Category:
Capital Call
Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.The bank called up the balance two rupees due from each Rs.10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, […]
Cash Injection
Ceylon Hospitals Ltd., the owning company of Durdans Hospitals, got stock exchange approval Thursday to raise Rs. 240 mn through an initial public offering.The hospital is offering 4.5 mn voting shares at Rs. 25 and 6.375 mn non-voting shares at Rs. 20 each to the public this month.rn rnListed on the main board, Durdans will […]
Dusting Cobwebs
Kicking of January 2004, state sector employment policies will be rewritten to drill in productivity and efficiency. The US$ 3 million World Bank funded Public Administrative Management Programme(PAMP) will install a set of new processes, procedures and mechanisms that will govern all subsequent recruitments, transfers, promotions and employment terms and conditions.rn rnThe Ministry of Public […]
Dollar Rain
Aid disbursements for this year from the top three lending institutions to Sri Lanka endash the ADB, the World Bank and JBIC, is expected to reach US$ 1 bn.ldblquote This is as against normal disbursements of US$ 650 mn dblquote , World Bank Country Director Peter Harrold told journalists on Thursday.rn rnldblquote It is through […]
Rising COL
The Colombo District Consumer Price Index (CDCPI) for September shrunk 0.4 per cent to 138.9 over August despite the increase in gas, kerosene and cigarette prices.rnrnThe CDCPI calculated by the Central Bank covers 40 percent of the Colombo Districts lowest income earning households. rn rnThe Central Bank on Wednesday said a price drop in a […]
Shadow Boxing
According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the […]
Hilton – For Sale
The Treasury on Wednesday confirmed it would sell its 64% stake in Hilton Colombo. The holding company of Hilton Colombo, Hotel Developers (Lanka) Limiteds Chairman Ajith Dias told shareholders that the the Treasury will dispose its holding as part of its economic reforms programme.rn rnAnalysts say the state will look for a strategic buyer to […]
Mobile Edge
Mobitel unveiled its ambitious plans and its new logo that will battle the elements to capture over one million customers before 2005. Mobitel Chairman Thilanga Sumathipala told guests at the launch ceremony that internal estimates showed that the cellular market would reach three million customers within the next three years, with his firm servicing over […]
Rating Call
The Central Bank plans to hire Fitch Ratings International to give a sovereign rating for the countrys debt. A sovereign rating serves as an indication of a countrys ability to repay its debt and is a key requirement to raise money from the international capital markets.rn rnThe bank is in the process of securing the […]
Canal Tours
The immediate land surrounding Colombos canal ways could get a facelift along with a proposed transport project. A team sponsored by Canadian authorities recently concluded an initial feasibility study on Colombos canal system.rn rnThe team is now back in Canada to draw up financial proposals before work on detailed plans and funding arrangements can start. […]
Large Hands
HSBC says its Sri Lankan operation has successfully raised funds for the government this year, including a US$ 33 mn long-term loan to develop the Northern peninsular.The bank also recently acted as the single largest lender under a syndicated US$ 100 mn loan the government borrowed recently.rn rnStructured by Citibank N.A., the five-year loan was […]
Knock Knock
The Ceylon Hotels Corp. (CHC) is knocking on the Treasurys door for a Rs.59 mn loan to upgrade its properties.Part of the funds will also be utilised to pay off a Rs.19 mn early retirement package the corporation offered earlier this year to send home 51 employees, CHC Chairman, Bodhi Liyanage said.rn rnCHC, a government […]