Industry – Page 767 – Lanka Business Online

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 […]

Credit Status

Mar 30, 2010 (LBO) – Credit to Sri Lanka’s private borrowers from commercial banks was steady at 1,195. 8 billion rupees in January 2010 while loans in domestic currency rose slightly, the latest official data shows. Loans from rupee books of commercial bank rose to 1,048.7 billion rupees in January from 10,43. 8 billion a […]

Sri Lanka Jetwing eyes East Asia from Vietnam base

Mar 29, HANOI (LBO) – With a firm foothold in Vietnam, Sri Lanka’s Jetwing leisure group is looking to expand further into fast growing tourism markets in Laos and Cambodia, an official said. Jetwing Indochina Company, a joint venture with a local group which already has leisure interests including Vietnam’s Buffalo Tours, is building a […]

Sri Lanka president offers spiritual healer help to Beckham

March 27, 2010 (AFP) – Sri Lanka’s president has offered the services of his spiritual healer and personal physician to help injured footballer David Beckham get back on the field within three days. White, who says he has had “special powers” since the age of 12, studied traditional medicine. He then began treating thousands of […]

Alternative Media

Mar 27, 2010 (LBO) – Sri Lanka’s Dialog Television (DTV) is opening sports content for advertising targeting affluent consumers and forecasts a sharp rise in subscribers by year-end, a senior official said. “It’s truly an alternative to mainstream media and helps you to reach groups with deeper pockets more cost-effectively. “From April 1 new channels […]

Sri Lanka in bid to lure cruise ship calls

Mar 26, 2010 (LBO) – Once a lucrative foreign exchange provider to Sri Lanka, cruise tourism is seen as bringing back more well-heeled tourists to the island, just as it did before the ethnic war. Sri Lanka is expecting an estimated 21,000 cruise passengers this year with 30 liners having confirm calls, travel trade officials […]

Banking Bent

Mar 26, 2010 (LBO) – Sri Lankan banks will shift focus towards small and medium enterprises as well as the former north-east war zone while consolidation is needed to control costs and expand assets, a report said. “Banks to watch out for are those where management is forward thinking and empowered to mix traditional banking […]

Transition

Mar 26, 2010 (LBO) – Sri Lanka’s NDB Bank has got a new chief executive, with the former being nominated as an opposition lawmaker and three directors expected to be replaced by nominees from government which now owns a big stake. It said this is “to enable certain shareholder interest to be represented on the […]

‘s cancelled concert

March 25, 2010 (AFP) – Sri Lanka lost a “priceless” promotional opportunity by banning the US star Akon from performing at a concert in Colombo following protests from Buddhist monks, the tourism minister said Thursday. The rapper’s concert on April 24 was blocked after monks complained about his “Sexy Bitch” music video featuring women in […]