Category: Companies
MTD Walkers Executive Deputy Chair Jehan Amaratunga resigns from Peoples Bank board
October 20, 2018 (LBO) – Newsfirst is reporting that Jehan Amaratunga has resigned from the board of Peoples Bank. His resignation as reported by Newsfirst, although handed over on October 18th, is said to be effective August 31, 2018. Amaratunga, Executive Deputy Chairman of CSE listed MTD Walkers (KAPI), has been a subject of controversy […]
‘s request – Hemasiri Fernando
October 20, 2018 (LBO) – Hemasiri Fernando, Chairman of Peoples Bank, has said that he and the rest of the board of directors of People’s Bank are ready to offer their resignations as per the Presidents request. In a call broadcast on Newsfirst, Fernando stated that the President has requested the respective line ministers to […]
September quarterly results for Industrial Asphalts (ASPH), Tea Smallholder Factories (TSML)
October 20, 2018 (LBO) – The first quarterly results posted by CSE listed companies for the September quarter have been by Industrial Asphalts (ASPH) and Tea Smallholder Factories PLC (TSML).ASPH saw a 220% increase year over year in revenue for the quarter, however despite this increase the company reported close to breakeven earnings. ASPH controlling […]
High Court issues interim order against Dr. Ali Gulamhusein and Malayandi Jeyapragash
October 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon & Foreign Trades (CFT) recently released a disclosure with regard to its legal matters. In the disclosure it states that the Hight Court has issued : “an interim order against the 1st to 3rd Respondents from disposing, alienating, and/or encumbering and of the assets […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
BOI rejects reports about resignation of its Director General
Oct 18, 2018 (LBO) – Sri Lanka’s Board of Investment on Thursday rejected media reports that its Director General Duminda Ariyasinghe has tendered his resignation. BOI Media Director, Dilip Samarasinghe in a statement requested media to refrain from baseless speculation, especially on matters that have implications on investor confidence. Releasing another statement in the afternoon, International […]
‘s Leasing board, amid litigation/floundering listed companies
October 17, 2018 (LBO) – Controversial Colombo Stock Exchange (CSE) investor Dr. Ali Asgar Shabbir Gulamhusein has resigned as an independent non-executive director of listed state controlled leasing giant Peoples Leasing and Finance (PLC). According to a stock exchange disclosure the resignation is “effective from August 31st in terms of section 5 of the Finance Companies […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]
JKH shares trade Rs1.3bn for the day, most transactions at 126-127/share
October 16, 2018 (LBO) – Shares of recently sinking market bellwether John Keells Holdings (JKH) have transacted close to Rs1.3bn (US$7.5mn) worth of shares today, with transactions done in several blocks through the day. Most of the shares were done at a price of Rs126-127, multiyear lows for the stock. Late in the trading day […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]