Category: Industry
‘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 […]
Credit Trend
Jan 15, 2013 (LBO) – Sri Lanka’s commercial banks loaned 24.1 billion rupees to business in November 2012, with the state also borrowing another 18.8 billion rupees, official data showed. A balance of payments crisis is triggered in the monetary system by injecting large volumes of central bank credit (printed money) in the banking system […]
Eastern Expansion
Jan 15, 2013 (LBO) – Sri Lanka’s Amana Bank, which operates on Islamic financial principles said it has expanded its branches in the Eastern province, a former war zone to six.The new branch was opened in Nintavur, adding to Kattankudy, Kalmunai, Oddamavadi, Sammanthurai and Akkaraipattu. “We want to have a strong presence in the Eastern […]
Sri Lanka start-up in medical tourism bid with Durdans
Jan 11, 2013 (LBO) – Healing Journey, a leisure sector start-up is offering medical tourism services as Sri Lanka attracts more foreign visitors after the end of a 30-year civil war, officials said.Ceylon Tours managing director Suren Ediriweera says competition from India is high but medical tourists going to India can usually only visit one […]
Sri Lanka online tour firm launches Bawa architectural tour
Jan 11, 2013 (LBO) – Trekurious, a Sri Lankan online travel firm has launched a niche architectural tour involving famed Asian architect Geoffrey Bawa and his legacy of ‘Tropical Modernism’ style. “Channa, of course, is the perfect person to host this tour, having worked closely with Bawa himself and being a highly accomplished and lauded […]
Guiding Hand
Jan 10, 2013 (LBO) – Sri Lanka’s EDEX 2013 exposition will showcase career and further education opportunities for school leavers with over 350 employers and educational institutes exhibiting, officials said.The exhibition will be held from18 to 20 January in Colombo 25 to 26 January in Kandy. The exhibition will have over 200 foreign universities from […]
Port Costs
Jan 10, 2013 (LBO) – Sri Lanka will borrow 960 million Yuan (153 million US dollars) from China for additional costs to build a port in Hambantota, information minister Keheliya Rambukwelle said.The money will be used for “ancillary works” and the purchase of equipment in the first phase of the project. The first phase of […]
Collaborative Net
Jan 09, 2013 (LBO) – Sri Lanka’s MAS Holdings has adopted a system provided by MillenniumIT and Dialog Axiata for internal communications for its plants and design centres in 41 locations in 10 countries. MillenniumIT, a unit of the London Stock Exchange group said the Microsoft Lync Server based system hosted by Dialog will allow […]