Category: Industry
Sri Lanka’s Agalawatte employees agree to work with Browns
July 26, 2016 (LBO) – The Joint Employees’ Union for the Protection of Agalawatte Plantations has agreed to work with Browns who purchased 60 percent of Agalawatte shares from Mackwood Plantations. The union’s convener Lakshman Kumara told LBO that their main issue of job security has been taken care of during today’s discussions with Browns […]
Textured Jersey profit up 63 pct, eyes growth from acquisitions
July 26, 2016 (LBO) – Textured Jersey, a leading knitted fabric company, said profits after tax grew by 63 percent to reach 2.2 billion rupees in the year to March, with the company looking forward to growth from its recent acquisitions. Turnover grew by 30 percent over the previous year to reach 17.8 billion rupees, […]
Mandatory offer by Brown to purchase Eden Hotels expires
Jul 26, 2016 (LBO) – The mandatory offer made by Browns Hotels and resorts to purchase all the remaining ordinary shares of Eden Hotel Lanka has expired as of 22 July 2016, a statement said. The Colombo Stock Exchange said in a filing that further to the mandatory offer made by Brown Hotels and Resorts to […]
New Sales head at Altair
Indocean Developers, the promoter of the Altair twin tower high rise, has announced the appointment effective 15th July, of Jay Dias as Head of Sales and Marketing. Mr. Dias was till recently Head of Sales for City Hotels at Cinnamon Hotels & Resorts and was previously the Director Sales & Marketing at the John Keells […]
Maga Engineering to rehabilitate rural roads at Rs13.2bn
Jul 26, 2016 (LBO) – Sri Lanka’s construction firm Maga Engineering was recently awarded the contract to rehabilitate and improve rural roads in four districts of Sri Lanka, the company said. The project is formulated and financed by the Asian Development Bank and implemented by the Road Development Authority under the Integrated Road Investment Program […]
Commercial Bank in World’s Top 1000 Banks
The Commercial Bank of Ceylon PLC hasbecome the only Sri Lankan bank to be ranked among the Top 1000 Banks of the World for the sixth year running, setting yet another benchmark for consistency. This prestigious ranking is published annually by ‘The Banker’ magazine of the UK, and the 2016 list is based on the […]
Major natural gas reserve found in Indian Ocean: USGS
July 26, 2017 (LBO) – The U.S. Geological Survey (USGS) says it has assisted the Government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. “Advances like the Bay of Bengal discovery will help unlock the global energy resource potential of gas hydrates as well […]
Sri Lanka to accelerate issue of licenses for micro finance
July 25, 2016 (LBO) – Sri Lanka’s Cabinet Committee on Economic Management has decided to accelerate the license issuing process for Micro Finance Institutions (MFIs). Though the recently passed Micro Finance Act gives a grace period for NGO’s to obtain a license, the committee has decided to issue licenses well before the grace period lapses. […]
Sri Lanka’s LAUGFS to resume LPG purchases from Iran
July 25, 2016 (LBO) – Sri Lanka’s listed LAUGFS Holdings says the company is planning to resume import of liquefied petroleum gas (LPG) from Iran. Speaking to Iran’s petroenergy information network on the sidelines of a Ministerial meeting between two countries oil Ministers, LAUGFS Managing Director W.K.H. Wegapitiya has expressed satisfaction over the removal of […]
Sri Lanka to resume Iran oil imports; USD251mn oil debt to Iran
July 25, 2016 (LBO) – Sri Lanka is planning to resume oil imports from Iran following the removal of anti-Tehran sanctions, Iran’s petroenergy information network reported. The network said following a meeting with Iranian Petroleum Minister in his Tehran office on Sunday, Sri Lanka’s Petroleum Minister Chandima Weerakkody has expressed hope that Colombo will resume […]
Sri Lanka’s NDB cancels EGM on concerns over required votes
July 25, 2016 (LBO) – Sri Lanka’s National Development Bank has cancelled its scheduled extraordinary general meeting on fears that it may not obtain the required number of votes at the meeting. The scheduled EGM was convened by the Directors of NDB for the purpose of obtaining approval of the shareholders to amend Articles 36 […]
”s Holcim for USD400 Mln
July 25, 2016 (LBO) – Thailand’s Siam City Cement Public Company Limited will proceed with an acquisition of 98.95 percent shares in Holcim (Lanka) Limited, including its subsidiaries from cement giant LafargeHolcim. LafargeHolcim said in a statement that the enterprise value of sale was 400 million dollars. In a Thailand Stock Exchange filing, Siam City […]