Category: Economy and Markets
CHEC to kick off Port City project with billion dollar towers : Minister
Jan 26, 2018 (LBO) – Sri Lanka government has signed two Memorandums of Understanding with China Harbour Engineering Company (CHEC) to facilitate investment on Colombo International Finance City (CIFC) to construct a building complex and an underground marine drive road tunnel, a Minister said. “CHEC want to kick start investment and the project company has indicated […]
Sunshine Holdings invests Rs9mn to partner with investment firm
Jan 25, 2018 (LBO) – Sunshine Holdings has invested 9 million rupees to partner with Strategic Business Innovator (Pvt) Ltd, an investment firm to be set up in Sri Lanka.Sunshine Holdings is currently in partnership with Singapore based SBI Ven Holdings (Pvt) Ltd, a subsidiary of SBI Holdings and veteran investment banker Viraj Malawana to […]
‘s, Explores FTA option
Jan 25, 2018 (LBO) – President of Indonesia Joko Widodo in the island on a offical vist met with Sri Lanka’s President and exchanged views on the progress and challenges in the bilateral cooperation and agreed to enhance cooperation for the mutual benefit. President Widodo conveyed Indonesia’s commitment to contribute towards Sri Lanka’s development, particularly in infrastructure and connectivity. Both […]
‘s Softlogic Holdings plans Rs7bn equity sale
Jan 25, 2018 (LBO) – Softlogic Holdings PLC has come to an agreement with Samena Ceylon Holdings Ltd., a Mauritius based firm to raise 7 billion rupees from a placement of shares to raise private equity. The board of directors of Softlogic has decided to place 182.22 million shares with Samena Ceylon Holdings Ltd at 17 rupees a […]
Cost reflective pricing formula for fuel, electricity this year: CB Governor
Jan 24, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy says the government will introduce a cost reflective pricing formula for both fuel and electricity this year. The IMF said in its latest report that domestic prices of fuel and electricity are expected to be determined by a formula introduced in March and […]
‘ defensive cash flows: Fitch
Jan 23, 2018 (LBO) – Hemas Holdings acquisition of a controlling stake in Sri Lanka’s leading school and office stationery manufacturer, Atlas Axillia (Private) Limited, will bolster Hemas’ defensive operating cash flows, Fitch Ratings said. Last week, Hemas agreed to buy a 75.1 percent stake in Atlas for 5.7 billion rupees. Atlas has a strong distribution […]
Sri Lanka inflation dips to 7.3-pct in December 2017
Jan 23, 2018 (LBO) – The overall rate of inflation as measured by National Consumer Price Index (NCPI) on year on year basis was down to 7.3 percent in December 2017 when compared with 8.4 percent November 2017, according to the Department of Census and Statistics. Issuing a statement the department said Y on Y inflation of food […]
Sri Lanka signs FTA with Singapore tomorrow
Jan 22, 2018 (LBO) – A Free Trade Agreement between Sri Lanka and Singapore will be signed following bilateral talks between the two nations, Tuesday. Prime Minister of Singapore Lee Hsien Loong is to arrive in Sri Lanka on the invitation of Sri Lanka’s President Maithripala Sirisena, Monday. Last week, Sri Lanka’s Cabinet approved a […]
‘s economy to grow USD 5Tn by 2025
Jan 22, 2018 (LBO) – Indian economy is set to double to USD 5 trillion in the next 7-8 years as booming consumption of digital services would support addition of about USD 2.5 trillion to the country’s wealth, Paytm founder Vijay Shekhar Sharma said today. “It took 70 years for India to become USD 2.5 […]
Hemas Holdings to acquire stationery manufacturer Atlas
Jan 19, 2018 (LBO) – Hemas Holdings has entered into an agreement to acquire 75.1 percent stake of Sri Lanka’s leading stationery manufacturer Atlas for 5.7 billion rupees. Hemas said in a statement that the acquisition of Atlas will increase the group’s presence in the fast-moving consumer goods space.“Atlas will become the third largest business […]
Seat belts, air bags compulsory on vehicles from July: Finance Ministry
Jan 19, 2018 (LBO) – Finance Ministry has decided to postpone the implementation of the budget proposal on introduction of emission standards and safety measures up to July 01, 2018. The decision has been taken after considering the representations made by motor vehicle importers and manufacturers for a lead time to make required adjustments to comply […]
Sri Lanka’s USD500mn development bond oversubscribed
Jan 19, 2018 (LBO) – The issue of Sri Lanka development bonds amounting to 500 million US dollars has been oversubscribed with close to 527 million US dollars of bids received from investors. The Central Bank has received 129.27 million dollars of bids for the two year bond and the bank has accepted 93.15 million […]