Category: Industry
‘s 10MW solar power plant commissioned, lead financing by DFCC
Dec 22, 2016 (LBO) – Sri Lanka’s first 10MW grid connected solar power project implemented by the private sector was commissioned on Wednesday, with DFCC Bank acting as lead financiers to the project. Promoted by Sagasolar Power (Pvt) Ltd, the utility-scale power project located in Buruthankanda, Hambantota is expected to add 19GWh of clean energy […]
Sri Lanka approves feasibility for 100MW solar park
Dec 21, 2016 (LBO) – Sri Lanka’s cabinet of ministers has approved a feasibility study for construction of a 100 megawatt solar park in Siyambalanduwa, Monaragala. “There is currently a global trend in generating electricity through renewable energy sources and a priority has been given to solar power,” the recently approved statement on cabinet decisions […]
Sri Lanka seeks Chinese loan for South expressway consultancy
Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project. The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]
Middle Eastern firm to repair Sri Lankan Airlines engines
Dec 20, 2016 (LBO) – TS&S Aerospace, a maintenance, repair and overhaul (MRO) provider for aircraft engines in the Middle East, has been selected by SriLankan Airlines to service the Trent 700 engine. The Rolls-Royce (R-R) Trent 700 is a three spool high bypass turbofan aircraft engine, commonly used in Airbus A330 and is the […]
‘s BoC to open subscription for Rs8 bn debenture
Dec 20, 2016 (LBO) – Sri Lanka’s state run Bank of Ceylon is opening the subscription list of its 8th listed Rupee debenture issue on 21st December 2016. Bank intends to utilize the proceeds of this issue to expand the loan book. During the first nine months of 2016 the loan book has grown by […]
Funds committed to fossil fuel divestment double in a year
Dec 20, 2016 (LBO) – The value of investment funds committed to selling off fossil fuel assets has doubled in just over a year, a new report states. The value of these funds doubled to 5.2 trillion dollars last year. The report, produced by Arabella investment advisors for the DivestInvest coalition, collated public pledges by […]
Sri Lanka PM cancels Seylan Bank foreign deal, orders probe: Finmin
Dec 19, 2016 (Reuters) – Sri Lankan Prime Minister Ranil Wickremesinghe has ordered a reversal and a probe into the 1.3 billion rupees ($8.7 million) Seylan Bank foreign deal as it failed to follow proper procedure, the country’s finance minister said on Monday. On Friday, 13 million shares or 7 percent stake in Seylan Bank […]
Colombo Stock Exchange lifts trading ban on Brac Lanka Finance
Dec 15, 2016 (LBO) – Sri Lanka’s securities watchdog, the Securities & Exchange Commission has instructed the Colombo Stock Exchange to lift the trading ban imposed on Brac Lanka Finance. The SEC earlier imposed a trading suspension on Brac Lanka Finance under section 246 of the Companies Act. The securities regulator thereafter specified a procedure […]
PUCSL warns of power shortages in Q1 2017
Dec 15, 2016 (LBO) – The Public Utilities Commission of Sri Lanka (PUCSL), the regulator of the state-run CEB, issued a warning after observing the risks in December that included only two of three generators at the Lakvijaya coal power plant being in working condition and possibility of inadequate rainfall. “Only two units of Lakvijaya Plant are […]
Central Bank approves Richard Pieris, Chilaw Finance amalgamation
Dec 14, 2016 (LBO) – Sri Lanka’s Central Bank has granted approval for the amalgamation of Clilaw Finance with Richard Pieris Finance, by taking over all the assets and liabilities of Clilaw Finance. Following the approval granted by the Central Bank on 05th December, the Board of Directors of Richard Pieris Finance has approved the […]
Uber completes one year in Colombo,Sri Lanka
Dec 14, 2016 (LBO) – Uber, the on-demand technology company has completed a year of operations in Colombo and are looking to hire more people to join their team as they expand operations in Sri Lanka. “When we launched Uber in Sri Lanka back in 2015, it was an exciting alternative to get around the city. […]