Category: Industry
Sri Lanka mulls listed state budget hotel firm
Sept 12, 2011 (LBO) – The Sri Lankan government plans to set up a listed company to manage ‘rest houses’, state-owned budget hotels often sited in scenic locations, according to its new tourism strategy. “Hence the government is currently looking at a few alternatives to facilitate domestic tourism.” It said it was considering “greater involvement” […]
State Support
Sept 12, 2011 (LBO) – Fitch Ratings Lanka has confirmed National Savings Bank’s (NSB) National Long-Term rating at ‘AAA(lka)’ with a stable outlook. “NSB’s rating reflects its full state ownership and importance to the government in terms of its stipulated policy role of mobilising retail savings and investing in government securities (GS),” a statement said. […]
Fresh Blood
Sept 12, 2011 (LBO) – Sri Lanka’s Millennium Information Technologies (MillenniumIT), a securities trading software specialist that is part of the London Stock Exchange group said it had appointed a new president and general manager. Amit Alok, takes over as president and general manager but will report to MilleniumIT founder Tony Weerasinghe who is now […]
Sri Lanka Daya Apparel to open factories in east
Sept 11, 2011 (LBO) – Sri Lanka’s Daya Apparel Export is setting up three factories in eastern Amparai district, part of the former war zone, with 20 production lines capable of exporting over 2. 4 million pieces of apparel a year. “The project will emphasize equitable employment opportunities for both women and men. ” The […]
‘s Maldives unit in IPO
Sept 10, 2011 (LBO) – Sri Lanka’s Amana Takaful, an insurer operating on Shariah islamic finance rules said its unit in the Maldives selling 800,000 shares to raise 16 million rufiyaa in an initial public offer. The offer would open on September 20. The firm would sell the shares at 20 rufiyaa each. Amana Takaful […]
Frozen ATPL
Sept 10, 2011 (LBO) – Sri Lanka’s Gateway Graduate School, is in talks with a UK based university to offer an air travel degree with pilot training targeting international students, an official said. The school is plans to offer a B. A Honors degree with a commerical pilots license. “Airlines are starting to ask for […]
Sri Lanka power utility battles monsoon failure
Sept 09, 2011 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board which has been badly hit by a failure of the island’s main monsoon is expecting about 6 billion rupees of losses in 2011, due to extra thermal generation. Peak Management Sri Lanka’s evening peak load is about 2,000MW now, without counting mini-hydro capacity. The […]
Rural Links
Sept 09, 2011 (LBO) – Cleveland Bridge UK has signed a 56 million US dollar contact with Sri Lanka’s Ministry of Economic Development to provide up to 210 bridges in rural locations island-wide including in the former north-east war zone. The project will be backed by the UK government’s Export Credit Guarantee Department (ECGD), the […]
Broadcast Business
Sep 08, 2011 (LBO) – Sri Lanka’s East West Properties has spent 49.3 million rupees to buy control of People’s Media Network which operates radio and television broadcasting stations. A stock exchange filing said East West Properties, controlled by businessman Nahil Wijesuriya, bought 4.9 million ordinary shares or a 51 percent stake in People’s Media […]
Electronic Transfer
Sep 07, 2011 (LBO) – Sri Lanka’s Commercial Bank is offering companies an electronic payment service for Employees’ Provident Fund (EPF) payments via its ˜Paymaster’ system. “Payments via Paymaster can be made by simply uploading a file to Commercial Bank’s web platform,” a statement said. “There are no limits to the number of transactions and […]
Sri Lanka, India US$500mn coal plant deal inked
Sept 06, 2011 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board and India’s National Thermal Power Corporation inked a deal to build a 500MegaWatt coal plant in the island’s northeast coast. The 50/50 joint venture will begin construction at Sampur in Trincomalee, in late 2012 and is expected to be commissioned in 2016, CEB chairman […]
Tele Sale
Sept 06, 2011 (LBO) – Suntel a wireless access unit of Sweden’s Telia will is being chased by at least two suitors, but Sri Lanka Telecom, the island’s largest telco said it was no longer interested in the firm. Lanka Bell, the other standalone wireless operator is however profitable due to its access to the […]