Category: Industry
Debut Bond
Apr 27, 2012 (LBO) – A successful 500 million US dollar bond sale by state-run Bank of Ceylon showed investor confidence and broadened access to international capital, chairman Gamini Wickramasinghe said. Bank of America Merrill Lynch, Citi and HSBC managed the bond. It was rated ‘B1’ by Moody’s and ‘BB-‘ by Fitch. The bond issuance […]
Good Start
April 27, 2012 (LBO) – Sri Lanka’s Seylan Bank March 2012 quarter net profit rose 69.3 percent from a year earlier to 644,047 million rupees, helped by less provisioning, accounts showed Friday. Group income grew 13.7 percent to 4.5 billion rupees for the March quarter over the corresponding period 2011. Net interest income grew at […]
Port Draw
Apr 27, 2012 (LBO) – Sri Lanka’s ports will be positioned as logistics hubs to help attract foreign investors for export-oriented industries to generate the cargo volumes needed to continue to lure big shipping lines, an official said. Sri Lanka Ports Authority chairman Priyath Wickrama said ports will provide warehousing and other services to offer […]
Skyline Address
April 26, 2012 (LBO) – Overseas Realty (Ceylon) PLC, owners of Sri Lanka’s iconic Twin Tower complex, has seen demand for its property grow, on the back of post-war economic sentiment, but warned a weak rupee was eroding earnings. The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial […]
Enterprise Award
Apr 26, 2012 (LBO) – HSBC bank and the British Council has launched an award scheme for young entrepreneurs in Sri Lanka targeting students in universities, private higher education institutions, vocational colleges and professional bodies. “Next generation entrepreneurs will drive Sri Lanka™s economy,” Tony Reilly country director British Council said. “It is no different in […]
‘s Pegasus Hotel raises funds to settle debt
April 26, 2012 (LBO) – Sri Lanka’s Pegasus Hotels of Ceylon PLC said Thursday it has raised 110.9 million rupees via a rights issue. The Carsons Group managed hotel, issued 3.04 million shares to existing shareholders at a proportion of one share for every nine shares at 36.50 rupees each, Pegasus said in a stock […]
Stable Outlook
April 26, 2012 (LBO) — Fitch Ratings Lanka on Thursday affirmed Multi Finance PLC’s national long-term rating at ‘B+(lka)’ with a stable outlook. The agency has also affirmed and withdrawn the ‘B(lka)’ rating on Multi Finances proposed subordinated debenture issue of up to 100 million rupees, as the issue did not proceed as previously envisaged. […]
Moving Biz
Apr 26, 2012 (LBO) – GAC International Moving, a division of a Dubai-based logistics group said it has opened a personalized packing and moving business in Sri Lanka, shortly after starting a similar service in India. “The demand for moving services by relocating executives is geared for growth, and the launch of GAC’s International Moving […]
Sri Lanka to get weather based agri-insurance: IFC
Apr 25, 2012 (LBO) – International Finance Corporation (IFC), a World Bank arm that finances private firms said it was developing weather-based agricultural insurance for Sri Lanka with a micro-insurer. IFC said it was helping Sri Lanka’s SANASA Insurance to develop ‘weather index insurance’ to reduce losses to farmers from floods or droughts. “These insurance […]
Growth Spurt
April 25, 2012 (LBO) – Demand for office space in the Sri Lanka’s capital Colombo is tipped to more than double over five years, led by information technology related firms and the financial sector, a property services specialist has said. The newly opened Sri Lanka unit of Jones Lang LaSalle, an international property services company […]
Sri Lanka lures another cruise line
Apr 25, 2012 (LBO) – Sri Lanka is getting more cruise ship calls after the end of its 30-year war with the latest being the vessel MV L’Austral operated by the French cruise line Compagnie du Ponant, a statement said. The cruise vessel, owned by CMA CGM, the third largest container shipping line, made her […]
Offshore Potential
April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]