Category: Economy and Markets
Planters’ Association condemns politically-connected land encroachments at Madampe Estate
The Planters’ Association of Ceylon (PA) strongly condemned a recent incident of forceful and illegal encroachments of estates managed by the Regional Plantation Companies (RPCs), and called on the Government and law enforcement officials to uphold the rule of law in RPC estates. The statement was a response to an incident on 6 December 2021, […]
Hela Apparel Holdings set for landmark IPO
The Colombo Stock Exchange has formally approved the Initial Public Offering (IPO) of Hela Apparel Holdings Limited (the holding company of the Hela Clothing Group), with the offer set to open on Wednesday 12th January. This highly anticipated IPO, by one of Sri Lanka’s leading social-capital focused apparel supply chain solution providers, will see 267,108,998 […]
Intensive Care Unit at Udugama Hospital opens to public soon
Watawala Plantation Limited announces the opening of its newly built fully equipped Intensive Care Unit at the Udugama Base Hospital in the Galle District under the guidance of the Ministry of Health, which will be open to the Public at the auspicious time on Wednesday, December 22, 2021. The project led by Watawala Plantations Ltd […]
ADB partners with JKH to boost food value chains and farm livelihoods in SL
The Asian Development Bank (ADB) entered into an agreement to invest up to $80 million (in Sri Lanka rupee equivalent) in John Keells Holdings PLC (JKH) to boost the country’s food value chain and promote economic growth and job creation. The investment will be a two-phase private placement to support the expansion of JKH’s modern retail and distribution […]
Co-operative Insurance opens Initial Public Offering
Leading Sri Lankan insurer Co-operative Insurance, recently announced the date of their Initial Public Offering (IPO), which is set to take place on the 20th of December, 2021. The IPO will be managed by the Merchant Bank of Sri Lanka. Affirming its financial strength, the company, which secured a strong financial performance for the past […]
Listed Companies welcome opportunity to hear about new SEC Act directly from Regulator
The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) organized a symposium on 6th December 2021 to enlighten senior officials of listed companies on the features of the new Securities and Exchange Commission Act No. 19 of 2021. SEC Media Release The SEC Chairman Mr. Viraj Dayaratne PC delivered […]
Sri Lanka disputes rating downgrade by Fitch Ratings
Downgrading Sri Lanka’s international sovereign rating resembles the recent unwarranted downgrade by Moody’s Investors Service a few days prior to the announcement of the National Budget 2022, Sri Lanka’s Central Bank said. Releasing a statement the bank said the sense of urgency on the part of an internationally recognised rating agency to downgrade Sri Lanka […]
Allocation of shares for First Capital Treasuries IPO concluded
Sri Lanka’s leading non-bank primary dealer, First Capital Treasuries PLC, a subsidiary of First Capital Holdings PLC, saw its Initial Public Offering (IPO) being oversubscribed 4.5 times within hours on its opening day and the offering was closed on the same day, as indicated in the prospectus. First Capital Treasuries received 1,991 applications amounting to […]
Sri Lankan economy contracted by 1.5-pct in 3Q 2021
Sri Lanka’s Department of Census and Statistics revealed that the economic growth rate for the third quarter of 2021 is estimated as a negative growth rate of 1.5 percent amidst the third wave of the Covid-19 pandemic. In the third quarter of 2021, the overall Agricultural activities recorded a slight positive growth of 1.7 percent. […]
Sri Lanka is being pushed towards bankruptcy; budget does not address any burning issues: Eran
The country has plunged into a massive financial crisis, with all sectors including the economy collapsing but the budget 2022 has no proposals to resolve any of the burning issues said Eran Wickramaratne addressing the final debate of the budget 2022 held in Parliament on Friday. “At a minimum this government should properly identify the […]
Leading corporates shine for their resilience & perseverance at CA Sri Lanka 56th Annual Report Awards
Some of Sri Lanka’s top corporates, including conglomerates, were honoured on Thursday night at the Grand Finale of the 56th Annual Report Awards, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) for their resilience and perseverance in promoting transparency, accountability, good governance, and social responsibility amidst the new pandemic-influenced business […]
Central Bank initiates regulatory actions against errant Money Changers
In response to several complaints that certain Authorized Money Changers are engaged in activities which are not in compliance with the Directions issued under the provisions of the Foreign Exchange Act No. 12 of 2017 (FEA), the Central Bank is conducting a series of spot examinations at the places of Authorized Money Changers. In the […]