Category:
Rich Dividends
The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec.31, 2002.With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday.rn rnDuring the […]
Milk Money
The LTTE and government meetings are drawing up strategies to milk the world donor community to the maximum at the June donor conference.rn rnThe Cabinet spokesperson Prof. G L Peiris refused to put a quantum, but the government is looking at raising around US$ 600 million in medium term funds for national development projects.rn rnProf. […]
Longer View
The Central Bank said Tuesday it was extending its yield curve further by issuing a 15-year bond this week.The maiden Rs. 1.5 bn issue carries a 8.5 percent coupon rate as opposed to the quarterly and half-yearly coupons offered on present treasury bonds.rn rnA further Rs. 1 bn will be raised through a 10-year bond.The […]
Breaking Boundaries
Seylan Bank on Tuesday tied up with Australias Tyndall Investment Management to launch Sri Lankas first ever international bond fund.Initially, the new fixed-income Seylan International Bond Fund will manage US$ 16 mn of Seylan Banks foreign currency assets of over US$ 50 mn.rn rnWith over A$ 9 bn under its management, Tyndall is a member […]
Gambling Ethics
Sri Lankas only two lottery firms are sprucing up their act as the private sector readies to take up the gamble. On Tuesday the National Lotteries Board (NLB), the dominant player, announce a series of self regulation measures and sales strategies aimed at propping up its annual earnings to Rs. 6.2 billion at the end […]
Adieu Oberoi
The days of Lanka Oberoi have ended with a payment of US$ 1.5 million by owning company, Asian Hotels to the international hotel chain.Asian Hotel told shareholders on Tuesday that its long-standing dispute with managing company Oberoi Hotels Private Limited would be settled ldblquote in consideration for the payment of US$ 1.5 million. dblquote rn […]
Changing Rules
The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament.rn rn”Reforms in the working of our Securities and Exchange Commission should be […]
Fund Raising
Seylan Merchant Leasing, a Seylan Merchant Bank subsidiary, is issuing a Rs. 50 mn four year unsecured, subordinated, redeemable and unlisted debentures to be utilised for its leasing activities.A further Rs. 50 mn would be raised in the event of an oversubscription.Interest rates would range from 14.5 percent, with interest payment annually, to 14 percent, […]
Beware!!
The Central Bank on Tuesday announced a list of firms that were mobilizing public funds without Monetary Boards consent.Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnThe warning list includes: Common Investment Finance Co; D J Finance Co; Economic & Rural Resource […]
Hands Off
The government is building barriers between politicians and state banks to prevent directed lending that eventually goes bad, a top official said.ldblquote Weve tried hard, as a matter of policy, to build a wall between independent autonomous boards of management of government banks and politicians, dblquote Treasury Secretary Charitha Ratwatte said at an International micro-finance […]
Other Options
State run Peoples Bank is looking at alternative options if its proposed capital raising exercise fails to attract the necessary funds.The bank needs Rs. 13.5 bn to cover past losses of around Rs.6 bn and bring its Tier I capital in line with local standards.rn rnTalks with the IMF and World Bank teams last week […]
Road Test
Up to five firms are asking for a third generation (3G) mobile testing licence, the response to the Telecommunication Regulatory Commissions (TRC) call that ended last Friday. The telecom watchdog intends to evaluate the applications and issue the one-year test licences within February, senior TRC officials told Lanka Business Online.rn rnThe regulator also needs to […]