Category: Economy and Markets
Textured Jersey profit up 63 pct, eyes growth from acquisitions
July 26, 2016 (LBO) – Textured Jersey, a leading knitted fabric company, said profits after tax grew by 63 percent to reach 2.2 billion rupees in the year to March, with the company looking forward to growth from its recent acquisitions. Turnover grew by 30 percent over the previous year to reach 17.8 billion rupees, […]
Mandatory offer by Brown to purchase Eden Hotels expires
Jul 26, 2016 (LBO) – The mandatory offer made by Browns Hotels and resorts to purchase all the remaining ordinary shares of Eden Hotel Lanka has expired as of 22 July 2016, a statement said. The Colombo Stock Exchange said in a filing that further to the mandatory offer made by Brown Hotels and Resorts to […]
Germany grants EUR13mn for Sri Lanka development projects
July 26, 2016 (LBO) – Germany has granted 13 million Euros to Sri Lanka to implement five development projects during this year. Finance Ministry said this grant was pledged to Sri Lanka during President Maithripala Sirisena’s official tour of Germany in February this month. Among the projects to be implemented under this grant are: Wilpattu […]
Sri Lanka to accelerate issue of licenses for micro finance
July 25, 2016 (LBO) – Sri Lanka’s Cabinet Committee on Economic Management has decided to accelerate the license issuing process for Micro Finance Institutions (MFIs). Though the recently passed Micro Finance Act gives a grace period for NGO’s to obtain a license, the committee has decided to issue licenses well before the grace period lapses. […]
Sri Lankan rupee edges up on bank dollar sales; stocks slip
July 25, 2016 (Reuters) – The Sri Lankan rupee edged up on Monday as dollar selling by a state-run bank surpassed importer demand for the greenback, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 146.05/20 per dollar at 0623 GMT, compared with Friday’s close of […]
Sri Lanka’s LAUGFS to resume LPG purchases from Iran
July 25, 2016 (LBO) – Sri Lanka’s listed LAUGFS Holdings says the company is planning to resume import of liquefied petroleum gas (LPG) from Iran. Speaking to Iran’s petroenergy information network on the sidelines of a Ministerial meeting between two countries oil Ministers, LAUGFS Managing Director W.K.H. Wegapitiya has expressed satisfaction over the removal of […]
Sri Lanka’s NDB cancels EGM on concerns over required votes
July 25, 2016 (LBO) – Sri Lanka’s National Development Bank has cancelled its scheduled extraordinary general meeting on fears that it may not obtain the required number of votes at the meeting. The scheduled EGM was convened by the Directors of NDB for the purpose of obtaining approval of the shareholders to amend Articles 36 […]
”s Holcim for USD400 Mln
July 25, 2016 (LBO) – Thailand’s Siam City Cement Public Company Limited will proceed with an acquisition of 98.95 percent shares in Holcim (Lanka) Limited, including its subsidiaries from cement giant LafargeHolcim. LafargeHolcim said in a statement that the enterprise value of sale was 400 million dollars. In a Thailand Stock Exchange filing, Siam City […]
Sri Lanka Mackwoods Chairman responds to SEC’s directive
July 23, 2016 (LBO) – Chairman of Mackwoods Plantations Pvt Ltd, Dr Chrishantha Nonis, says the sale of 60.8 percent shares of Agalawatte Plantations PLC was carried out with due authorization and instructions being issued to the stock broker. On 14th of July, Browns Power Holdings (Private) Limited purchased 15,200,000 ordinary shares, or 60.3 percent, […]
Sri Lanka needs more loans to face transitional period: PM
July 22, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe said the government needs some more loans from countries like China, Japan and India to keep macro economic stability in the country. In an interview with Channel NewsAsia, Prime Minister said the recent 1.5 billion US dollar IMF loan is a major measure taken […]
Access Engineering net up 5.1 pct, IPO for SML Frontier planned
July 22, 2016 (LBO) – Sri Lanka’s Access Engineering said group net profits grew 5.1 percent to 2.46 billion rupees in the year to March 2016, with the civil engineering firm facing a slow down in the global and local economy. The company showed a better performance with a 19.1 percent growth in net profits […]
Sri Lankan rupee gains on dollar selling by state bank; stocks up
July 22, 2016 (Reuters) – The Sri Lankan rupee rose on Friday as dollar selling by a state-run bank surpassed mild importer demand for the greenback. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 145.80/146.00 per dollar at 0544 GMT, compared with Thursday’s close of 146.30/40. “I […]