Category: Industry
Lotus Renewables buys Hatton Plantations (HPL) in Rs1bn deal
May 28, 2019 (LBO) – Lotus Renewable Energy Group (LREG) has bought control of Colombo Stock Exchange (CSE) listed Hatton Plantations (HPL) in a Rs1bn stock market deal. LREG has purchased controlling interest in HPL for just over LKR 1bn at Rs8.3/share. They will be making a mandatory offer for the remaining outstanding shares at […]
Sri Lanka Tourism Alliance launches #LoveSriLanka initiative
May 28, 2019 (LBO) – In the wake of the Easter Sunday outrage, several hoteliers came together to form the Sri Lanka Tourism Alliance, launching its #LoveSriLanka initiative. The Alliance’s main focus is the creation of an enabling online platform & community to promote & support Sri Lanka’s return to the norms of island life, […]
Sri Lanka JKH revenue up 12-pct: EBITDA down 11-pct
May 28, 2019 (LBO) – Sri Lanka’s John Keells Group’s revenue increased by 12 percent to 135.46 billion rupees while recurring earnings before interest expense, tax, depreciation and amortisation (EBITDA) decreased by 11 percent to 25.67 billion rupees, for the financial year 2018/19. Company’s Chairman, Krishan Balendra said in his review, “The decline in recurring […]
Safety of all passengers onboard is our highest priority: SriLankan Airlines
Statement from SriLankan Airlines Colombo May 27, 2019: SriLankan Airlines wishes to clarify and place on record certain facts with regard to a Social Media post that is currently being circulated on all mainstream social media; made by a SriLankan Airlines’ passenger on UL 605 from Melbourne to Colombo operated on the 23rd of May […]
BOI & Hutchison Lanka signs deal to set up warehouse facility to strengthen telco infrastructure
May 27, 2019 (LBO) – Sri Lanka’s Board of Investment on Monday said they signed a supplementary Agreement with Hutchison Telecommunications Lanka to permit the enterprise to set up a warehouse facility to be used for storage at Diyabula Estate, Wattala. The Agreement was signed on behalf of the BOI by Mangala Yapa, Chairman of […]
Sri Lanka to retain 51-pct stake in new Terminal Operations Company of East Container Terminal: SLPA
May 27, 2019 (LBO) – Sri Lanka Ports Authority (SLPA) says the proposed Terminal Operations Company (TOC) that conducts all East Container Terminal operations of the Colombo Port is a jointly owned company with Sri Lanka retaining a 51 percent stake, and the joint venture partners purchasing a 49 percent stake. The Sri Lanka Ports […]
Sri Lanka vehicle registrations down in Apr 2019
May 27, 2019 (LBO) – Sri Lanka’s vehicle registrations were down in almost every category in April due to the New Year and Easter holidays and subsequent turmoil in the country post Easter Sunday bombings, a new report shows. Total motor cars recorded 2,120 units in April down from 2,961 units in March and significantly […]
“Warak Wati Dewarak Nagi Siti Sinhayan Api” Sri Lanka Cricket launches World Cup theme song
Sri Lanka Cricket, under the auspices of the Ministry of Sports and Hon. Minister Harin Fernando – Minister of Telecommunication, Foreign Employment and Sports, launched “Warak Wati Dewarak Nagi Siti Sinhayan Api”, a song to rally the country behind the team with the essence of ‘ONE TEAM ONE NATION’ as they prepare to participate in […]
Colombo Port container volumes up by 9.1-pct in April 2019
May 26, 2019 (LBO) – Colombo Port’s container volumes indicate a 9.1 percent increase in the month of April compared to the same period last year. Together with the Jaya Container Terminal (JCT), South Asia Gateway Terminal (SAGT) and the Colombo International Container Terminal (CICT), the Port of Colombo’s cumulative volume has been increased by […]
China quick to relax travel advisory for Sri Lanka
May 25, 2019 (LBO) – China has relaxed its travel advisory to Sri Lanka with language that says: ‘be cautious’ as opposed to language that says ‘do not travel.’ The total number of foreign arrivals from China to Sri Lanka are only behind India ,and have been relatively steady at over 265,000 for the past […]
Korea Eximbank to conduct feasibility study to establish land information service system
May 24, 2019 (LBO) – Recognizing the importance of efficient land management and its contribution to the economy, the Korea Eximbank is financing a comprehensive feasibility study to establish a Land Data Infrastructure (LDI) and Land Information Service System (LISS) in Sri Lanka as a grant under its technical assistance scheme. The Export-Import Bank of […]
Advocata supports recommendations from experts on restructuring of SriLankan
May 24, 2019 (LBO) – During the ten year period when the management of SriLankan Airlines was under Emirates, the airline enjoyed a decade of profits. This is in stark contrast to the period of 2009-2017, when SriLankan Airlines was under state management, and accumulated losses of Rs. 148,707 mn. The restructuring is critical as […]