Category: Industry
Low Key
State run Bank of Ceylon is talking to a potential investor to sell off a bulk of its Pakistani branch operations.Sources said Dawood Bank Ltd has agreed to take up 85 percent of the Bank of Ceylons US$ 17.3 mn paid up capital.
Weaving Houses
Singapores Shing Kwan Group, Overseas Realty Ceylons key shareholders, on Friday signed up to develop the former Wellawatte Spinning Mills site.In a statement, Overseas Realty said they would invest Rs. 150 mn through a joint venture company with the Bank of Ceylon to develop the property.rn rnShing Kwan Investment (Singapore) Ltd. (Overseas Realtys investment holding […]
First Steps
Pakistani based Union Bank Ltd plans to pump in over Rs. 250 mn to its newly acquired Sri Lankan operation.The bank made its maiden foray into the international markets, by recently acquiring Mashreq Banks Sri Lankan operation.rn rnldblquote We believe the growing bilateral trade between the two countries as well as Sri Lankas expanding economic […]
Safe Options
IBM says upto 80 per cent of IT related expenses were on maintenance and repairs after the initial purchase, leaving only a 20 per cent of spend on hardware and software. However, IBM say PC manufactures pay not enough attention to repairs and maintenance when designing a new computer.rn rnA range of PCs that take […]
Road Talk
The Malaysian government is in talks to fund the Rs.30 bn Colombo-Kandy Highway, on a Build, Own and Transfer basis (BOT), starting 2005. Malaysian officials are expected to come back with a proposal to assist the project, with construction of the highway likely to be contracted out to a Malaysian party.rn rnThe government has developed […]
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 […]