Category: Industry
Loan Conversion
Apr 03, 2010 (LBO) – Sri Lankan glass maker, Piramal Glass Ceylon, a Sr has converted more than half of its long term rupee debt to dollar loans to cut finance costs, a senior official said. “We have recently in the last quarter converted our (rupee) loans to foreign currency loans,” Sanjay Tiwari, chief executive […]
Sri Lanka apparel exporter gets ready for carbon footprint rules
Apr 02, 2010 (LBO) – Sri Lankan apparel exporter Brandix said it is investing more to cut energy costs and carbon emissions and comply with anticipated laws in key markets requiring disclosure of carbon footprints of products. The group, which has invested four million US dollars on the initiative, said it has already reduced its […]
Software Raid
Apr 01, 2010 (LBO) – Sri Lanka’s police have raided a company suspected to be using pirated and unlicensed software, the Business Software Alliance (BSA) which represents software firms said. The company is suspected to be infringing the intellectual property rights of BSA members, Adobe, Autodesk and Microsoft, it said in a statement. The raids […]
South Health
Apr 01, 2010 (LBO) – Sri Lanka’s Asiri Hospital had bought a 40-bed hospital in the island’s southern Matara area for 160 million rupees, the firm said in a stock exchange filing. Matara Medi House (Pvt) Ltd is build on a 241 block of land in the Matara town. The firm said the purchase was […]
Wealth Product
Apr 01, 2010 (LBO) – Sri Lanka’s NDB Aviva Wealth Management, a unit of listed NDB Bank and UK based Aviva Insurance says it is planning to go retail riding on easy to understand products distributed through the group. The firm manages 29 billion rupees worth of assets belonging to 80 large portfolios including the […]
State Bank
Apr 01, 2010 (LBO) – Sri Lanka’s state-run People’s Bank group’s net profit rose 21. 8 percent to 4.1 billion rupees in 2009 from a year earlier, helped by stronger margins despite higher provisions, annual accounts showed. Group gross loans and advances rose to 334 billion rupees from 294 billion rupees a year earlier. Non […]
Trade Hub
April 01, 2010 (LBO) – Chinese port operator China Merchants Holdings (International) has said it expects a breakthrough in talks to build a new container terminal in Sri Lanka’s Colombo harbour this year. The company, in partnership with Sri Lankan conglomerate Aitken Spence, was the sole bidder for the first container terminal to be built […]
Sri Lankan Airlines lures ladies with feats of all-female flying crew
Mar 31, 2010 (LBO) – Sri Lankan Airlines said it wants to encourage more young women to become pilots with the national carrier, pointing to recent flights by an all-female flying crew. Sri Lankan Airlines’ lady pilots have “quietly revolutionized” aviation in Sri Lanka, with several international flights being carried out by all-female crews, the […]
Finance Demand
Mar 31, 2010 (LBO) – An initial public offering (IPO) by Sri Lanka’s Vallibel Finance to raise 114. 4 million rupees has been oversubscribed and will close Wednesday afternoon, a stock exchange filing said. The firm offered 5.2 million shares at 22 rupees each. The stock exchange filing said applications for 8,310,900 shares were received, […]
Fixed Interest
Mar 31, 2010 (LBO) – Fitch Ratings Lanka said it has assigned an ‘A-(lka)’ National Long-term rating to People’s Leasing Company Limited’s (PLC) proposed senior unsecured redeemable debentures of up to 630 million rupees. The rating agency said in a statement it has confirmed PLC’s national long-term rating at ‘A-(lka)’ with a stable outlook. The […]
Sri Lanka Distilleries makes hydro power move
Mar 30, 2010 (LBO) – Sri Lanka’s Distilleries Company, said it was spending 750 million rupees to buy into a 4 MegaWatt hydro power plant in a tea plantation which is an associate firm in its group. Distilleries is part of the Stassen’s group controlled by businessmen Harry Jayewardene. Bogo Power Pvt Ltd, will be […]
‘s Allianz unit net up 64.5-pct, branch business up
Mar 30, 2010 (LBO) – Allianz Insurance Lanka, whose 2009 net profit rose 64.5 percent from a year ago, said most of its life insurance business was coming from newly established regional branches. “We are pleased to note that Sri Lankans are now demonstrating a much greater awareness of the Allianz identity,” Surekha Alles, chief […]