Category: Industry
Done Deal
The Peoples Bank board has agreed to sell its 62 percent stake in its venture capital arm to the Janashakthi Group for Rs. 165 mn.The deal to formalise Peoples Venture Investment Co.is due to be wrapped up in the next few weeks. rn rnThe Janashakthi Group presently control the balance 38 percent, through its investments […]
Airport Express
Road Development Authority says concession documents for the Colombo endash Katunayake Expressway project will be ready in 16 weeks.PriceWaterhouseCoopers and Snowy Mountain Engineering Corporation (SMEC), were contracted to develop the legal framework on Wednesday.rn rnThe previous administration decided to build the expressway with its own funds, despite being severely cash strapped, after donors and private […]
Cut The Cut Throats
Telecom watchdog – the Telecommunication Regulatory Commission (TRC) – is getting advice on identifying and handling dominant players, which is key to effective competition in the industry.Singapore based Spectrum Strategy Consultants have been picked to help the TRC formulate a set of guidelines for the purpose also expected to help in regulating anti competitive behavior.rn […]
Rest In Peace
The government urban planning agency (UDA) is considering the full or part sale of over 40 Rest Houses under its ownership.The urban development authority says it is looking for proven hotel chain managers to take an equity stake and manage the rest houses.rn rnThe agency is keen to attract one or more top hotel chains […]
Two More
In line with the national numbering plan, Sri Lanka Telecoms Colombo Metro subscriber base whose numbers begin with 3,4,5,6,7,8 and 9.The six digit phone numbers within the Colombo Metro switching areas will add the number two before the present number.rn rnThe change will be effective from August 16.rn rnThe transformation is the next phase of […]
Tax Free
Asian Hotels will merge with fully owned subsidiary Crescat Developments (CDL) to take up recent tax relief offered to help under performing industries. The government in March offered the concessions for companies to merge with non-performing industries.rn rnThe merger will give the two firms an additional three year tax holiday and customs duty and exchange […]
Counting Pennies
Private sector credit demand has been on an upward trajectory this year, with the Central Bank expecting year-end growth to hit 16 percent.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Thernbank on Friday cut its key short-term interest rates by 75 basis points, tornprovide better lending opportunities to the private sector.rn The overnight repurchase rate or the reversernrepo, was cut […]
Big Appetite
Peoples Leasing Company (PLC) is looking to strengthen its top position in the leasing market, with an ambitious plan to penetrate deeper into the growing operating lease segment.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Inrnthe absence of cheap pools of funds to draw on, the leasing giant is alsorntapping the local capital markets to borrow against their cashflows, usingrnsecuritised […]
Weight Watching
Peoples Bank is talking to investors to sell off two of its subsidiaries, as part of its ongoing restructuring programme.Sri Lankas largest state-bank has opted to move out of Peoples Merchant Bank (PMB) and Peoples Venture Investment Co.(PVIC).rn rnTop officials say a serious buyer for its merchant banking business has not been identified yet.rn rnThe […]
Pocket Banking
Celltel subscribers who bank with Sampath Bank can virtually carry their bank in their pockets, through an innovative SMS-based facility launched this week.Cell Banking SMS is an advanced, secure mobile communications link provided to all Celltel GSM users jointly by Celltel and Sampath Bank, to provide an instant real-time transaction facility that can be activated […]
Who Is The Winner?
A consortium of state institutions led by the Bank of Ceylon (BoC) has expressed interest in taking over undercapitalised Peoples Bank. The National Savings Bank (NSB) and the Employees Trust Fund (ETF) together with BoC have expressed interest in Peoples Bank according to highly placed sources.rn rnConglomerate John Keells Holdings is also said to be […]
EPF, ETF Merger
The two state pension funds, the EPF and the ETF are going to be merged next year in a bid to draw on synergies between the two.A consultant is expected to be appointed by the end of this month to look at how best to merge the funds that together will manage over Rs.320 bn.rn […]