Category: Industry
Sri Lanka hydro power producer gets offer from US firm
Oct 20, 2009 (LBO) – Asia Energy Management Systems Inc., a US-based firm, said it has offered to buy 160million shares or a 21.4 percent stake in Vallibel Power Erathna at five rupees a share.Vallibel Power Erathna shares were up 10 cents at 4.60 rupees a share in early morning trade Tuesday with 5.5 million […]
Trading Technology
Oct 20, 2009 (LBO) – Sri lanka’s MillenniumIT software firm said its acquisition by the London Stock Exchange Group would help boost global sales of its trading technology business. Tony Weeresinghe, chief executive of MillenniumIT, said the deal would help the company expand into other markets and invest for the future. “We intend to leverage […]
Arabian Link
Oct 20, 2009 (LBO) – Sri Lanka’s Tigo celco said it will expand its services and coverage following its acquisition by Etisalat, the United Arab Emirates-based telecom firm. Tigo Sri Lanka chief executive Dumindra Ratnayaka said Etisalat had acquired 100 percent of the Tigo Sri Lanka operation from Millicom International. “We have been seeking this […]
Transport Trends
Oct 20, 2009 (LBO) – Vehicle imports to Sri Lanka fell 26.4 percent in July from a year ago with motor cars down 74.7 percent, trucks and other goods transport vehicle falling 47.3 percent and three wheelers 35.3 percent, the latest official data shows.In the seven months to July total vehicles imports were down 32.3 […]
Sri Lanka to get GSP Plus verdict by early January: official
Oct 19, 2009 (LBO) – The European Union will decide whether or not to renew the GSP Plus trade deal with Sri Lanka giving duty free access to EU markets by early January 2010, a senior official said. Bernard Savage, EU head of delegation to Sri Lanka, said the EU investigation report was submitted to […]
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 […]