Category: Industry
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 […]
House Hunt
Nivasie Developers on Wednesday released plans to build 95 upper end homes in its Ja Ela site under phase two of its Nivasiepura housing project. Following the trends in the industry, Marketing Manager Panduka Weerasingha says the concept at the Nest is designed to offer a planed and private neighborhood.rn rnSetting it apart however, Weerasingha […]
Lease of Life
Kandy Hotels Company is finalising its lease agreement with leisure magnate Adrian Zechas Aman Resorts, to take over management of its Queens and Suisse Hotels. The company began talks with the leisure chain last year, for the much needed funding to upgrade the properties, modelling it on the well-known luxury resorts.rn rnKandy Hotels owns a […]
Show & Tell
In a bid to lower lending rates further, the government is asking banks to publish a breakdown of their loan volumes by interest rates.ldblquote Commercial banks are being directed to publish a breakdown of their lending rates by the interest charged, dblquote Industries Policy Minister G L Pieris told a media briefing this week.rn rnldblquote […]
Sweet Music
Telecom operator Suntel has posted a 451 percent growth in net profits for the first six months of this year, largely aided by a gradual drop in interest rates.The countrys second wireless operator said its net profits topped Rs.193 mn as against Rs. 35 mn reported in 2002.rn rnBut revenues dipped 2.7 percent to Rs. […]
Spruced Up
Hoteliers in once conflict areas of the north and east can apply for low cost funding of up to Rs. 50 mn to refurbish properties damaged at the height of war.rnrn ldblquote We are processing the applications, but five hotels in the East have already received the low interest loans dblquote , Tourism Minister Gamini […]