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‘s First Capital sells Rs500mn debentures
Mar 05, 2014 (LBO) – Sri Lanka’s First Capital Holdings Plc said it had raised 500 million rupees from a debt issue which was oversubscribed on the opening day. The company offered 5 million senior, unsecured, redeemable debentures of 100 rupees each. “We are greatly encouraged by the investor confidence implicit in the extremely positive […]
Sri Lanka stocks close flat; rupee pegged
Mar 05, 2014 (LBO) – Sri Lanka’s stocks close flat Wednesday with index heavy stocks ending on thinner gains and the rupee was kept pegged at 130.60/65 preventing an appreciation, brokers and dealers said. The Colombo benchmark All Share Price Index closed 0.19 points lower at 5,936.43. The S&P SL20 closed 4.45 points lower at […]
Investment Chat
Mar 05, 2014 (LBO) – Sri Lanka’s Union Bank is talks with a foreign investor, TGP Asia VI L.P, for a possible sale of shares, the firm said in a stock exchange filing.The bank said it had received a “non-binding indicative term sheet governing further negotiations” over a share sale from TGP Asia. Any final […]
‘ AIA Insurance unit discloses values ahead of split
Mar 05, 2014 (LBO) – Sri Lanka’s AIA Insurance Lanka Plc said it had valued its general insurance business ahead of a split of life and non-life divisions under a regulatory requirement in the third quarter of 2014.AIA Insurance Lanka said it was using its “best and reasonable endeavors to brief shareholders of a possible […]
Sri Lanka insurance sector needs consolidation push: Presidential advisor
Mar 05, 2013 (LBO) – Sri Lanka’s insurance sector may need a regulatory push for mergers as another regulatory driven move splits general and insurance business, an influential head of an insurance firm has said.“While appreciating this effort, I am hopeful that the remaining issues on tax credits and stamp duty on property transfers will […]
” local rating may be hurt by acquisition: Fitch
Mar 04, 2014 (LBO) – Fitch Ratings said it was confirming ‘AAA(lka)’ domestic and ‘BB’ international ratings of Sri Lanka Telecom, but the local rating could be downgraded if a debt funded acquisition goes through. Sri Lanka Telecom is in talks to acquire Hutchison Telecommunications Lanka (Pvt) Ltd, which has 800,000 subscribers. Fitch said leverage […]
Sri Lanka stocks close up 0.4-pct
Mar 04, 2014 (LBO) – Sri Lanka’s stocks close 0.38 percent higher Tuesday with index heavy John Keells Holdings and Ceylon Tobacco Company extending gains, brokers said. The Colombo benchmark All Share Price Index closed 22.61 points higher at 5,936.62, up 0.38 percent. The S&P SL20 closed 7.53 points higher at 3,221.42, up 0.23 percent. […]
‘s Brandix seeks disruptive innovations
Mar 04, 2014 (LBO) – Sri Lanka Brandix, an apparel sector group said it is committing up to a million US dollars to start-ups that will find ‘game changing’ solutions for apparel, textiles and accessories industries. “The new venture ˜Disrupt Unlimited’ will run a seed accelerator that will inspire, mentor and fund start-ups with breakthrough […]
Sri Lanka thump Afghanistan to reach Asia Cup final
DHAKA, March 3, 2014 (AFP) – Four-time champions Sri Lanka thumped newcomers Afghanistan by 129 runs to reach the final of the Asia Cup in Dhaka on Monday.The Islanders scored a challenging 253-6 with in-form Kumar Sangakkara hitting a solid 76 before they bowled their rivals out for a paltry 124 in 38.4 overs. Sri […]
US resolution on Sri Lanka filed at UN – Update
COLOMBO, March 4, 2014 (AFP) – A US-led resolution calling for an international probe into allegations that 40,000 civilians were killed at the end of Sri Lanka’s separatist war has been filed with the UN’s top rights body. The resolution is “totally based on information of questionable veracity”, the monks said in a petition to […]
Free trade deal will open new avenues for BIMSTEC region: Sri Lanka President
Mar 04, 2014 (LBO) – A free trade deal that is being negotiated in countries bordering the Bay of Bengal, will open new avenues for co-operation, Sri Lanka’s President Mahinda Rajapaska said meeting of the regional grouping.ASEAN is usually looked upon as an example of a successful regional organization. ASEAN (the Association of South East […]
Sri Lanka central bank plugs IFRS disclosure hole
Mar 04, 2014 (LBO) – A directive by Sri Lanka’s central bank has plugged a hole in newly introduced International Financial Reporting Standards (IFRS) which made accounts of banks opaque and confused the general public and even analysts. Under IFRS, banks which were earlier disclosing total non-performing loans and deposit with break downs to the […]