Category: Industry
Tidy Sum
The government has picked up Rs. 262 mn as dividends from SriLankan Airlines, after the national carrier reported a Rs.2.1 bn group profit for the financial year ending March 31, 2003.SriLankan Airlines said Wednesday that it has declared a 10 percent final dividend for the financial year 2002/3.rn rnThis is the third instance the airline […]
All Or Nothing
Sri Lanka Telecom has made an official pitch to take up a controlling stake in the third fixed line operator Lanka Bell.Lanka Bell, which uses wireless local loop technologies, has been on the hunt for a technical partner after its total debts were wiped off under a comprehensive debt-restructuring programme in April.rn rnThe debt forgiveness […]
Canal Park
Colombos underutilised canal system is getting fresh life, with the private sector called in to develop four of the citys waterways.rnrnThe sites include the canal on Nawala Road near the Open University and the Wellawatte Canal accessible from Highlevel Road. rn rnThe Land Reclamation and Development Corp., on Wednesday said it is offering the sites […]
Security Check
The Securities and Exchange Commission of Sri Lanka (SEC) will join 170 other international securities commission to combat cross border securities fraud. An announcement on Tuesday said that the SEC had been accepted as a signatory to the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding concerning consultation, cooperation and exchange of information.rn […]
One Approach
The Bank of Ceylon is fine-tuning its loan book to boost private sector lending and limit its exposure to state owned entities. Loan growth for the first six months dipped marginally by 0.6 percent to Rs. 134.49 mn. Officials say the appetite for credit has been below political expectations, but within banking norms, considering the […]
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. […]
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 […]
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 […]
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 […]