Category: Companies
‘s Sunshine Holdings eyes renewable energy projects
May 26, 2015 (LBO) – Sri Lanka’s Sunshine Holdings said it is considering diversify and expand the renewable energy sector, if the government is willing to disclose plans for the sector, Group Managing Director said, Tuesday. “We are looking at opportunities in solar and wind power,” Vish Govindasamy, Group Managing Director of Sunshine Holdings Plc […]
‘s Orient Finance announces amalgamation and payment plan for shareholders
May 26, 2015 (LBO) – Sri Lanka’s Orient Finance, a company to be amalgamated with Bartleet Finance, announced its payment plan for shareholders on Tuesday, the company said in a stock exchange filing. As per the announcement, every one ordinary voting share held at Orient Finance as at the date of amalgamation, 14.97 rupees will […]
‘s United Motors property revaluation surplus crosses Rs. 1.73 bn
May 26, 2015 (LBO) – Sri Lanka’s United Motors, one of the oldest automobile companies in the island has transferred a revaluation surplus of 1.73 billion rupees to the revaluation reserve account, the company said in a stock exchange filing.The company has recently carried out a revaluation for lands owned and occupied by them as […]
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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s outlook to negative from stable due to continued deterioration in bank’s capitalisation amid aggressive loan growth.The full statement reproduced below Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s (PABC) Outlook to Negative […]
Shangri-La launches 500mn US dollar luxury apartments and office complex project in Colombo
May 22, 2015 (LBO) – Hong Kong based Shangri La Hotels and Resorts, a property developer and hotel group launches 500 million US dollars of exclusive residences, office and retail project in Galle Face, Colombo targeting at foreign investors, expatriates and an expanding class of influential Sri Lankans. The residences component will have 406 apartments […]
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May 22, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has assigned National Development Bank PLC’s proposed subordinated debentures of up to 10 billion rupees, an expected National Long-Term Rating of ‘A+(lka)(EXP)’. The rating agency also has withdrawn the expected rating of ‘AA-(lka)(EXP)’ assigned to NDB’s proposed senior debentures. Media release reproduced below: – The […]
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Mar 21, 2015 (LBO) – Sri Lanka’s Fitch Ratings Lanka has affirmed Sanasa Development Bank PLC’s (SDB) National Long-Term Rating at ‘BB+(lka)’ with a stable outlook. The full report is reproduced below :- KEY RATING DRIVERS The rating captures SDB’s high exposure to the retail and lower-end SME segments, its weak asset quality, and pressure […]
Sri Lanka’s troubled Kalpitiya Beach Resort points finger at former regime
May 21, 2015 (LBO) – Sri Lanka’s Kalpitiya Beach Resort, a subsidiary of Citrus Leisure PLC, has said that the hotel project was held back due to former government incompetency to attract occupancy and build tourism infrastructure. In 2011, Kalpitiya Beach Resort has raised 283.5 million rupees from an initial public offering stating that the […]
Sri Lanka’s IOC unit records 1.06 billion loss in March 2015
May 19, 2015 (LBO) – Lanka IOC, a unit of Indian Oil Company reported 1.06 billion rupees loss in March 2015 against 722 million rupees profit reported last year, interim accounts showed. In the year to March profits were down to 1.8 billion rupees from 4.8 billion rupees a year earlier. The firm reported negative […]
‘s Debt assigned final ratings: Fitch
May 19, 2015 (LBO) – Fitch Ratings Lanka has assigned DFCC Vardhana Bank PLC’s proposed Basel II-compliant senior debentures a final National Long-Term Rating of ‘AA-(lka)’ and proposed Basel II-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’, the rating agency said in a press release. The Media Release Reproduced Below:- The final ratings […]
‘s Haycarb profit margins squeezed by high charcoal prices
May 19, 2015 (LBO) – Sri Lankan coconut shell-based activated carbon manufacture Haycarb’s March 2015 quarter profit after tax rose 18.33 percent to 279 million rupees from 236 million rupees last year, the interim accounts filed with the stock exchange revealed. “The increase in price of the primary raw material, coconut shell based charcoal impacted […]
Sri Lanka Singer Plc to issue a debenture
May 18, 2015 (LBO) – Sri Lanka, Singer PLC, is to issue 20,000,000 rated senior unsecured redeemable debentures at an issue price of 100 rupees per share, the company said in a filing to Colombo Stock Exchange.The filing also said that the Colombo Stock Exchange has approved in principal an application for listing the debt […]