Category: General Services
Singapore listed Hotel Properties buys Tangalla Bay Hotels for Rs385mn
Aug 30, 2018 (LBO) – Singapore listed hotelier, Hotel Properties Limited (HPL) through an associate company has acquired 94.71 percent stake in Tangalla Bay Hotels in Sri Lanka for 385 million rupees. West Asia Investments Pte Ltd, a newly incorporated associated company of HPL Properties (West Asia) Pte Ltd, which is, in turn, a wholly […]
Cotton Collection divests to Softlogic Group
Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc. Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]
” weak 1Q results reflect seasonality: Fitch Ratings
Aug 21, 2018 (LBO) – Fitch Ratings said the weakness in Sri Lanka-based diversified conglomerate Hemas Holdings first-quarter financial results is temporary and is mainly due to the cash flow seasonality of its new school stationary business.The agency expects Hemas’ performance to improve during the remainder of the fiscal year to end 31 March 2019 […]
Melstacorp to enter into health care industry in Sri Lanka
Aug 21, 2018 (LBO) – Melstacorp is to enter into the healthcare industry in Sri Lanka shortly through the subsidiaries incorporated to undertake such activities, the company said in a stock exchange filing. This would involve management of hospitals, operating diagnostics centers and involvement in related healthcare institutions as and when the opportunity arises. Diversified […]
‘s Manufacturing growth marginally slows at beginning of Q3
Aug 17, 2018 (LBO) – The Manufacturing Sector PMI decreased to 57.2 index points in July 2018 from 57.6 index points observed in the previous month, a statement from the Central Bank said. The marginal slowdown observed in manufacturing activities in July was mainly driven by slowdown in employment due to the difficulties in replacing […]
Hemas Group net profit down 20-pct in 1Q amid high finance cost
Aug 15, 2018 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure, and healthcare has posted a shareholder profit of 554.3 million rupees in the June 2018 quarter, down 20.2 percent from a year earlier, interim accounts showed. The decrease in profit is due to reduced interest income post utilization of cash […]
Sri Lanka industrial production index up 0.4-pct in June
Aug 14, 2018 (LBO) – The volume of industrial production has increased by 0.4 percent in the month of June, 2018 compared to the same month in 2017, the Census and Statistics Department said. Among the manufacturing industries; volume of products of ‘Coke and refined petroleum products’ (33.7 percent), ‘Manufacture of fabricated metal products’ (19.1 percent) […]
Technical Cooperation Project from JICA for development of Kandy
Aug 10, 2018 (LBO) – The Urban Development Authority (UDA) of Sri Lanka and Japan International Cooperation Agency (JICA) have been working together since February 2017 to formulate the urban development vision, plan and design guidelines with the objective of realizing Kandy’s unique socio-economic potential while preserving its ancient heritage. An urban planning expert team from […]
Dialog approves nominee director from Axiata Group Berhad; 2Q profits up
Aug 09, 2018 (LBO) – Dialog Axiata has approved the appointment of Dato’ Mohd Izzaddin Idris as a Non-Executive Director to the board of Dialog, as a Nominee Director of Axiata Group Berhad effective from today. He is also a Non-Executive Director of Axiata Group Berhad and is currently the Group Managing Director and Chief […]
Land area of Mirigama Export Processing Zone to be expanded by 108 acres
Aug 07, 2018 (LBO) – Sri Lanka’s Board of investment says the Mirigama Export Processing Zone is presently expanding its land area by another 108 Acres, adding 31 industrial lots to the zone with an objective of facilitating more FDI into the country. The Mirigama Export Processing Zone (MEPZ) has contributed 14 million US dollars […]
Fin Min says NO changes for doctors paye tax only amend expenditure calculation process
Aug 07, 2018 (LBO) – The Finance Ministry yesterday announced the income tax level of doctors had not been reduced from 24 percent to 15 percent, but an agreement had been reached to amend the expenditure calculation process.Issuing a statement late last evening it said that no changes in the tax rate for the calculation of […]