Category: Industry
Sri Lanka power IPO hits Rs28 on opening day
Oct 08, 2009 (LBO) – Sri Lanka’s Hemas Power hit a high of 28 rupees when it began trading Thursday, but ended at 24 rupees, 20 percent up on its issue price of 20 rupees, brokers and analysts said. The share opened at 26 rupees, a 30 percent gain on its issue price, and traded […]
Sri Lanka state utility to buy 50MW of wind power
Oct 08, 2009 (LBO) – Sri Lanka’s state-run power utility has given the nod for 50 MegaWatts of wind power to be developed by five parties in the north-western Puttalam area of the island, an official said.Sri Lanka’s government has declared a policy of generating 10 percent of the country’s power needs from renewable sources […]
Moving Up
LONDON, October 8, 2009 (AFP) – US and British universities dominate the top of a league table of universities worldwide published Thursday, but Asian seats of learning are moving up the global rankings. Harvard remains in top spot in the Times Higher Education (THE) league table, followed by Britain’s Cambridge University then Yale in third […]
Oil Support
Oct 07, 2009 (LBO) – A call for offshore oil field support services by a company exploring for oil in Sri Lanka provides domestic firms the opportunity they have been waiting for, officials said.Oil explorations firms are expected to source some of their requirements from local industry in order to ensure the benefits of oil […]
Sri Lanka LNG power plant push is outside the law: officials
Oct 07, 2009 (LBO) – Attempts to connect a private liquefied natural gas (LNG) power plant to Sri Lanka’s state-run power utility outside a competitive bidding process is not legal under a new public utility regulatory law, officials said.From this October PUC is issuing licenses to the Ceylon Electricity Board, independent power producers and smaller […]
Regional Links
Oct 07, 2009 (LBO) – Sri Lanka’s wireless access provider Lanka Bell said it has reduced call rates to India. The company pays them 50 cents for every minute of incoming IDD calls regardless of the duration, country of origin or the number of calls received for a day. Lanka Bell is the largest CDMA […]
Regaining Confidence
Oct 07, 2009 (LBO) – Sri Lanka needs to introduce restrictions on single-shareholder stakes and multiple ownership of registered finance companies (RFCs) by a single individual or group, RAM Ratings Lanka has said.“However, well-rated and/or prudently managed RFCs had been able to withstand the pressures better than others.Moreover, the timely intervention of the Central Bank […]
BPO Buy
Oct 06, 2009 (LBO) – Control of IsmartTimex, a Sri Lanka based outsourcing firm has been acquired by India’s Aegis Limited, a unit of the Essar group, but a minority 20 percent stake will be held by local partners, the company said. Aegis says it has operations in India, Philippines, the US, Costa Rica, Kenya, […]
Container Trade
Oct 06, 2009 (LBO) – A Colombo port container terminal in which Sri Lanka’s John Keells Holdings group has a majority stake said volumes rose to a record high in August 2009, the fourth straight monthly rise. Colombo is south Asia’s hub port, where cargo is shipped on feeder vessels to and from smaller ports […]
Circular Debt
Oct 05, 2009 (LBO) – Sri Lankan government organisations owed the state-owned refiner, Ceylon Petroleum Corporation (CPC), 61 billion rupees in unpaid bills for fuel supplies by September 2009, CPC chairman Asoka Thoradeniya said. In the past losses from energy subsidies (both fuel and power), which increase debt in state banks and are then funded […]
Key Players
Oct 05, 2009 (LBO) – Lanka Orix Leasing Company (LOLC) and Brown and Company Limited, two related parties may own 20 percent of Seylan Bank after a capital raising is concluded, a media report said.The Sunday Island newspaper quoting an unnamed source said LOLC and Browns had each applied for 10 percent of the expanded […]
Share Stakes
Oct 03, 2009 (LBO) – State-run Merchant Bank of Sri Lanka (MBSL) chairman Janaka Ratnayake owns a large stake in a Ceylinco group company in which the state bank has also invested an equal stake, a listed company filing has disclosed.The Finance Company (TFC), a troubled Ceylinco group firm which is also under MBSL management, […]