Category: General Services
‘ defensive cash flows: Fitch
Jan 23, 2018 (LBO) – Hemas Holdings acquisition of a controlling stake in Sri Lanka’s leading school and office stationery manufacturer, Atlas Axillia (Private) Limited, will bolster Hemas’ defensive operating cash flows, Fitch Ratings said. Last week, Hemas agreed to buy a 75.1 percent stake in Atlas for 5.7 billion rupees. Atlas has a strong distribution […]
Hemas Holdings to acquire stationery manufacturer Atlas
Jan 19, 2018 (LBO) – Hemas Holdings has entered into an agreement to acquire 75.1 percent stake of Sri Lanka’s leading stationery manufacturer Atlas for 5.7 billion rupees. Hemas said in a statement that the acquisition of Atlas will increase the group’s presence in the fast-moving consumer goods space.“Atlas will become the third largest business […]
Sri Lanka Govt issues new guideline for visa
Jan 11, 2018 (LBO) – The cabinet of ministers has given the go ahead to regularize and update the present method of visa issuing in Sri Lanka. According to the latest statement on cabinet decisions it was decided to collect visa charges in US Dollars instead of Sri Lankan Rupees and to add following to […]
Aus-SL trade reaches AUD1.3bn with 27-pct growth in trade in services
Jan 09, 2018 (LBO) – Trade between Australia and Sri Lanka has surged to a record high of 1.3 billion Australian dollars in 2016-17, on the back of strong growth in trade in services, up more than 27 percent.Australian High Commission said the growth for the year overall was more than 15 percent, continuing the […]
France to provide Euro 13.9Mn loan to Sri Lanka for dairy projects
Jan 01, 2018 (LBO) – The French Republic agreed to extend its assistance to Sri Lanka, by providing a Euro 13.9 million (approximately 2,514 million rupees) concessional loan for the development of the local dairy industry. The proposed project will include complete modernization of the pre-selected six mini dairy cooperative societies and organizations by establishing […]
LAUGFS to set up cylinder manufacturing plant in Bangladesh
July 17, 2017 (LBO) – LAUGFS Gas Bangladesh, part of the diversified Sri Lankan multinational LAUGFS Holdings, said it is planning to set up a cylinder manufacturing plant in Bangladesh. LAUGFS Gas Bangladesh currently operates a world-class LPG import, bottling and distribution facility in Mongla Port, the company said. It serves domestic and industrial segments […]
Sri Lanka’s Watawala Plantations to separate tea business
June 30, 2017 (LBO) – Sri Lanka’s Watawala Plantations is planning to set up a separate company relating to the tea business segment of the company by segregating its operational assets and liabilities. The firm said in a stock exchange filing that the said assets and liabilities will be vested in the new limited company […]
Sri Lanka technical interns to be trained in Japan
June 29, 2017 (LBO) – Sri Lanka is to sign a memorandum of understanding with International Manpower Development Organization of Japan (IM Japan) to send technical interns to Japan for further training. The cabinet nod has been received to sign this agreement presented by Foreign Employment Minister Thalatha Athukorala, said Co-cabinet Spokesman Minister Gayantha Karunathilake, […]
Celogen Lanka opens USD6.6Mn pharmaceutical plant in Pallekelle
June 28, 2017 (LBO) – Celogen Lanka (Pvt) Ltd has opened a new pharmaceuticals manufacturing plant with an investment value of 6.6 million dollars at the BOI Kandy Industrial Park at Pallekelle. The manufacturing facility, a joint venture between Sri Lankan and India, was formally opened by President Maithripala Sirisena, the Board of Investment said […]
‘s quality mall space shortage to continue: JLL
June 16, 2017 (LBO) – As Sri Lanka’s tourist arrivals rise and the local consumer becomes more brand conscious along with demand for better quality goods and services, an existing shortage of quality mall space is likely to continue in the short to medium term, a new report said. Jones Lang LaSalle, a property consultancy […]
Commercial Bank leads Sri Lanka’s SME financing in 2016
June 15, 2017 (LBO) – Sri Lanka’s SME sector has been injected with 719 billion rupees by both state and private sector banks in 2016, with Commercial Bank of Ceylon leading with 273 billion rupees in such lending. Department of Development Finance said in a report that in 2015, 604 billion rupees was granted by […]
Sri Lanka Railways to collect land lease arrears of Rs1.4bn
June 05, 2017 (LBO) – Sri Lanka’s state-owned Railways Department said 1.46 billion rupees is yet to be collected as lease arrears for land owned by the department. The Railways Department manages nearly 13,000 acres of land, of which 1,934 acres have been leased out to 6,400 users, as this land is not necessary for […]