Category: Companies
Colombo City Center on track, 54 pct apartments booked: Abans
Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed. The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]
‘ Chief
Aug 31, 2015 (LBO) – The assembly plant investment by the German automaker Volkswagen in Sri Lanka needs to be transparent and all other motor companies who wish to invest should get the same facilities, an official of the Ceylon Motor Traders’ Association said. “I think they have to be very transparent in the Volkswagen […]
DFCC Vardhana Bank shareholders approve amalgamation with DFCC
Aug 28, 2015 (LBO) – Shareholders of DFCC Vardhana Bank and DFCC Bank have approved the proposed amalgamation of DFCC Bank with DFCC Vardhana Bank at an extraordinary general meeting held today.The amalgamation will be effective on 01 October 2015 and a payment of 52 rupees for every one ordinary voting share held in Vardhana Bank to […]
Sri Lanka’s Heladiv to go after Chinese and Indian markets
Aug 28, 2015 (LBO) – Sri Lanka’s HVA foods, which exports ready to drink tea under its “Heladiv” brand, says the company plans to expand more in to Chinese and Indian markets with ready to drink teas to gain a strong foothold. “Whilst our Chinese operations have progressed to 55 tea cafes and outlets, further […]
Ceylon Printers to raise Rs30mn through rights issue
Aug 28, 2015 (LBO) – Sri Lanka’s stationery merchants and printing firm, Ceylon Printers, is to raise 30 million rupees by way of a rights issue, the company said in a stock exchange filing.Subject to the necessary approvals, the company is to issue 25 thousand shares at 1,200 rupees each in the ratio of 5 […]
Ceylon Asset Management replies to Fitch on income fund rating
Aug 27, August (LBO) – Ceylon Asset Management, commenting on the Fitch Rating press release which maintained the A (lka) credit quality rating of the Ceylon Income Fund on rating watch negative (RWN), says the LRA suspension by the SEC and the absence of an alternative process is outside the control of the fund. “The […]
US markets rally, appears to shake off China worries
Aug 27, 2015 (LBO) – US markets rallied on Wednesday appearing to shake off fears about China, but all eyes will be once again on the Shanghai Composite Index on Thursday. The S&P 500 recovered 3.9 percent and NASDAQ surged 4.2 percent after the Chinese market closed down 1.3 percent on Wednesday. Europe, however, bucked […]
CHC mandatory offer for Taprobane Holdings
Aug 26, 2015 (LBO) – Sri Lanka’s CHC Investment will be making a mandatory offer to shareholders of financial services firm Taprobane Holdings after it bought a 30.99 percent stake at 5.50 rupees, CHC said in a statement to the Colombo Stock Exchange. The mandatory offer will be at 5.50 rupees per share. A detailed […]
Sri Lanka tea exporters to see a silver lining in dark cloud soon: Heladiv Chief
Aug 26, 2015 (LBO) – Sri Lanka’s tea exports will see positive signs in the market in near future with prospects of a settlement to the long drawn political tension between the USA and Iran and the stabilizing of the Russian Ruble, HVA foods, which exports ready to drink tea under “Heladiv” said. Sri Lankan […]
Lanka IOC Q1 profit falls with lower oil prices
Aug 25, 2015 (LBO) – Fuel retailer Lanka IOC said profits in the three months to June fell to 171 million rupees from 1.2 billion rupees in the same period last year amid a sharp drop in international oil prices. Net profit plunged to 1.8 billion rupees in the full-year to March, from 4.8 billion […]
Sri Lanka’s Fitch rates HDFC Bank at BBB
Aug 24, 2015 (LBO) – Sri Lanka’s Fitch Ratings on Monday assigned Housing Development Finance Corporation Bank of Sri Lanka a National Long-Term Rating of ‘BBB(lka)’ and a Stable Outlook. The full text of the rating announcement is reproduced below. Fitch Ratings-Colombo-24 August 2015: Fitch Ratings has today assigned Housing Development Finance Corporation Bank of […]