Category: Companies

Oct 04, 2010 (LBO) – Sri Lanka Telecom, the island’s largest fixed access operator, may raise 125 million US dollars from bonds to fund expansion if the terms are right, as business conditions in the island improve, an official said. “We want to raise 125 million US dollars,” SLT’s chief financial officer Shiron Gooneratne said. […]

Oct 04, 2010 (LBO) – Sri Lanka’s Lankem Ceylon, a strong player in the island’s agro chemicals market has been given a long term rating ‘A-‘ by RAM Ratings Lanka with a stable outlook. “The ratings reflect stable demand for agrochemicals and dominant market positions in most business lines; however the ratings are pressured by […]

June 07, 2010 (LBO) – Sri Lanka’s John Keells Holdings has retained its ‘AAA(lka)’ rating with a ‘stable’ outlook with strong cashflows from dividends of its container terminal in Colombo port, Fitch Ratings said. “JKH’s ratings reflect its strong financial profile as a result of strong dividend inflows to its parent, significantly low net-debt level […]

May 31, 2010 (LBO) – Fitch Ratings said it had confirmed an ‘AA-(lka)’ rating on Sri Lanka’s Hayleys Ltd, on expected higher profitability of operating subsidiaries though its debt has increased due a recent purchase of a hotel. “Weak global economic conditions and currency fluctuations, especially with a weaker Euro, can exert pressure on the […]

Jan 08, 2010 (LBO) – Sri Lanka’s Housing Development and Finance Corporation (HDFC) is planning a medium term debenture to be sold during the first quarter of the year to cut funding costs, an official said. The debenture, which is yet to be valued, will be for a period of 5 to 7 years, Suresh […]

Oct 14, 2009 (LBO) – An upcoming US dollar denominated sovereign bond issue by Sri Lanka which is due to mature in 2015 has been rated ‘B+’, in line with the country’s long term foreign currency rating, Fitch Ratings said. “A more robust revenue performance would provide greater fiscal flexibility in addressing post-war spending needs, […]

Oct 14, 2009 (LBO) – Standard and Poor’s has give a ‘B’ rating to an upcoming 500 million US dollar sovereign bond by Sri Lanka maturing in 2015, with a ‘stable’ outlook citing a deal with the International Monetary Fund that has improved foreign reserves. “The sovereign credit ratings on Sri Lanka take into account […]

July 19, 2009 (LBO) – Sri Lankans living overseas and foreigners can earn a higher interest by investing in US dollar denominated Sri Lanka Development Bonds (SLDBs) through the Commercial Bank of Ceylon, a statement by the bank said. Commercial Bank’s Head of Global Treasury Dula Weeratunga said that under the scheme, the Income Tax […]

June 05, 2009 (LBO) – Sri Lanka’s Hemas Holdings said group net profit fell 31.7 percent to 775 million rupees in the 2008-09 financial year from a year ago largely owing to start-up losses and finance costs of new investments.Group revenue rose 8.3 percent to 15.3 billion rupees in the financial year ended March 31, […]

April 16, 3009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) has extended the deadline for shareholders of Union Assurance, in which it gained full control after buying out Carsons Cumberbatch, the other main shareholder.JKH said the offer was extended due to public holidays over the local New Year holiday season which falls in April. […]

Mar 04, 2009 (LBO) – Sri Lanka’s Lion Breweries December quarter profits have taken a hit from increased finance costs on loans taken to raise fresh capital and secure their 22.5 percent stake in Indian brewer, South Asian Breweries (SAB), analysts said. However, when a preference dividend of 32.8 million rupees is deducted, Lion Breweries […]

Dec 31, 2008 (LBO) – Sri Lanka has repaid 175 million US dollars in commercial loans, involving Citibank and India’s ICICI Bank, and raised only 150 million dollars in new loans, in 2008, the government’s debt office said.A 100 million US dollar syndicated loan arranged by Citibank in 2005, a balance 25 million US dollar […]