Category: Industry
Safe Bet
Mercantile Leasing Ltd has raised Rs. 102.2 mn from the market by securitising its future cash flows.The four-year paper was priced at two percent above the one-year treasury bill rate and snapped up by a fund management company.rn rnThe issue was structured and placed jointly by Capital Alliance Ltd and National Wealth Corp.rn rnDeutsche Bank […]
Buzzing Out
Dialog GSM will double its network capacity in the Western Province by the year end when its 1800 GHz network is fully deployed. The network being installed at a cost of US$ 10 million, will give Dialog the urgently needed capacity to service its over 500,000 strong customer base in Colombo and make room for […]
Not Genuine
Pramuka Depositors have protested to the Monetary Board that no genuine effort is being made to restructure the failed bank and demanded that immediate positive action be taken.Depositors writing through their attorney said Central Bank is still not giving sufficient information to come up with a new restructuring proposal.rn rn”I am instructed to state that […]
New Birth
Sri Lankas second rating agency, Lanka Ratings is expecting to start operations in late October.Ceylinco Group owns a controlling 51% stake in the company, which is a joint venture with Rating Agency Malaysia (RAM).rn rnRAM officials say a number of safeguards are in place to ensure that rating decisions are independent.rn rnldblquote The shareholders have […]
Fired Up
The Samurdhi movement came under fire for being over politicised and for its mediocre track record by a committee set up to review public institutions.But Samurdhi Director General Sunil Navaratne says the authority is being restructured with performance related targets being set to both employees and bank branches.rn rnPerformance will be judged on the sole […]
Courtship Warms Up
Conglomerate John Keells is talking to potential partners to join their bid for an equity stake and management of Peoples Bank.John Keells Holdings Chairman Vivendra Lintotawela told LBR they are talking to a few international players about joining them as a technical partner.rn rnThe foreign partner could also take an equity stake according to the […]
Hot Wiring – Updated
The telecom industry is buzzing of an impending marriage between Sri Lanka Telecom and Lanka Bell, the third private fixed operator.Industry analysts expect a memorandum of understanding to be signed within the next few weeks, but sources close to both telecom operators refrained from commenting over the possibility of such a move.rn rnTalks of a […]
Second Chapter
The Ceylinco Consolidated Group on Friday signed up with Rating Agency Malaysia Berhad or RAM, to launch Sri Lankas second credit rating agency.rnrnLanka Ratings Ltd will be jointly owned by Key Ratings Ltd (51 percent) and RAM 49 percent.rn rnThe company has an initial share capital of Rs. 35 mn.rn rnldblquote The joint venture will […]
Fast Track
Union Assurance Ltd has posted a mammoth 227 percent growth in net profits for the first six months ending June 2003.Post tax profits for the period rose to Rs. 61.4 mn as against Rs. 18.8 mn in 2002.rn rnConsolidated Revenue grew 16.3 percent to Rs. 1.07 bn during the period under review.rn rnUALs total investment […]
Flight Schedule
The government will advertise shortly for private investors to manage its upper airspace, offering also, operations and maintenance at the Bandaranaike International Airport. ldblquote We have taken a decision to re-advertise for upper airspace management together with operations and maintenance at the BIA as a single package dblquote , an official said.rn rnIncluded in the […]
Product Extension
Hatton National Bank is expanding its treasury operations with plans to start a fund management unit on the cards.Chairman, Chrishantha Cooray says the asset management company will be formed under aegis of HNB Securities Ltd.rn rnHNB Securities currently handles the banks primary dealer operations. rn rnldblquote We want to grow the fund management business slowly […]
Private Help
The countrys top business chamber is trying to raise private sector investments to support the governments development vision.Ceylon Chamber says their annual convention in October will focus on the governments Regaining Sri Lanka vision, which seeks to create two million jobs over the next few years.rn rnThe Chamber hopes that investments by the private sector, […]