Category: Industry
Sri Lanka apparel firm to trade from June 29
June 28, 2011 (LBO) – Orient Garments, Sri Lanka’s firm apparel manufacture to be listed on the Colombo Stock Exchange will be offered for trading from June 29, at an introductory price of 23 rupees. Orient Garments had posted revenues of 2. 8 billion rupees in the year to March 2011 with profits of 125. […]
Sri Lanka airline catering unit listing shelved
June 28, 2011 (LBO) – A plan to take public SriLankan Catering, a wholly owned unit of Sri Lanka’s state-run national carrier has been shelved amid a flood of private sector initial offers, Treasury secretary P B Jayasundera said. Several Sri Lankan private sector firms have raised money from capital markets in recent weeks. “Now […]
Sri Lanka air taxi on honeymoon flight
June 28, 2011 (LBO) – SriLankan Air Taxi, a floatplane service operated by Sri Lanka’s state-run national carrier has carried its first honeymoon couple to a hotel in the South of the island. “It was a fantastic ride and we both enjoyed the breathtaking scenery on a clear sunny day and above all being up […]
Off Line
June 28, 2011 (LBO) – Sri Lanka’s logistics industry has warned that lengthy delays in automating cargo clearing procedures were eroding the island’s competitiveness as it seeks to position itself as a cargo hub. “It now takes too much time and money to get things done. We must look at ways and means of improving […]
Tele Affordability
June 27, 2011 (LBO) – Sri Lanka is among the top three countries in the world to see a sharp increase in telecom services affordability, a study by the International Telecommunications Union, a UN affiliated body has shown. ITU’s 2010 ICT Price Basket, measures the change in costs of mobile, fixed and fixed broadband services […]
‘s Jetwing plans Rs5bn equity raising: report
June 27, 2011 (LBO) – Sri Lanka’s Jetwing Leisure group plans a raise 5. 0 billion rupees for expansion through a private placement and an initial public offer, as tourist arrival rise after a war, officials and reports said. It also runs Vil Uyana in Sigiriya and Hunas Falls in off Kandy in the central […]
Stringent Standards
June 27, 2011 (LBO) – RAM Ratings Lanka has reaffirmed the Construction Guarantee Fund’s (CGF) long- and short-term financial enhancement ratings at BBB+ and P2 with the long-term rating having a stable outlook. “The ratings are supported by the Fund’s very strong capitalisation and stringent underwriting standards, as well as the expected financial support from […]
Asset Quality
June 27, 2011 (LBO) – Fitch Ratings Lanka has confirmed Sinhaputhra Finance’s (SFL) national long-term rating at ‘B(lka)’ with a negative outlook. The confirmation reflects the latest improvement in SFL’s credit risk management practices and the subsequent “stabilisation” in its asset quality, although the latter still remains weaker than its peers’ average, a statement said. […]
Sri Lanka slashes budget for Australia visit
June 26, 2011 (AFP) – Sri Lanka’s cash-strapped cricket administration has slashed the budget for Australia’s tour, the island’s sports minister said Sunday, stressing security would not be compromised. Australia are due to play three Tests, five one-day matches and two Twenty20 games during their August 6 to September 20 tour of Sri Lanka. “We […]
Sri Lanka league to go ahead without India
June 26, 2011 (AFP) – Sri Lanka Cricket will push ahead with its inaugural premier league with Australian and Pakistani players, despite a no-show by Indian stars, the island’s sports minister said Sunday. “We will lose a bit of money because Indian players are not coming but the tournament will be played as planned,” Mahindananda […]
Sri Lanka seen luring back apparel buyers
June 27, 2011 (LBO) – Sri Lanka has begun luring back foreign apparel buyers who shifted to other Asian producers following the global economic crisis after they failed to meet buyer expectations, an exporter has said. It has five garment manufacturing plants with almost 1,500 direct sewing machines, two embroidery units with 105 embroidery sewing […]
Sri Lanka consolidating knit fabric niche
June 27, 2011 (LBO) – Sri Lanka is fast becoming a niche producer of knitwear with the with finished products exports growing faster than those with woven cloth, partly due to the country’s specialization in intimate apparel, officials said. Omar says Textured Jersey could catch a part of the market, which is about three times […]