Category: Industry
Regional Wire
A number of services will be made mandatory under the technology neutral licence and could be issued by mid 2004. rn rnInterested firms could have to bid only for license through a single round simple open auction process. rn rnThe two licences could cover the North-East and the deep South regions selected on the parameters […]
Aid Spend
Cabinet Spokesperson Prof., G L Peiris says the government expects nearly US$ 1 billion of the US$ 4.5 billion in aid pledged at the June Tokyo conference to flow into the Sri Lankan economy before end 2004.The increased aid follow has prompted policy makers to increase the allocation to key sectors roads and rural electricity. […]
Port Call
Two of the largest port operators in the region are keen to invest in the Jaya Container Terminal (JCT) operated by the Ports Authority. Hutchison Port Holdings and PSA the state owned Singaporean port operator has already shown interest to the BOI to invest in the booming Colombo port.rn rnWestport of Malaysia, which is part […]
Durdans Comes Out
Durdans Hospitals is planning to go public next month.The hospital started in 1945, as one of the first private healthcare ventures in the island, will seek to raise Rs.240 mn through the IPO.rn rnThe money will go towards adding more floor space and upgrading equipment at the hospital.rn rnThe shares will be issued at a […]
ACCAs Call
An international accounting body is calling for state regulation to improve corporate governance and best practices of local companies.Association of Chartered Certified Accountants (ACCA) say a proper regulatory framework resulting in better corporate governance would also enable the country to attract overseas investors.rn rnACCAs head of Risk Management Paul Moxey will be addressing these and […]
Share Swap
Sri Lanka Telecom has traded in its Rs. 138 million interest free loan given to Mobitel, for an equity stake in the cellular operation.SLTs Board of Directors also approved Rs. 500 million in fresh capital infusion into the cellular operator, increasing its investment in the subsidiary by Rs. 638 million or 63.8 million fresh shares […]
I Will Tell
Distressed depositors of the failed Pramuka Savings & Development Bank say that they are complaining to Courts that the Central Bank is not properly carrying out judicial orders.Pramuka Bank has failed to attract serious investor interest, after Central Banks deadline lapsed on Wednesday.rn rnOn Friday, depositors wrote to the Monetary Board complaining that they had […]
Banyan Roots
Returning to where it was all supposed to begin over 10 years ago. Sri Lanka the prime destination for a concept that is intricately woven into the splendours of the land, crafted to perfection by its staff to bring an experience that will make you smile.Making up for lost time, Banyan Tree Holdings is once […]
Work Out
A new army is being raised to fight a war off the battle field. Soldiers on hire, ready to fight for any side.Building on the limitation of Sri Lankas archaic labour laws and the cyclical needs of Information Communication Technology firms, an offshoot of Media Solutions – TechSys has built a database of over 1600 […]
Building Bubble
An ambitious feasibility study covering 13 key projects in the South has just been completed, with consultant Programme Development International keen on vying for the project. The Hambantota infrastructure project is a large-scale development effort that identifies several independent profit centres to be set up in the Hambantota and Moneragala region.rn rnIncluded in the US$ […]
PERC Help
Peoples Bank plans to sell off its merchant banking unit through the governments privatisation arm endash the Public Enterprise Reform Commission.Chairman Lal Nanayakkara told Lanka Business Online that firm dates have not been set to dispose its 39 percent stake in Peoples Merchant Bank.But a decision has been taken to sell it off through PERC, […]
Travel Claim
A top travel agent has claimed Rs 90 mn from Pramuka Bank for damages suffered as a result of the banks closure last year.Superlink Chief Ranjith Silva says he is awaiting a reply from the bank for the letter of demand sent late last month.rn rnThe travel agency says it got into severe difficulties due […]