Category: Industry
Solemn Bell
Transmarco Limited, Lanka Bells Singaporean parent company is looking at divesting its remaining stake in its Sri Lankan wireless local loop operation. On Monday, wire services reported that Transmarco had successfully negotiated with Lanka Bells creditors to write off a significant part of its debt and accept cash and an equity stake for the rest.rn […]
Sailing Off
Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd.(ZNFL) in Sri Lanka. rn rnldblquote […]
New Brooms
National Development Bank on Tuesday sold off 53 percent of its 66 percent stake in Mercantile Leasing Ltd to a consortium for Rs. 239 mn.Savings giant, National Savings Bank bought 19.5 percent while a consortium led by M M Udeshi picked up the balance 29 percent stake.NDB will still control a 10 percent slice.rn rnThe […]
Swift Move
Sri Lankas largest cellular operator, Dialog GSM, got another US$ 90 mn injection from its parent company, Telekom Malaysia Bhd on Thursday.Thursdays announcement raises Telekom Malaysias investment in its fully own Sri Lankan subsidiary to US$ 200 mn, its Chairman Muhammad Radzi Mansor told a news conference. rn rnDescribing its Sri Lankan investment as a […]
Quick Service
DHL Keells Ltd says it has pumped in Rs. 20 mn to revamp its Gateway Operations Centre.Situated at its bonded warehouse in Ja-Ela, the high-tech operation offers close circuit TV cameras, new conveyor systems, computers and a new volumetric measuring device, the firm said in a release.
Managing State Funds
A new agency to manage government wealth plans to seek private sector expertise and capital to manage government funds.The National Wealth Management Corporation will soon ask for a license from the Central Bank to deal in the primary market for government debt.rn rnThe corporation established as a wholly owned subsidiary of the Mahapola Trust Fund […]
In Union
The National Savings bank will meet treasury officials soon about making an equity injection to the under capitalised Union Bank.NSB together with Sampath Bank and Chinkara Group of Singapore is considering an investment in Union Bank, which will then be managed by a special committee.rn rnNSB is looking at a Rs. 100 mn investment in […]
Signed & Sealed
The government officially signed off its investments in the insurance business by disposing 90 percent of Sri Lanka Insurance Corp. to the consortium led by the Distilleries Co Group.PERC Director General, Deepal Gunaratne said Faiz Mohideen, Acting Treasury Secretary and Harry Jayawardene signed off the deal on behalf of both parties on Friday.rn rnThe Distilleries […]
Clean Book
Commercial Bank on Friday secured an issue rating from Fitch Ratings Lanka (FRL) for its upcoming debenture and preference share issue.The banks Rs. 3 bn debenture issue got a SL AA rating, while the Rs. 1 bn preference share issue will carry a SL AA- national rating.rn rnCommercial Banks senior debt carries a SL AA+ […]
Hunt For Rupees
Commercial Bank said Thursday it was raising a billion rupees through a five-year preference share issue to strengthen its shareholder funds.The bank said 50 mn cumulative, redeemable, preference share will be issued at Rs.10 with the option of raising a further 50 mn on the same terms, in the event of an over subscription.rn rnThe […]
Swan City
Nivasiepura, one of the large suburban housing developments in the country, has announced the launch of a new two-storey semi-luxury model to its range in a major enhancement of options to customers.The new model home branded Swan comprises three bedrooms, two bathrooms, living and dining areas, TV lounge, pantry, maids room and toilet, a spacious […]
Getting Bigger
The century old local operation of HSBC, has stepped up its distribution channels to tap medium size firms and consumer banking operations.As competition heats up and margins shrink, the bank has lined up a range of products and services lquote to share the wallet size of its core customers.rn rnA state of the art customer […]