Category: Industry
JKH Big Bang
John Keells Holdings entered the property market with a bang by taking a stake in Asian Hotels for Rs. 4 bn.The acquisition of the 60 percent stake gives JKH control of the Colombo Plaza hotel while Asian Hotels also owns a significant stake in the Trans Asia hotel.rn rnThe hotel acquisitions will show up the […]
Stricking it Rich
Following industry feedback, Development Lotteries Board (DLB) will launch two more draw based tickets to fill its current lquote off days – Mondays and Wednesdays.rnDLB officials say the two new draw based lotteries is expected to increase ticket sales by one million tickets per day and help bolster revenues to over Rs. 4.5 billion by […]
Information Hunt
Peoples Bank restructuring committee has hired consultants PricewaterhouseCoopers to draw up an information memorandum for the bank.The consultants will put together key information, which will form the basis for prospective investors to make their bids for the bank.rn rnThe process will take around six months to complete. rn rnA World Bank funded consultant B D […]
Zipped Up
Zeelabs signed a deal to exclusively market and build upon Temptation Technologies (TT) 3D imaging products. Zeelabs is an integrated technology provider with a range of e-businesses services.rn rnThe portfolio spans from strategy consulting through to branding, interactive designing, technology consulting and integration into customer operations.rn rnThe addition will bolster Zeelabs e-business product portfolio and […]
Engaged Tone
Sri Lanka Telecom on Thursday informed the stock exchange that it had launched a bid to buy up wireless local loop operator Lanka Bell.“SLT has entered into a non-disclosure agreement with Lanka Bell to enable a study to be undertaken of that company,” Sri Lanka Telecom informed the Colombo Stock Exchange.rn rnThe announcement comes after […]
Growing Wings
An ambitious three-year expansion drive to upgrade the Bandaranaike Airport into a regional air hub officially got off ground Wednesday. The Airport is being expanded in two phases.The first will be development of existing terminal facilities and phase two will focus on adding another runway to the airport.rn rnThe Japan Bank for International Co-operation (JBIC) […]
Tidy Sum
The government has picked up Rs. 262 mn as dividends from SriLankan Airlines, after the national carrier reported a Rs.2.1 bn group profit for the financial year ending March 31, 2003.SriLankan Airlines said Wednesday that it has declared a 10 percent final dividend for the financial year 2002/3.rn rnThis is the third instance the airline […]
Canal Park
Colombos underutilised canal system is getting fresh life, with the private sector called in to develop four of the citys waterways.rnrnThe sites include the canal on Nawala Road near the Open University and the Wellawatte Canal accessible from Highlevel Road. rn rnThe Land Reclamation and Development Corp., on Wednesday said it is offering the sites […]
Security Check
The Securities and Exchange Commission of Sri Lanka (SEC) will join 170 other international securities commission to combat cross border securities fraud. An announcement on Tuesday said that the SEC had been accepted as a signatory to the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding concerning consultation, cooperation and exchange of information.rn […]
One Approach
The Bank of Ceylon is fine-tuning its loan book to boost private sector lending and limit its exposure to state owned entities. Loan growth for the first six months dipped marginally by 0.6 percent to Rs. 134.49 mn. Officials say the appetite for credit has been below political expectations, but within banking norms, considering the […]
All Or Nothing
Sri Lanka Telecom has made an official pitch to take up a controlling stake in the third fixed line operator Lanka Bell.Lanka Bell, which uses wireless local loop technologies, has been on the hunt for a technical partner after its total debts were wiped off under a comprehensive debt-restructuring programme in April.rn rnThe debt forgiveness […]
Aid Spend
Cabinet Spokesperson Prof., G L Peiris says the government expects nearly US$ 1 billion of the US$ 4.5 billion in aid pledged at the June Tokyo conference to flow into the Sri Lankan economy before end 2004.The increased aid follow has prompted policy makers to increase the allocation to key sectors roads and rural electricity. […]