Category: Industry
Holy Union
Union Bank hopes to issue preference shares to a consortium of new investors, as part of its efforts to re-capitalise.The consortium led by Sampath Bank plans to inject Rs. 600 mn to prop up Union Banks balance sheet.rn rnSampath will inject Rs. 150 mn, with the balance split between National Savings Bank and Singapore based […]
Crisscrossing Lanka
A network of highways is on the cards connecting Jaffna, Anuradhapura and Matara and with the commercial capital Colombo.The contract signing for the first of these the southern expressway linking Colombo with Matara took place recently.rnThe southern highway is partly funded by the Asian Development Bank.rn rnldblquote In addition there are other expressways proposed. One […]
What of IT?
Millennium Information Technologys client list was propped up with two new big accounts in 2002, but two other clients going bust contributed to a Rs. 605.31 mn loss for the year. The company also saw its distribution costs soar to Rs.419.65 mn from Rs. 57.00 mn in 2001, while administrative expenses shot up to Rs.316.95 […]
Bailout Plan
Vanik Inc., which has delayed payment on its listed debentures, says it is hoping to pay interest as soon as some planned debt collections come in.Vanik has also come up with a new restructuring plan, which they are hoping to present to their bankers.rn rnThe plan involves waiving off accumulated interest and releasing some of […]
Cruising South
The first phase of the Colombo-Matara Highway kicked off today with the contract handed over to Japanese based construction company, Kumagai-Gumi.The first phase of the four-year project is being entirely funded by the Asian Development Bank at a cost of Rs.8.6 bn.rn rnThe four-year project comes at a total cost of Rs. 21 bn, with […]
The Next G
Six licences to test and develop 3G cellular services are on offer, valid for one year for strictly non-commercial trial purposes. The Telecommunications Regulatory Commission (TRC) on Thursday sought entrepreneurs to test and develop third generation (3G) cellular services.rn rnTRC Assistant Director H.W.K. Indrajith told Lanka Business Online that the licences would not be restricted […]
Gambling Ethics
The National Lotteries Board, in its 40th year hopes to promote responsible spending and restrictions selling and employing children under 16. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs.6.2 billion at the end of […]
Traffic Patrol
Consultants appointed to study Sri Lankas frequency spectrum commenced work in December 2002 and are expected to submit the final report before May 2003. D.J Associates, the consultants appointed for the task will look at the countrys spectrum management mechanism and propose strategies to better utilise the scarce resource, while also recommending policies and third […]
Cashing In
Coming through a battering last year, all signs are that tourists are flocking back with arrivals shooting up a massive 86 percent in the third quarter 2002, over last year.The recovery is however on the back of a very weak base last year that saw arrivals crippled after September 11 and the attack on the […]
Next Halt
The last day to submit expressions of interest for the 39 percent stake in the remaining seven bus companies have been put off till January 10, 2003. The original deadline was set for December 20, 2002.rn rnPublic Enterprise Reform Commission (PERC) Director General Deepal Guneratne told Lanka Business Online that three parties had shown interest […]
Desperate Plea
Pramuka Banks depositors association on Monday appealed to President Chandrika Kumaratunga to intervene and re-open the failed bank.Members walked up to the Presidents House to hand over the letter but were unsuccessful as the President was not in.rn rnPresident of the association Palitha Gamage says the Central Bank should take full responsibility for the failure […]
Booking Profits
Hatton National Bank on Monday sold part of its controversial stake in Sampath Bank through a private transfer on the Colombo Stock Exchange.The 19 percent parcel was disposed at Rs.80 per share or at Rs. 680 mn. The sellers were HNB (4.1 mn), HNB EPF (2.2 mn) and Smart Development (2.08 mn).rn rnAnother 10 percent […]