Category: Industry
Aitken Spence acquires Waltrim Energy for Rs.900Mn
Aitken Spence PLC has acquired 100 percent of shares of Waltrim Energy Limited, a sub-subsidiary of Sunshine Holdings PLC, for a total consideration of 900 million rupees, a company statement said. The company in a stock exchange filing by Aitken Spence, Waltrim Energy operates three hydropower generation plants in Nuwara Eliya, with a total capacity […]
Optimism among Swedish companies doing business with Sri Lanka
Growth over the past five years, negative development in 2020 and optimism for 2021. These are some of the key takeaways from the Sweden-Sri Lanka Business Council’s membership survey for 2021. Among the members’ most prioritized issues are simplified visa rules to Sri Lanka and to Sweden, increased attention for Sri Lanka from the Swedish […]
LECO consumers to get interest for security deposits of electricity
The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator together with Lanka Electricity Company Private Limited (LECO) yesterday launched an interest pay scheme for security deposits of electricity for LECO consumers at the BMICH. Payment of interest on electricity consumer deposits is a benefit provided to the consumer under Section 28 of […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based consumer and healthcare company Hemas Holdings PLC’s National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook. The affirmation reflects the defensive nature of Hemas’ operating cash flows stemming from its pharmaceutical trading and manufacturing, and fast-moving consumer goods (FMCG) businesses, which account for more than 90% of the group’s […]
NEM Construction receives record consignment from Udeshi Group
UTRAX®, the construction equipment division of the Udeshi Group, has successfully completed the handover of the country’s single largest order of hydraulic excavators to date, in turn contributing significantly to Sri Lanka’s fast-expanding infrastructure development efforts. The island’s leading commercial and industrial equipment supplier and exclusive distributor of Sumitomo excavators in Sri Lanka, officially handed […]
Entry requirement for Sri Lankans lifted
Under the directive of President Gotabaya Rajapaksa, the Foreign Ministry reviewed the entry procedure today, 06 April 2021, as a measure of relief for prospective Lankan returnees. Under the new procedure, Sri Lankans, dual citizens who travel on Sri Lankan passports, spouses and unmarried children of Sri Lankans, who are foreigners, and Sri Lankan seafarers arriving by […]
From mine to market – showcasing Sri Lanka’s jewellery legacy to the world
The Sri Lanka Gem and Jewellery Association (SLGJA) hosted their second Key Person’s Forum for the industry recently, with the objective of facilitating the industry during this pandemic period and boosting overall tourism in collaboration with the Ministry of Tourism. The forum was conducted with Prasanna Ranatunga, State Minister of Tourism, Lohan Ratwatte, State Minister […]
Vidullanka to restructure operations; amalgamate its subsidiary Walagamba Balashakthi
Vidullanka PLC has resolved to amalgamate its fully owned subsidiary, Walagamba Balashakthi (Pvt) Limited with Vidullanka PLC, the company said in a stock exchange filing. The amalgamation is to be carried out without any consideration, and as per the provisions of section 242 (short form amalgamation) of the Company’s Act. Presently, Walagamba Balashakthi (Pvt) Limited […]
SANASA Development Bank to raise capital via a Secondary Public Offering
SANASA Development Bank has resolved to raise capital through the issuance of new Ordinary Voting Shares to the public via a Secondary Public Offering (SPO), the bank said in a stock exchange filing. The SPO under consideration constitutes of an invitation to the public, by way of a Prospectus, to subscribe up to Sixty Eight […]
CBB sets sights on enhanced SL-UK trade with British Chambers of Commerce
The Council for Business with Britain (CBB) is now a member of the British Chambers of Commerce and marked this collaboration with an open networking event. The virtual gathering titled ‘The Power of a Global Network’ gave CBB members and other businesses across Sri Lanka a platform to connect with over 50 Regional Chambers of […]
Veemansa Initiative webinar to discuss new developments at Colombo Port City
Asia’s newest landscape, the Colombo port city, is to be launched as a special economic zone under the aegis of the Colombo Port City Economic Commission. The scope, incentive structure and the institutional setup of this special economic zone which was gazetted recently will be the theme of the webinar of “Asia’s Newest Landscape” which […]
United States funds mobile app for Sri Lankan legal professionals
With support from the United States, the Colombo Law Society (CLS) recently launched a mobile application that provides members with access to online legal resources and court calendars. With court calendars and law reports at their fingertips, lawyers will be able to better serve the public. The mobile application was funded by the U.S. Government’s […]