Category: Industry
United Motors to dispose its shareholding in TVS Lanka
Mar 27, 2018 (LBO) – United Motors Lanka said its 50 percent shareholding in TVS Lanka is to be disposed for 1 billion rupees. United Motors in a stock exchange filing said they entered into a sale and purchase agreement with T.V. Sundaram Iyengar and Sons, India to dispose the entire shareholding of United Motors […]
Sri Lankan spice exporters slam India for introducing MIP for pepper
Mar 26, 2018 (LBO) – Sri Lanka’s Spices & Allied Products Producers’ & Traders’ Association slams India for introducing a minimum import price for pepper charging India for adding another barrier to trade. The association said in December last year, India introduced a minimum import price for Pepper of Indian Rupees 500 per Kilogram which […]
CB requests CIFL depositors to submit their details of deposits
Mar 26, 2018 (LBO) – Sri Lanka’s Central Bank has requested all CIFL depositors to submit the details of deposits that they have placed with the finance firm and loans obtained from them in a bid to consider the repayment of insured deposits. Central Bank said the purpose of this is to obtain the details […]
‘s Port of Colombo: 13th best connectivity in world
Mar 26, 2018 (LBO) – Port of Colombo has been ranked the 13th best connectivity port, up five places in the Drewry Port Connectivity Index for the 4th quarter in 2017. According to the rankings the Port of Colombo is also the top best connectivity port in South Asia. The Index recently announced the top 20 ports […]
‘s residential and retail markets beyond 2019: JLL
Mar 26, 2018 (LBO) – Sri Lanka’s residential real estate sector, especially high end condominiums,faces over supply challenges, with the recent re-imposition of 15 percent VAT on condominium sales, denting sentiment while retail markets too demonstrate less sustainability, real estate consultancy Jones Lang La Salle (JLL) said. JLL recently announced the company’s predictions for Sri Lanka’s […]
Sampath Bank and Ustocktrade LK link to simplify investment in foreign securities
Mar 26, 2018 (LBO) – Sampath Bank PLC has entered into a Memorandum of Understanding (MoU) with Ustocktrade LK (Private) Ltd (ULPL) to enable investors pay conveniently when trading in securities listed on stock exchanges across the United States of America (USA) through the Ustocktrade app. Under this agreement, Sampath Bank Personal Foreign Currency (PFC) accountholders […]
Sri Lanka plans to issue licenses for electricians from October
Mar 23, 2018 (LBO) – Sri Lanka’s electricity sector regulator, Public Utilities Commission is planning to implement a mechanism to establish an accepted professional status for electricians in the country by issuing licenses from 1st of October 2018. The proposed mechanism plans to establish this status by accrediting the qualifications and experience of the electricians. Director General […]
IFC to loan USD 15Mn to Senkadagala Finance
Mar 23, 2018 (LBO) – Sri Lanka’s Senkadagala Finance will get loan of up to US15 million dollars from the International Finance Corporation (IFC), a statement said.“The signed agreement with IFC for the loan would be in Sri Lankan rupees,” the Finace Company said in a stock exchange filing, Thursday.The loan would focus on lending to […]
The One, landmark mixed development to cost USD500Mn plus
Ultra luxury, state of the art hospitality, breathtaking surroundings, signature amenities, world class dining experiences, three towers comprising two luxury hotels [ a total of 473 KEYS ], a luxury retail mall, a commercial office complex which will be the last word in Corporate ambience and style, as well as 638 beautifully crafted apartments , […]
Multi Finance PLC enables sustainable transactions with “Each One Plant One” campaign
With a proud heritage of over 4 decades in business, Multi Finance PLC has been a source of strength to businesses, and entrepreneurs in the urban rural and SME markets, playing a pivotal role in contributing to the growth of the Sri Lankan economy. Governed by the Central Bank and listed in the Colombo […]
Orion City and Dialog partner to build High Density Data Centre
Mar 21, 2018 (LBO) – Sri Lanka’s Dialog Axiata Group announced a joint venture partnership with Orion City to build and manage the island’s first ever High-Density Data Centre at the Orion City IT Park in Colombo. The proposed centre will be established through Digital Realty (Pvt) Ltd, a company jointly held by Dialog Broadband Network […]
National Financial Inclusion Strategy of Sri Lanka by mid-2019
Mar 21, 2018 (LBO) – Sri Lanka’s Central Bank expects to implement the National Financial Inclusion Strategy of Sri Lanka by mid-2019, Dr. Indrajit Coomaraswamy said in Colombo, Tuesday. “For successful implementation of this process high level political commitment is required,” the Central Bank Governor said. “Most of all, active participation and commitment of all stakeholders who […]