located in South Ari Atoll consists of 51 luxury villas, which is adjacent to the popular […]
Sri Lanka’s Port City to apply its own economic, commercial laws: PM
July 18, 2016 (LBO) – The proposed Financial City better known as the Port City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations, Prime Minister said. Delivering the keynote address at the third South Asian Diaspora Convention, Prime Minister Ranil Wickremesinghe said […]
Lotus Renewable to make mandatory offer for Browns Hydro Power
July 18, 2016 (LBO) – Lotus Renewable Energy (Private) Limited says it will make a mandatory offer to buy shares of Browns Hydro Power PLC after purchasing 72.13 percent shares in the company. The company purchased 73,690,212 shares at seven rupees per share on July 13, leading up to the trading floor announcement under Rule […]
‘ Index shows manufacturing upswing in June
July 18, 2016 (LBO) – Sri Lanka’s manufacturing sector showed an upswing in June, after a slowdown in the previous two months, based on the Purchasing Managers’ Index (PMI) released by the Central Bank. “The Manufacturing PMI recovered to the positive territory in June 2016 registering 55.1 index points, from the contraction observed in the […]
PTL Watch: Yields up on profit taking, net foreign buying
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LOLC client Browns Power buys 60.3 pct stake in Agalawatte
July 15, 2016 (LBO) – LOLC Securities, under rule 36 of the Company Takeovers and Mergers Code, has informed the Colombo Stock Exchange that their client Browns Power Holdings (Private) Limited has purchased 60.3 percent of Agalawatte Plantations PLC. Browns Power Holdings purchased 15,200,000 Voting ordinary shares of Agalawatte Plantations PLC (AGAL.N.0000) on 14th July […]
‘s leadership at South Asia Convention
July 15, 2016 (LBO) – Prime Minister Ranil Wickremesinghe is scheduled to have bilateral discussions with Singapore’s president and premier during his three-day official visit to Singapore. Wickremesinghe will leave the country on Sunday principally to deliver the keynote address at the third South Asian Diaspora Convention which will be held in Singapore starting Monday. […]
Chinese business delegation to visit for B2B meetings
July 15, 2016 (LBO) – A 16-member business delegation from China will be visiting Sri Lanka on the 29th July, 2016, in a visit organised by the Beijing Lansing Century Exhibition Company in association with Lanka Exhibition & Conference Services. The visit coincides with the Construction Expo 2016 to be held in Colombo. The Ceylon […]
Sri Lanka tea sees better demand at auction
Jul 14, 2016 (LBO) – Sri Lankan tea prices rose at this week’s Colombo auction with some prices up by 20-30 rupees, Forbes & Walker Tea Brokers said in their latest report. “Overall quality of teas, both from the Western and Eastern planting districts showed an improvement and consequently recorded a price appreciation of Rs. 20/- […]
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July 14, 2016 (LBO) – Fitch Ratings has assigned Sri Lanka’s upcoming US dollar-denominated bonds an expected rating of ‘B+(EXP)’. The ratings agency said the expected rating is in line with Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook. “The rating would be sensitive to any changes in Sri Lanka’s […]
Korea pledges USD300mn development loans to Sri Lanka till 2018
July 14, 2016 (LBO) – A framework arrangement enabling Sri Lanka to obtain soft loans from the government of Korea up to 300 million dollars till 2018 was signed on July 13, 2016, a statement said. “This Framework Arrangement is based on the agreement between the two governments signed in December 1995 concerning Loans from […]