Category: Industry
Seylan LKR 10Bn Debenture Issue oversubscribed on opening day
Seylan Bank, announced that its recent LKR 10Bn Debenture issue was oversubscribed on its opening day, with applications for over 100 million debentures, signalling strong investor confidence. The Bank issued an initial LKR 5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. These debentures, priced at Rs. 100 each, have maturity […]
Ceylon Chamber hosts ADB consultation mission to strengthen agri-food value chains in Sri Lanka
As part of efforts to address the urgent need for reforms in Sri Lanka’s agriculture sector, the Ceylon Chamber hosted a consultation mission from the Asian Development Bank (ADB). The mission aims to prepare an investment project to bolster Sri Lanka’s agribusiness sector through targeted investments, technical support, and policy reforms. The Ceylon Chamber brought […]
Minister Sabry highlights SL’s progress on economic stabilization during visit to Singapore
During Foreign Minister Ali Sabry’s visit to Singapore recently he had a productive discussion with the Foreign Minister of Singapore on enhancing relations between both countries, recognizing shared opportunities and challenges. At the luncheon hosted by Singapore’s Foreign Minister, Sabry emphasized collaboration in areas of mutual interest including seeking assistance for capacity building for public […]
Star Garments Group expands to Togo to build its first overseas manufacturing facility
Star Garments Group (“Star”) announced its plan to build a large-scale apparel export manufacturing factory in Togo to boost the West African country’s textile and apparel capabilities, through a financing package that includes a USD 15 million loan by the International Finance Corporation (IFC), a member of the World Bank Group. The move marks Star’s […]
Hambantota International Port records High Growth in LPG operations in second quarter 2024
The Hambantota International Port’s (HIP) second quarter report on LPG operations records an increase of approximately 100% in volumes handled compared to 2023 numbers. Bunker volumes at the port have also increased considerably by almost 128%. Building on this success, HIP has expanded its services to accommodate diverse oil and gas operations, including LPG vessel […]
Downtown Duty-Free Mall at Port City Colombo geared up for opening as operators get BSI status
Port City Colombo announced that China Duty Free (CDF) and One World Duty Free (ODF) have been granted status as Businesses of Strategic Importance (BSI) by the Cabinet, according to an official Cabinet media statement released on 10th July 2024. This approval paves the way for the commencement of travel retail operations at the upcoming […]
Orient Finance PLC Welcomes Daniel Alphonsus as Independent Non-Executive Director
Orient Finance PLC, a member of the Janashakthi Group, announces the appointment of Daniel Alphonsus as an Independent Non-Executive Director to the Company’s Board of Directors, effective from 5th of July 2024. Daniel spearheads Daraz’s payments, financial services, and digital goods divisions across South Asia. In addition, he serves on multiple economic reform committees for […]
Sri Lanka seeks collaboration with Singapore Cyber Agency and Infocom Media Development Authority
Sri Lanka’s quest for enhanced cybersecurity and digital transformation received a positive response from Singapore during a high-level meeting on July 1st, 2024. Following discussions between Sri Lanka’s High Commissioner to Singapore Senarath Dissanayake and Singapore’s Minister for Communications and Information Josephine Teo, Singapore expressed willingness to explore avenues for collaboration. Minister Teo acknowledged Sri […]
Sri Lanka Clarifies Status of Continental Shelf Claim and Cobalt Exploration
The Sri Lankan Ministry of Foreign Affairs issued a statement addressing recent media reports concerning the country’s continental shelf claim and cobalt exploration efforts. The Ministry stated that recent media speculations about Sri Lanka ceding its rights are unfounded. Both matters are ongoing processes before separate UN bodies established by the UN Convention on the […]
ComBank Bangladesh operations receive ‘AAA’ credit rating by CRISL
Commercial Bank Bangladesh, the Bangladesh operation of Commercial Bank of Ceylon PLC, has received a ‘AAA’ (Triple A) Long Term credit rating from Credit Rating Information and Services Ltd (CRISL) for 2024, the 14 th consecutive year it has received the highest credit rating given to a financial institution in Bangladesh. Valid till June 2025, […]
SL’s IT and BPM sector urges reconsideration of tax measures affecting export services: SLASSCOM
In light of the recent communication regarding the removal of the exception on the export of services, we, the Sri Lanka Association of Software and Services Companies (SLASSCOM), the Federation of Information Technology Industry Sri Lanka (FITIS), the BCS Sri Lanka Section (BCS), and the Computer Society of Sri Lanka (CSSL) share our collective thoughts […]
Sri Lanka urged to tap sustainable bonds for economic and environmental progress: ADB
The Asian Development Bank (ADB) urged Sri Lanka to ramp up its growth efforts while tackling climate change challenges, emphasizing the potential of green bonds to meet the country’s financial needs. ADB Country Director Takafumi Kadono highlighted that public sector funding alone is insufficient for these efforts, making it essential to mobilize private financing through […]