Category: Industry
Return Ticket
Supreme Court on Friday refused to take up Central Banks appeal on the Court of Appeal decision on Pramuka Bank.The Central Bank sought to stay the Appeal Court decision without serving notice on the depositors or their counsel.rn rnThe case will be taken up on Monday, after Central Bank has served notice on depositors counsel.rn […]
Super Profits
Telecom operator Suntel, says its profits soared to Rs. 200.4 mn in 2002, from Rs. 22.8 mn.Suntel benefited from the prevalent low interest rates, while value added services and a tariff increase pushed revenues up by Rs.400 mn.rn rnRevenues rose to Rs. 3.58 bn from Rs. 3.156 bn in 2001. Cost of sales was up […]
An Eagles Calling
National Development Bank on Thursday acquired Zurich Insurance Companys 58.44 per cent stake in Zurich NDB Finance Lanka endash the holding company for Eagle Insurance, at Rs.143.00 a share or close to Rs. 1.5 billion.Through the deal NDB will hold an 87.2 per cent direct stake in Eagle Insurance. rn rnThe deal also ends intense […]
Eagles Call
Capital Development & Investment Co (CDIC) plans to come out with a Rs. 1.5 bn rights issue to pay for its acquisition of Eagle Insurance.NDB on Thursday bought out Zurichs 58.44 percent stake in Zurich NDB Finance Lanka (the holding company of Eagle Insurance) through its subsidiary CDIC.rn rnCDIC coughed up Rs. 1.5 bn at […]
Smooth Ride
Bus leasing specialist, Peoples Leasing, raised another Rs. 300 mn via securitisation paper for its general business expansion.First Capital Markets, the debt-raising arm of the First Capital Group, placed the four-year instrument at an average cost of 12.5 percent to the issuer.rn rnldblquote Rates were tiered according to the risk profile of the assets. The […]
Riding a Chopper
The Civil Aviation Department says it is talking to the Ministry of Defence and Airport authorities to issue the permits.rn rnCommercial helicopter services were banned in the late 1980s due the then intensifying civil war between the LTTE and government forces. rn rnSenior Civil Aviation Department officials say the five firms are looking to setup […]
Fitch Is Watching
Hattion National Bank, Sri Lankas largest privately held commercial bank, had its long-term SL A national rating, put on a ratings watch by Fitch Ratings Lanka on Wednesday.This rating action follows the ongoing review by FRL, and reflects a weaker capital position, given the significantly increased levels of reported NPLs. rnThe increase was largely due […]
Quashed
The Appeal Court in its verdict at Wednesday mornings hearing has quashed Central Banks decision to liquidate Pramuka Bank.Court has also asked the regulator to explore other options to revive the Bank through powers available under section 76 of the Banking Act and also reconsider proposals made by the Depositors Association with the aid of […]
Easy Money
The six Regional Development Banks are pooling their efforts to make low interest capital infusions into the rural economy. On offer are low interest rates starting at 9%, easy repayment schemes and loans on individual skill and not physical collateral.rn rnThe operation, a brain child of the Minister of Rural Economy, will also seek to […]
Building Reserves
To develop its long term lending portfolio, Hatton National Bank (HNB)will raise up to Rs. 2 bn through a 5 year debenture issue.Housing and real-estate will be among the key areas the Bank will focus on building with the fresh funds.rn rnThe issue will also bridge the shortfall created in retiring its previous debenture that […]
Breaking Free
Government negotiators have finalised a deal with Emirates to partially lift monopolies enjoyed by the national carrier.Secretary to the Ministry of Aviation Cecil Amaresinghe told LBR that under the recent MOU SriLankan Airlines would lose some monopolies that it would have otherwise enjoyed till 2008.rn rnHowever, some aspects of the monopolies will remain with SriLankan.rn […]
Final Cost
Telco firms on Thursday agreed on a set of termination charges, setting the stage to launch a caller party pays (CPP) regime by September. However, Sri Lanka Telecom (SLT) has said it would agree to CPP on condition that the regulator resolves a number of its concerns including approval of its long over due tariff […]