Category: Industry
Sri Lanka Amana Bank seeks foreign investors for capital enhancement
Dec 30, 2016 (LBO) – Sri Lanka’s Amana Bank today said its director board is currently in discussions with prospective foreign investors to enhance their capital in line with Central Bank requirements. The budget 2017 proposed to increase the minimum core capital level from the current 10 billion to 20 billion rupees for all licensed […]
‘s share of Chinese FDI going into Asia low: policy paper
Dec 30, 2016 (LBO) – Sri Lanka, which runs a trade deficit with China, should aim to increase the island’s share of Chinese FDI going into Asia, a policy paper by the Lakshaman Kadirgamar Institute says. The paper argues that Sri Lanka’s relatively low rank among China’s economic partners challenges some claims about China’s contributions […]
Sri Lanka’s Abans Finance to raise capital with Rs277mn rights issue
Dec 28, 2016 (LBO) – Sri Lanka’s finance sector player, Abans Finance, is to raise 277.34 million rupees by way of a rights issue, the company said in a stock exchange filing. The company has obtained the Central Bank approval in compliance with Finance Companies (Structural Changes) Direction No. 01 of 2013 by their letter […]
PUCSL recommends steps for power shortages in 1Q 2017
Dec 27, 2016 (LBO) – Sri Lanka’s electricity regulator, Public Utilities Commission has made several recommendations for the CEB to mitigate the impact of power shortage during the period from January to April 2017. PUCSL said successive failure of monsoons has caused very low hydro reservoir storage (less than 500 GWh) and the Commission is […]
Businessman Dhammika Perera buys Beach Resorts for Rs330mn
Dec 27, 2016 (LBO) – Sri Lankan business tycoon Dhammika Perera has bought control of Beach Resorts limited for 330 million rupees, Amaya Leisure said. The Board of Directors of Amaya Leisure announced to the Colombo Stock Exchange that it has taken a decision to divest its entire shareholding in The Beach Resorts Ltd, a […]
Sri Lanka’s JVP demands President reveals Hambantota port agreement
Dec 27, 2016 (LBO) – Sri Lanka’s Marxist JVP today insisted the President should reveal the Hambantota port agreement to the country before signing the agreement with China. Writing a letter to the President, JVP Parliamentarian and COPE Chairman Sunil Handunnetti said their party is strongly against what they called ‘selling’ the port which is […]
Sri Lanka Hayleys eyes 55-floor Twin Tower development project
Dec 27, 2016 (LBO) – Sri Lanka’s diversified Hayleys has approved in principle a property development project in Colombo for commercial office space. The venture would see the construction of “A” Grade Twin Towers, with 55 floors each, having a total floor area of 3.8 million square feet of space. The Board of Directors of […]
Sri Lanka’s Fortress Resorts to build Rs2.1bn 5-star hotel in Weligama
Dec 27, 2016 (LBO) – Sri Lanka’s Fortress Resorts through its fully owned subsidiary La Forteresse private limited has made an initial investment of 364 million rupees to set up a five Star Hotel in Weligama. The hotel project is undertaken by Alila Hotels & Resorts private limited owned by La Forteresse at an estimated […]
Vehicle registrations edge higher in November: JB Securities
Dec 26, 2016 (LBO) – Sri Lanka vehicle registrations edged higher in November compared with October, on most categories, likely driven by pre-budget demand, JB Securities said in a research note. Three-wheelers and hybrids showed higher registrations, while one Rolls Royce Wraith was registered in the luxury car segment. But vehicle registrations were down sharply […]
Brac Lanka Finance to raise capital with Rs1.32bn rights issue
Dec 23, 2016 (LBO) – Sri Lanka’s finance firm, Brac Lanka Finance is to raise 1.32 billion rupees by way of a rights issue, the company said in a stock exchange filing. Following Central Bank approval, the Directors of Brac Lanka resolved by circular resolution dated 21 December 2016 to increase the capital by way […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Asia stocks pressured by Wall Street, dollar holds below 14-yr peak
SINGAPORE, Dec 23 (Reuters) – Asian stocks stepped back in subdued trade on Friday as Wall Street took a breather from its relentless rise since the U.S. election, while the dollar hovered below the 14-year high set earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a five-month low […]