Category: Industry
‘s Keppel
Dec 07, 2012 (LBO) – Sri Lanka CT Holdings said Singapore’s Keppel group had completed the purchase of a 60 percent stake in a property unit which will build a seven billion rupee luxury apartment complex. . Keppel C T Developments (Private) Limited will build a 260-unit apartments in a 1.25 acre site at George […]
‘s exports slip 13.4-pct in October
Dec 06, 2012 (LBO) – Sri Lanka’s exports slipped 13. 4 percent to 770.4 million US dollars in October from a year earlier, with tea being hit by Middle East tensions with apparel falling amid weak demand, the Central Bank said. “Given the slowing down of global demand, exports of industrial exports continued to decline […]
SriLankan Airlines ups frequencies to Riyadh
Dec 06, 2012 (LBO) – State-run SriLankan Airlines said it has increased flights to Riyadh by three to five a week from December 13. “The Middle East is considered as one of the fastest growing regions in the world,” SriLankan Airline’s Head of Worldwide Sales, Lal Perera said in a statement. SriLankan now flies to […]
Foreign Savings
Dec 06, 2012 (LBO) – Sri Lanka’s non-bank lenders should borrow abroad using newly relaxed rules to help boost resources available for investment, Central Bank Governor Nivard Cabral said. “We would encourage you to access foreign funds, as well,” Cabraal told a forum of top finance company executives in Colombo this week. “Some of you […]
Road Tolls
Dec 06, 2012 (LBO) – A toll plaza at the entry of Sri Lanka’s first expressway to the island’s south which also connects to road circling the capital Colombo begins operations this week, the Japan International Corporation, which financed it said. The toll plaza at the Kottawa interchange of the Southern Expressway will have five […]
Sri Lanka Aviva unit purchase wrapped up by AIA
Dec 05, 2012 (LBO) – American International Assurance has completed the take-over of Sri Lanka’s Aviva NDB Insurance by purchasing an investment vehicle that held 87.2 percent of the firm and directly buying up another 5. 0 percent. AIA has paid 109 million US dollars to buy up Aviva NDB Holdings Lanka (Pvt) Ltd, whose […]
Loan Finance
Dec 05, 2012 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non bank lender is planning a 100 million US dollar syndicated loan to fund future expansion, officials said. Chief executive D P Kumarage said the lender was in talks with a Middle East based party to syndicate the loan, which […]
1000 League
Dec 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has been ranked among top 1,000 global banks by UK-based Banker magazine, the island’s largest lender said. Bank of Ceylon serves over ten million customers island wide and has a rating of ‘AA+(lka)’ from Fitch with a stable outlook. Chairman Gamini Wickramasinghe said in […]
Finance Consolidation
Dec 04, 2012 (LBO) – Sri Lanka will not issue new finance company licenses in the next two years but is urging weaker lenders to consolidate with larger stronger ones, Central Bank Governor Nivard Cabraal said. “The Monetary Board (the Central Bank’s decision-making body) has taken a decision not to give new license in the […]
‘s Galle Literary Festivals to skip 2013
Dec 03, 2012 (LBO) – Organizers of Sri Lanka’s Galle Literary Festival said it will return in 2014 with “a host of renowned writers, authors, historians, poets and biographers both global and local” after taking skipping 2013. “We wish to advise all friends of the Galle Literary Festival, that we have decided to take a […]
Data Centre
Dec 02, 2012 (LBO) – India’s Trimax IT Infrastructure Services Ltd will build a data centre in at Saki Knowledge and Technology Park in Hambantota in southern Sri Lanka. Sri Lanka’s investment promotion agency will give the firm a 12 year tax holiday. The Hambantota IT park is a state-sponsored venture in which around 100 […]
Sri Lanka Mackwoods Energy profits down 24-pct
Dec 02, 2012 (LBO) – Profits at Sri Lanka’s Mackwoods Energy, a hydropower company fell 24 percent in the six months ending September 2012, with flat revenues and higher operating expenses, interim accounts showed. Profits fell despite 20 million rupees in other income. The firm has 252 million rupees in short term investments. The firm […]