Category:
Sri Lanka LOLC says placed Rs3bn in debt
Apr 29, 2012 (LBO) – Sri Lanka’s Lanka Orix Finance Company Ltd Plc, said it had placed three billion rupees of 7-year debt in February 2011. The firm said in a stock exchange filing that two billion rupees of debt was placed with Saakya Capital (Pvt) Ltd and one billion with Satya Capital (Pvt) Ltd, […]
Sri Lanka Central Finance to raise sell unlisted debt
Apr 29, 2012 (LBO) – Sri Lanka’s Central Finance Company Plc, said it was planning to raise 700 million from a sale of unlisted debt. NDB Investment Bank will structure and place the deal. Central Finance plans to sell 700,000 unlisted, unsecured, redeemable debentures of 1,000 rupees each. .
Finance Stake
Apr 29, 2012 (LBO) – Sri Lanka’s state-run National Savings Bank has bought a 13 percent stake in The Finance Company, a troubled firm that is being bailed out by regulators, at a steep premium above market price. NSB has bought 7.863 million shares of The Finance at 49. 74 rupees in an off-market deal […]
Sri Lanka Cricket announces Pakistan tour dates
April 29, 2012 (LBO) – Pakistan are due to play three Tests, five one-days and two Twenty20 internationals when they tour Sri Lanka between May 29 and July 13, Sri Lanka Cricket said Sunday. Dave Whatmore’s men are due to play the first of two Twenty20s in the southern town of Hambantota on June 1. […]
Sri Lanka credit ceilings not proposed by IMF
Apr 28, 2012 (LBO) – Administrative controls imposed on Sri Lankan banks as part of a package of measures to combat a balance of payments crisis, were not among the preferred measures advocated by the International Monetary Fund, an official said. “Most economists would say a price mechanism is a good way of matching demand,” […]
Sri Lanka forex markets quiet
Apr 27, 2012 (LBO) – Sri Lanka’s rupee was tentatively quoted around 130.80/131.50 against the US dollar as markets opened Friday but with little firm quotes due to moral suasion from the monetary authority, dealers said. On Thursday the rupee closed around 131.50 to the US dollar with almost no trading earlier in the day. […]
Port Draw
Apr 27, 2012 (LBO) – Sri Lanka’s ports will be positioned as logistics hubs to help attract foreign investors for export-oriented industries to generate the cargo volumes needed to continue to lure big shipping lines, an official said. Sri Lanka Ports Authority chairman Priyath Wickrama said ports will provide warehousing and other services to offer […]
Good Start
April 27, 2012 (LBO) – Sri Lanka’s Seylan Bank March 2012 quarter net profit rose 69.3 percent from a year earlier to 644,047 million rupees, helped by less provisioning, accounts showed Friday. Group income grew 13.7 percent to 4.5 billion rupees for the March quarter over the corresponding period 2011. Net interest income grew at […]
Debut Bond
Apr 27, 2012 (LBO) – A successful 500 million US dollar bond sale by state-run Bank of Ceylon showed investor confidence and broadened access to international capital, chairman Gamini Wickramasinghe said. Bank of America Merrill Lynch, Citi and HSBC managed the bond. It was rated ‘B1’ by Moody’s and ‘BB-‘ by Fitch. The bond issuance […]
Wrapped Up
Apr 27, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has sold a 500 million dollar 5-year bond to yield 6. 875 percent a year with the investors oversubscribing the issue 7.7 times, sources familiar with the matter said. Books were initially opened with a price guidance of 7. 1 percent but the price […]
Skyline Address
April 26, 2012 (LBO) – Overseas Realty (Ceylon) PLC, owners of Sri Lanka’s iconic Twin Tower complex, has seen demand for its property grow, on the back of post-war economic sentiment, but warned a weak rupee was eroding earnings. The Singaporean company, saw post-tax profits grow 32.0 percent to 584 million rupees for the financial […]
Sri Lanka policy flexibility to bring longer term stability: IMF
Apr 27, 2012 (LBO) – On going policy tightening in Sri Lanka and commitment of policy flexibility, will slow growth and may push up inflation but will bring stability to sustain long term growth, an International Monetary Fund official said. “Yes, growth will slow, inflation will rise, cost of living will rise, but the balance […]