Category: Industry
Cinnamon Life launch second residential tower ‘The Suites at Cinnamon Life’
(PRESS RELEASE) – Sri Lanka’s most iconic mixed development project, Cinnamon Life, announced the launch of ‘The Suites at Cinnamon Life’, the second residential tower to be constructed as part of a 4.5 million square foot integrated resort by Waterfront Properties (Private) Limited, a member of the John Keells Group. At the time of launch, […]
Sri Lanka’s Citrus Leisure proposes to restructure group
Sep 27, 2016 (LBO) – Sri Lanka’s Citrus Leisure has proposed restructuring its group subject to the relevant regulatory approvals, the company said in a stock exchange filing. The board has decided to dispose company shares in Waskaduwa Beach Resort (CITW) in exchange for Hikkaduwa Beach Resort (CITH) shares. It will be carried out after […]
Sri Lanka attracts major container ship MSC Maya to Colombo
Sep 27, 2016 (LBO) – Sri Lanka’s Colombo International Container Terminal (CICT) attracted one of the largest container ships in the world ‘MSC Maya’ with a capacity of 19,224 TEUS to the Colombo Port recently. Switzerland-owned Mediterranean Shipping Company’s MSC Maya made Colombo’s maiden call on 16th September 2016, replacing a smaller vessel owned by […]
Infrastructure: Sri Lanka Megapolis development on right track, says UDA DG
Sept 27, 2016 (LBO) – Sri Lanka is pushing ahead with ambitious Megapolis development plans keeping in mind the need to strengthen public sector capacity, a senior government official said. The Western region Megapolis is being designed around clusters in financial services, industry and manufacturing, airport related activity, technology, logistics, forestry and tourism, said Sumedha […]
SriLankan Airlines adds Lahore as 100th destination
Sep 27, 2016 (LBO) – SriLankan Airlines said they would commence services between Lahore in Pakistan and Colombo from 27th September 2016, to enhance its focus on Asia. “This is an important step in our strategy of increasing our focus on Asia, from the Middle East in the west to China and Japan in the […]
Sri Lanka’s Commercial Bank kicks off operations in Maldives
Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing. Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the […]
Finance Ministry says merchants will pay lower VAT despite hike
Sep 26, 2016 (LBO) – Sri Lanka’s Finance Ministry says retail and wholesale merchants will have to pay a lower VAT payment than expected despite the rate hike from 11 to 15 percent. Under the proposed VAT amendment bill, the VAT will really be charged only on the revenue accumulated on the sale of VAT liable […]
Sri Lanka eyes FTA and increased funding from South Korea
Sept 26, 2016 (LBO) – Sri Lanka is interested in entering into a Free Trade Agreement with South Korea in the future, a senior minister revealed. International Trade Minister Malik Samarawickrama in a recent visit to Korea has conveyed Sri Lanka’s interest on an FTA to Korean Vice Minister of Trade. The Sri Lankan embassy […]
Infrastructure: Friction free inter-agency cooperation key, says PUCSL DG
Sep 26, 2016 (LBO) – Sri Lanka needs mechanisms and skills to manage multiple agency involvement in order to ensure the proper and timely implementation of its planned mega infrastructure projects, a senior official said. “There is multiple agency involvement in managing infrastructure projects. We have implementation agencies involvement like land, environment, regulatory and local […]
Overseas Realty to raise Rs7.3bn in rights issue for Havelock City
Sept 26, 2016 (LBO) – Sri Lanka’s Overseas Realty is to raise 7.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. The company is to issue 355 million new ordinary shares at 20.50 rupees each in the ratio of two new shares for every five shares held. […]
‘s Mattala international airport gets seven expressions of interest
Sept 26, 2016 (LBO) – The Mattala Rajapaksa International Airport (MRIA) has received seven offers for EOIs from mainly European-based aviation related firms, a media report said. The MRIA called for expressions of interest in June from investors to undertake investments and commercial operations in Hambantota through the Transport and Civil Aviation Ministry, the Sunday […]
ADB to give Sri Lanka USD24.2Mn for transport feasibility studies
Sep 23, 2016 (LBO) – The Asian Development Bank (ADB) will help Sri Lanka prepare studies and designs for new road, railway, and port projects to assure the islands transport system is ready to support economic growth in the medium term. “With 24.42 million US dollars in ADB technical assistance, the Road Development Authority will […]