Category: Industry
Sri Lanka expects renewal of lapsed US trade benefits
Jan 07, 2011 (LBO) – A United States trade facility allowing duty free Sri Lankan exports that lapsed is likely to be renewed with retroactive effect as has happened in the past, officials said. The US Congress has not renewed the Generalized System of Preferences (GSP) program before its conclusion of business and therefore GSP […]
Fresh Capital
Jan 07, 2011 (LBO) – The Colombo Stock Exchange has approved an application by The Finance Company, a troubled financed firm that is recovering after a run, for a public share issue to raise 1. 6 billion rupees for fresh capital, a statement said. The firm will issue 40 million ordinary voting shares at 40 […]
Close Eye
Jan 07, 2011 (LBO) – Sri Lanka’s central bank will keep a closer eye on conglomerates with interest in banks and finance companies, governor Nivard Cabraal said. Financial institutions connected to diversified conglomerates can have greater risks, requiring higher degree of supervision, he said in a speech on the central bank’s monetary policy for 2011. […]
Port Prospects
Jan 07, 2011 (LBO) – The Sri Lanka Ports Authority (SLPA) plans to invite investors to make proposals for investments in the eastern port of Trincomalee where large tracts of land are available by March, its chairman Priyath Wickrama said. The port has a cement plant and flour mill. “In the future we will not […]
Fund Appeal
Jan 06, 2011 (LBO) – Bidding for NAMAL, a unit trust management company owned by Sri Lanka’s Distilleries group, is still open and at the preferred bidder stage, a stock exchange filing said. Distilleries group controlled by tycoon Harry Jayawardena has put up a 70 percent stake of NAMAL for sale along with 100 percent […]
Bunker Business
Jan 06, 2011 (LBO) – The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May, its chairman Priyath Wickrama said. Bunkering is seen as a lucrative business given the heavy ship traffic around the island. A tank farm with a capacity of […]
Highway Travel
Jan 06, 2011 (LBO) – An expressway linking the Sri Lankan capital Colombo to the south is nearing completion with one section expected to be open to the public by June this year, a statement said. Work on roads near three cricket World Cup venues is also being expedited to cater to the large numbers […]
Sri Lanka gas distributor invests Rs500mn in mini-hydro
Jan 06, 2011 (LBO) – Sri Lankan liquid petroleum gas distributor Laugfs Gas plans to invest 500 million rupees in a mini-hydro power project, a stock exchange filing said. The project will be done by a fully-owned company subsidiary called Laugfs Power and will be its first mini-hydro power project. Construction work on the Ranmudu […]
Medical Market
Jan 06, 2011 (LBO) – Sri Lanka’s E-Channelling, a listed dotcom that enables patients to make appointments with doctors over the internet, has struck a deal to enter the Maldives and a wider market with Qatar Telecom, a statement said. Wataniya Telecom is owned by Qatar Telecom (QTel) which has 58 million subscribers in 17 […]
Fuel Opportunity
Jan 05, 2011 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp. , plans to invest in expanding its distribution network this year after seeing sales grow last year with an economic recovery after the end of a war, a statement said. We are proud to head the prestigious LMD 50 ranking […]
Cutting Gas
Jan 05, 2011 (LBO) – Sri Lankan liquid petroleum gas distributor Laugfs Gas has struck a deal with India’s Bharat Petroleum Corporation (BPCL) to sell metal cutting gas in the island, a stock exchange filing said. The statement claimed the new product is an economical and safer metal cutting gas substitute for acetylene. The new […]
Sri Lanka East West Properties eyes leisure investments with rights issue
Jan 05, 2011 (LBO) – Sri Lanka’s East West Properties plans to make a rights issue to raise funds to invest in the booming tourism industry and for working capital for ongoing projects, a stock exchange filing said. “The purpose of the rights is to provide working capital for the ongoing funding of East West […]