Category: Industry
Secret Codes
The telecom regulator on Monday set a base price of Rs. 500,000 for each four digit short codes that is due to be auctioned by mid this year.The short codes will be auctioned to External Gateway Operators (EGO) through a secure purpose designed online interface.rn rnThe Telecommunications Regulatory Commission (TRC) on Monday called on interested […]
Impending Marriage
DFCC Bank said Monday it is talks with key institutions to acquire a commercial bank and an insurance company.A due diligence study on MERC Bank has got under way and DFCC is keen to acquire the small privately held commercial bank, subject to regulatory and other approvals.rn rnMERC Bank also has a foreign exchange licence. […]
A Time To Pay
HSBC, trustees to the Vaniks capital guaranteed debentures says investors will be repaid on April 29.Capital guarantors to the debenture USAID and Peoples Bank met their obligation of Rs.200 million by April 25.rn rnHSBC says Rs. 2.3mn in interest received for the money under its custody upto April 28 will also be distributed among the […]
Silver Bells
Wiping over US$ 30 million in debt clean off its accounts, Lanka Bell is now monitoring the communication lines, looking for a technical partnership that will take its services to the masses. Lanka Bell Managing Director, Joey Mendoza says the debt elimination programme, which saw its total debt wiped off its accounts earlier this week, […]
Cleaning House
The exercise to divest governments ownership in Peoples Bank is due to kick off in Sept and end in March next year. As part of its commitments to get the IMFs US$ 567 mn concessionary aid package, the government has pledged to commercialise the bank as a single entity or separated into viable sub-units through […]
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 […]