Category: Companies
Asia Securities Chairman Dumith Fernando appointed to Union Assurance (UAL) Board
August 3, 2018 (LBO) – Asia Securities Chairman has been appointed as an Independent Non-Executive Director of CSE listed insurance company Union Assurance (UAL). Profile of Mr. Fernando from Asia Securities website: “Based in Colombo, Mr. Fernando is one of most experienced senior global investment bankers in Sri Lanka, with over two decades in the […]
Ramani Ponnambalam appointed Chairperson of Alliance Finance (ALLI)
August 3, 2018 (LBO) – The Board of Directors of CSE listed Alliance Finance has appointed Non Executive Director Ramani Ponnambalam as Chairperson with effect from July 31st. From Alliance Finance website: Mrs. Ponnambalam “has held several senior management positions in large private sector entities. She served as a Director of McLarens Holdings Ltd. and currently […]
Asanga closes deal; Anilana Hotels (ALHP) gets capital infusion
August 3, 2018 (LBO) – After several delays, Colombo Stock Exchange (CSE) listed Anilana Hotels and Properties (ALHP) has finalised a deal with investor SOMAP for an infusion of capital. According to a CSE filing just released, ALHP has issued 513,443,555 ordinary shares, now amounting to 51% of the total shares outstanding of the company, […]
Sampath Group pre-tax profit exceeds Rs10Bn for first half of 2018
(PRESS RELEASE) – Sampath Bank’s Group pretax profit for the first half of the year exceeded Rs 10.3 Bn (28.2% growth) while Sampath Bank recorded a pre-tax profit of Rs 9.9 Bn for the same period. This registered a YoY growth of 28.1% in comparison to the first half of 2017. Profit after tax of […]
‘s Integrated Business Solutions
Aug 03, 2018 (LBO) – Fintek Managed Solutions (Pvt) Limited has announced its acquisition of the Integrated Business Solutions (IBS) unit of Brown and Company PLC. With this acquisition Fintek consolidates its role as the authorized distributor of Sharp office automation products and solutions in Sri Lanka. In a previous release detailing its role as […]
Finance Min calls for new regulatory body for Microfinance industry
Aug 03, 2018 (LBO) – Sri Lanka’s Finance Minister said that he is proposing the establishment of a new microfinance regulatory authority together with mandatory registration for the companies and amendments to the Act. “This is a national tragedy. It needs to be addressed in layers,” Mangala Samaraweera, Minister of Finance told reporters in Colombo, Thursday […]
LB Finance (LFIN) reports profits of Rs1.1bn for the quarter, deposit base grows to Rs75bn
August 2, 2018 (LBO) – Colombo Stock Exchange listed LB Finance (LFIN) reported earnings of Rs1.137bn for the quarter ended June 2018.Profits were up a robust 20% year over year, however sequentially from the march quarter, revenue and profits seem to be flat. Analysts say the lack of sequential profit growth may be deliberate, in […]
CSE listed DIMO reports a loss as inventories increase by Rs5bn; stock is cheap but investors pass
August 2, 2018 (LBO) – Colombo Stock Exchange listed DIMO lost Rs54mn in the quarter ended June 2018.The loss comes amid a large build in inventories during the 3 month period. During the quarter, inventories increased from Rs9.5bn, to Rs14.8bn. Payables correspondingly increased from Rs3bn to Rs5bn, and short term debt increased from Rs8.5bn to […]
Huawei seizes second place in global smartphone market in Q2
Aug 02, 2018 (LBO) – Huawei, a fast growing smartphone brand has seized second position in the global smartphone market with a total share of 15.8 percent in the second quarter of 2018 according IDC. Huawei invests into research and development (R&D) and over 10 percent of revenue is invested in R&D every year. According to Huawei’s […]
‘s Belluna launches leisure property in Galle
Aug 02, 2018 (LBO) – Sri Lanka’s Asia Leisure,in partnership with Belluna Co. Ltd, Japan opened its sixth leisure property ‘Le Grand’ in Galle recently. “Asia Leisure is one of the most widely recognized resort brands in the Country and together with Belluna Co. Ltd, Japan we are pleased to add this hotel to our family,” […]
Susantha Ratnayake retires from Ceylon Tobacco Company
Aug 01, 2018 (LBO) – Chairman of the Ceylon Tobacco Company, Susantha Ratnayake has retired from the company with effect from yesterday after the completion of his term of five years as the Chairman and six years as a Non-Executive Independent Director.“During his tenure as a Director and Chairman of the Board, the Company as well […]
Sri Lanka vehicle population grew by 7-pct in 2017; import expenditure up 5-pct
July 31, 2018 (LBO) – Sri Lanka’s motor vehicle population grew by 7 percent to 7.2 million in last year with import expenditure on motor vehicles also showing 5 percent growth, the annual report on the country’s motor vehicle market published by the Ceylon Chamber showed. According to the report, the year 2017 saw a […]