Category: Industry
Sri Lanka Tanzania Investment Chamber launched in Dar es Salaam
Aug 11, 2016 (LBO) – Sri Lanka and Tanzania look set to expand business and investment promotion between the two countries with the launch of the Sri Lanka Tanzania Investment Chamber in Dar es Salaam, Tanzania last week. The chamber was inaugurated by Minister of Tourism Development, Christian Religious Affairs and Lands, John Amaratunga. “With […]
Sri Lanka’s Distilleries June net up 10-pct with beverage revenues
Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed. In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent […]
Sri Lanka’s Financial City to build client deposit base 10-pct of GDP
Aug 10, 2016 (LBO) – Sri Lanka’s proposed Financial City aims to attract a client deposit base worth 10 percent of the island’s GDP within a period of 5 years, a cabinet approved proposal said. Cabinet Spokesman Rajitha Senaratne said it has also been decided to commence the initial operations of the Financial City after […]
No more aircraft for Sri Lankan; reports not submitted: COPE
Aug, 10, 2016 (LBO) – The Committee on Public Enterprises (COPE) of Sri Lanka’s parliament has recommended that SriLankan airlines officials not to go ahead with the purchase of new aircraft while also calling them to submit several other reports on irregularities. “The transaction of purchasing new aircrafts without conducting a cost basis analysis should […]
Sri Lanka’s Hela Clothing joins IFC’s trade supplier finance program
Aug 10, 2016 (LBO) – IFC, a member of the World Bank Group, has partnered with leading local apparel manufacturer Hela Clothing (Pvt) Limited to boost trade opportunities for Sri Lanka’s apparel industry through a trade-supplier finance facility. Hela Clothing is the latest apparel company in Sri Lanka to join IFC’s Global Trade-Supplier Finance program. […]
Mackwoods says Agalawatte share sale had shareholder approval
Aug 09, 2016 (LBO) – Sri Lanka’s Mackwoods Plantations (Private) Limited says the recent share sale of Agalawatte Plantations had been unanimously approved by the shareholders of the company. In a stock exchange filing, Agalawatte Plantations said they have been notified that all the shareholders of Mackwoods Plantations (Private) Limited unanimously approved and executed an […]
Expolanka Holdings top line grows 7 pct in June quarter
Aug 09, 2016 (LBO) – Expolanka Holdings, which operates in areas including logistics and leisure, said it recorded seven percent growth in revenue to 14.96 billion rupees in the June quarter, which was a resilient performance amidst challenges. With its strategic shift towards growth sectors in logistics and leisure, operating profit increased 20 percent to […]
Sri Lanka needs to accelerate broadband development: Harin
Aug 09, 2016 (LBO) – Sri Lanka’s government says that as the island embarks on a journey of transformation to become a digitally enabled and empowered society, the importance of having a robust fixed-broadband base to build upon is critical. “We strongly believe that this is indeed the ripe time to accelerate broadband development in […]
Sri Lanka’s Dialog Axiata net up 20-pct in June quarter
Aug 08, 2016 (LBO) – Profits at Sri Lanka’s Dialog Axiata group, which has interests in mobile, fixed and pay television rose 20 percent to 2.3 billion rupees from a year earlier in the June quarter, interim accounts showed. The group reported earnings of 28 cents per share for the quarter compared to 23 cents […]
‘t make it to semis at Rio Olympics
Aug 08, 2016 (LBO) – Sri Lankan swimmer Kimiko Raheem failed to make it to the semifinals of the Women’s 100m backstroke on Sunday. Raheem timed 1:04.21 in heats (28th) behind Kathleen Baker (U.S.) 58.84 seconds, Emily Seebohm (Australia) 58.99, Kylie Masse (Canada) 59.07 who led the timings. The Sri Lankan star swimmer won the […]
Deadline for EOIs for SriLankan, Mihin extended
Aug 08, 2016 (LBO) – The deadline for EOIs for the ‘Reorientation’ of SriLankan Airlines and Mihin Lanka have been extended by a week until August 31, a statement said. NSB Fund Management, a unit of state-owned National Savings Bank, is the lead manager, while BNP Paribas and KPMG are financial and transaction advisors in […]
PUCSL says gaps in new CEB generation plan, 300MW LNG approved
Aug 08, 2016 (LBO) – Sri Lanka’s power regulator Public Utilities Commission (PUCSL) has not given the full nod for the Ceylon Electricity Board’s (CEB) base case generation plan saying it has not addressed all the original concerns raised, the Commission said in a letter to the CEB. “The Commission is of the view that […]