Category: Industry
High Roads
Officials say a breakthrough in discussions with the Board of Infrastructure Investment (BII) is imminent, with the deal being finalised as early next week. rn rnWork on the highway began on a design and build basis two years ago by a Korean based construction company Keangnam, on a Treasury allocation of little over Rs. 10 […]
Lap One
The Science & Technology Ministry sent out calls on Friday for a consultant to lay the groundwork for a telecomm and ICT regulator.Under the procurement procedure, the consultant has to write out the terms of reference or TOR for the new super regulator.rn rnThe TOR will set the base for another consultant to draw up […]
Inter-Connect
Sri Lanka Telecom on Friday sealed a deal to buy out Telstras 60 percent stake in cellular operator Mobitel.SLT currently owns 40 percent of Mobitel, which is worth around Rs.188 mn.rn rnSources close to the deal said SLT drove a hard bargain to pick up the remaining parcel at around US$ 9.6 mn.rn rnDespite signing […]
Laser Eyes
The Mass Communications Ministry on Thursday announced plans to set up a super watchdog to regulate telecomm, cables and broadcasting industry.The new legislation will create a competition centered, transparent and simple regulatory framework, which will be debated in parliament by early 2003, Mass Communication Minister, Imthiasz Bakeer Markar said in a statement.rn rnBy covering the […]
Boarding Fees
The Telecommunications Regulatory Commission has picked an Australian based law firm to map out a fresh route to interconnect between operators.The TRC said Arculli and Associates, a Sydney based law firm operating out of Hong Kong, has been selected for its experience in corporate, technology and communications spheres in the Asian Region.rn rnFunded through an […]
Stop Smoking
Private sector assistance is being sought for a nation wide motor vehicle emission reduction programme that will get off ground in January next year.In a phased out project, extended till June, all of the 1.5 mn-registered vehicles on Sri Lankas roads are being geared to meet with emission criteria laid out by law.rn rnThe Registrar […]
Doing IT Right
Hewlett-Packard (HP) is sprucing up its position in Sri Lanka to pitch for state and other large ICT initiatives, with a number of proposals already handed in. The company believes it is ideally positioned, especially with its merger with Compaq in May 2002, to support large IT oriented projects.rn rnHP and Compaqs presence reaching most […]
Shorter Cycles
The bank has also awarded local IT firm, DMS Oracle, the mandate to automate its General Ledger system.rn rnCentral Bank quote s Assistant to the Governor, Dr. Rani Jayamaha told Lanka Business Online that both IT systems will be funded through an existing US$ 30.3 mn World Bank loan awarded for Central Bank reforms.rn rnBacked […]
Share Swap
National Development Bank plans to use a share swap to execute its impending merger with its commercial banking arm NDB Bank.rn rnIn an announcement to the Colombo Stock Exchange, NDB says shareholders of NDB Bank will be given shares in NDB, in exchange for the transfer of NDB Bank quote s net assets to NDB.rn […]
Express Clearing
The new US dollar cheque and draft clearing system kicked off Tuesday with transactions amounting to US$ 251,139 being processed on the opening day.rn rnThe new dollar clearing system, a first for the local banking sector, speeds up realisation of dollar cheques/drafts, eliminating what is ordinarily a three-week delay.rn rnUnder the current arrangement, lead times […]
Third Shift
Keeping in line with its court promise, the Public Enterprise Reform Commission called for fresh bids to infuse private ownership into the cash starved 13 state transport companies.PERC said it was offering a 39 percent equity stake, out of the shares currently held by the Treasury on behalf of the government.rn rnProspective investors have to […]
Dressed Up
Peoples Bank will use the grant to hire a consultant to draft the information memorandum to raise badly needed capital.rn rnThe State-owned giant has negative net assets to the tune of RS. 6 bn and is operating on a Letter of Comfort from the government.rn rnBank Chairman Lal Nanayakkara told Lanka Business Report that the […]