Category: Industry
Bus Bailout
Jan 20, 2013 (LBO) – Sri Lanka Transport Board, a loss-making state bus utility has been given a 2.8 billion rupee bailout from tax payer money, the state information office said.In 2011 the SLTB had being given a 3.939 billion rupee subsidy on top of a 4.6 billion rupee cash handout the year earlier, according […]
Finance Rating
Jan 19, 2013 (LBO) – Sri Lanka’s Vallibel Finance Ltd has been rated ‘BB+’ with a stable outlook by RAM Ratings Lanka. “Vallibel’s ratings are moderated by the increasing trend in new non-performing loans (NPLs) in recent times, coupled with its unseasoned loan portfolio, given aggressive loan Growth,” RAM Ratings Lanka said. “The ratings are, […]
Car Trends
Jan 18, 2013 (LBO) – Sri Lanka’s new vehicle registrations fell 44.8 percent to 25,308 in December 2012, with new registrations of small Maruti and Suzuki cars down 64 percent and BMW cars up 161 percent, data compiled by JB Securities equities research shows.BMWs are believed to be imported on tax-slashed permits given to state […]
Latin Conquest
Jan 18, 2013 (LBO) – MilleniumIT, a Sri Lanka based unit of the London Stock Exchange group has struck a deal to provide trading and order routing technology to Peru’s Lima Stock Exchange. Peru will get Millennium Exchange softer and Millennium SOR smart order routing technology. “We are very conscious of the relevance of technology […]
Land Routes
Jan 18, 2013 (LBO) – Sri Lanka will build 37 major bridges on national roads with a loan from the Japan and major roads in Colombo will be re-built with another credit, information minister Keheliya Rambukwelle said.A bridge on the Nawala-Nugegoda road will also be reconstructed with the funds. Sri Lanka will borrow 12.38 billion […]
‘s NDB to finance micro hydros with ADB credit
Jan 17, 2013 (LBO) – Sri Lanka’s National Development Bank said it will use a 1.29 million US dollar credit line from the Asian Development Bank to re-start 19 micro hydro projects in tea and rubber plantations.NDB said it had entered into a partnership with Sri Lanka’s Sustainable Energy Authority and the government to participate […]
Sri Lanka capital power grid to be upgraded with Japan loan
Jan 17, 2013 (LBO) – Japan will provide 15.9 billion yen (23.91 billion rupees) loan to upgrade the power grid around Sri Lanka’s capital Colombo, information minister Keheliya Rambukwelle said.The Japan International Corporation will give 40 year loan at 0.3 percent with a 10 year grace period. The funds will be used to strengthen the […]
‘s The Kingsbury seeks shareholder nod to borrow more
Jan 17, 2013 (LBO) – Sri Lanka’s Hotel Services (Ceylon) Plc, has sought shareholder approval to increase borrowings after the cost of renovating its ‘The Kingsbury’ branded property escalated.Following design changes which required an additional 600 million rupees the cost escalated to 2.4 billion rupees. The renovation had also involved replacing its older mechanical and […]
Bus Purchase
Jan 17, 2013 (LBO) – Lanka Ashok Leyland, unit of Ashok Leyland has won a 700 million rupee contract to supply 200 buses to Sri Lanka’s state transport utility. Sri Lanka’s transport ministry will buy 200 buses from Lanka Ashok Leyland Plc, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved a proposal […]
Sri Lanka DSI group expands hydro investments
Jan 16, 2013 (LBO) – Sri Lanka’s DSI Holdings group, which has interests in footwear and rubber products, is investing 350 million rupees in a two Mega Watt mini-hydro plant, Fitch Ratings said.Earlier reports said that the total cost of the plant built by Werapitiya Hydro Power (Pvt) Ltd would be around 450 million rupees […]
‘s Edge Hotels and Resorts to start small luxury chain
Jan 16, 2013 (LBO) – Edge Hotels and Resorts, a new small luxury hotel chain has signed agreements to start two hotels, with four more planned, Sri Lanka’s state investment promotion agency said.Sri Lanka’s Board of Investment, which gives tax breaks to investors did not disclose any investment values for the hotels. The first property […]
New Chief
Jan 16, 2013 (LBO) – Razik Zarook a lawyer and a former chairman the Co-operative Wholesale Establishment, has assumed duties as chairman of state-run Bank of Ceylon, Sri Lanka’s largest commercial lender by assets.Zarook had enrolled in the Bar in 1969 and had run the CWE under then trade and shipping minister Lalith Athulathmudali, Bank […]