Category: Industry
Expansion
ABU DHABI, October 18, 2009 (AFP) – Gulf telecoms giant Etisalat said on Sunday that net profit dropped 4.7 percent in the nine months to September after a one-time gain had boosted year earlier figures. Net profit fell to 6.85 billion dirhams (1.87 billion dollars) from 7.19 billion dirhams (1.96 billion dollars) a year ago, […]
Mobile War
Oct 19, 2009 (LBO) – Fitch Ratings said the entry of Emirates Telecommunications Corporation (Etisalat) into Sri Lanka can further delay any prospects for recovery in the Sri Lankan telecom operators’ profitability.Millicom International Cellular SA last week sold its fully-owned subsidiary in Sri Lanka, Tigo, to Etisalat in a competitive bidding process. Tigo is the […]
Fresh Impetus
Oct 18, 2009 (LBO) – Etisalat, an Abu Dhabi based telco that bought Sri Lanka’s Tigo from Millicom International Cellular, says it will invest more in the firm to increase the mobile operator’s market share.Tigo, South Asia’s first mobile phone operator, now has a market share of 21 percent in Sri Lanka and had 2.25 […]
Sri Lanka wind power probe to finish soon: official
Oct 16, 2009 (LBO) – A probe on Sri Lanka’s proposed wind power projects would be completed soon, an official said, which could resolve deadlock in the industry that has becalmed the fledgling projects in the pipeline.Developers who set up plants below 10 MWs of capacity get a standardized power purchase agreement from CEB running […]
Sri Lanka Asian Alliance Insurance BB+ rating confirmed
Oct 16, 2009 (LBO) – RAM Ratings Lanka said it has confirmed Asian Alliance Insurance’s (AAI) claims paying ability rating of BB+ with a stable outlook. “The rating is supported by the company’s life-insurance franchise and its conservative investment strategy,” the rating agency said in a statement. “However, the rating continues to be pressured by […]
Tele Sale
Oct 16, 2009 (LBO) – Millicom International Cellular will sell its Sri Lanka unit for 155 million US dollars to Etisalat, a Middle Eastern telco, with the sale expected to be completed by October 20, the company said.Millicom has decided to exit its Asian operations in Cambodia and Laos as well as Sri Lanka to […]
Sri Lanka east coast to get new hotels
Oct 15, 2009 (LBO) – The Sri Lanka Tourism Development Authority has approved the construction of new hotels on a prime beach property on the island’s east coast following the end of the war, a senior official said. Sri Lanka aims to attract 2.5 million tourists by 2016 following the end of the war. The […]
Sri Lanka to push adventure sports tourism
Oct 15, 2009 (LBO) – Sri Lanka is on the mark to push adventure sports tourism, riding the country’s geographical diversity following the conclusion of ‘Raid Amazones 2009’, an adventure sports event for women. Raid Amazones, one of the world’s biggest multi sport adventure events for women was worked out in Dambulla in central Sri […]
Takeover
Oct 15, 2009 (LBO) – Sri Lanka’s People’s Merchant Bank (PMB), an investment bank which is 39 percent owned by state-run People’s Bank, said it will acquire a finance company license by taking over a subsidiary.PMB said in a stock exchange filing that it has decided to take over the assets and liabilities of its […]
Sri Lanka firms lured by Hong Kong trade fairs
Oct 14, 2009 (LBO) – A Hong Kong trade fair organiser offering Sri Lankan companies like clothing exporters a chance to participate in shows says foreign buyers are returning to the market although orders are smaller.“Because of cash flow problems caused by the financial crisis they are keeping orders small.” The main exports from Hong […]
Outlook Lift
Oct 14, 2009 (LBO) – Fitch Ratings has lifted the outlook on Sri Lanka Telecom’s ‘B+’ foreign currency rating to ‘stable’ from ‘negative’ following the upgrade of the outlook of the sovereign rating. “Despite pressure on profitability due to intense competition and weak macroeconomic conditions in Sri Lanka, SLT’s cash generation continues to be strong.” […]
Sri Lanka lures Indian tourists with Ramayana trail
Oct 14, 2009 (LBO) – A Sri Lankan tourism package called the ‘Ramayana trail’ that covers sites mentioned in a 2,000-year-old epic poem popular in south Asia is drawing droves of Indian visitors to the island, officials said. The number of tourists visiting the island has increased sharply since the end of its 30-year ethnic […]