Sri Lanka’s latest economic development

While the Department of Census & Statistics has released its on Sri Lanka’s latest economic development, it has revealed that the island’s Gross Domestic Product for the second quarter of 2014 has grown by 7.8 percent compared to the same quarter in 2013. The agricultural sector has contributed 10.6 percent, the industrial sector 31.5 percent…

(0)Comments | September 16, 2014 9:43 am

Softlogic Group issues mandatory offer to buy balance Odel shares

Softlogic Holdings PLC and Softlogic Retail (Private) Limited who now own approximately 45.16 percent shares of Odel PLC have issued a mandatory offer to purchase the remaining 54.84 percent not already owned by Softlogic as Rs. 22 per share. On 11 September 2014, Softlogic Holdings PLC together with Softlogic Retail (Private) Limited purchased 122,894,000 ordinary…

(0)Comments | September 15, 2014 2:22 pm

EXCLUSIVE:: A massive USD one billion Japanese investment in Sri Lanka

A prominent Japanese financial services provider Daiwa Securities is reportedly preparing to invest a massive USD one billion in Sri Lankan Treasury Bonds. While speaking at an exclusive interview with Sri Lanka’s Ambassador in Japan Admiral Wasantha Karannagoda said this investment is expected to be made by next March. A delegation of senior representatives…

(0)Comments | September 9, 2014 11:21 am

Arpico under Yaddehige takes over Chilaw Finance

Richard Peiris Arpico Finance Company under scientist and engineer Dr. Sena Yaddehige led Richard Peiris Group entered into a memorandum of understanding to acquire 51 percent stake of Chilaw Finance PLC. While this agreement has been entered into under the financial institutions consolidation programme of the Central Bank of Sri Lanka, Richard Peiris Arpico Finance…

(0)Comments | September 3, 2014 9:33 pm

Fitch Downgrades John Keells Holdings to ‘AA+(lka)’

Fitch Ratings has downgraded John Keells Holdings PLC’s (JKH) National Long-Term Rating to ‘AA+(lka)’ from ‘AAA(lka)’. The Outlook is Stable. JKH is a holding company with interests in transportation, leisure, property, consumer foods, retail and financial services, and it depends largely on dividend income to meet its financial obligations. The downgrade reflects the deterioration in…

(0)Comments | September 3, 2014 6:45 pm

Bimputh Finance acquires nearly 25% shares of Sinhaputhra Finance

Bimputh Finance PLC today (02 September) acquired 1,573,765 representing 24.99 percent shares of Sinhaputhra Finance PLC at Rs. 275 each. After this acquisition Bimputh Finance holds 1,605,919 shares representing 25.5 percent shares of Sinhaputhra Finance PLC.

(0)Comments | September 2, 2014 10:46 pm

Carson Cumberbatch clarifies speculative reports

Carson Cumberbatch PLC has issued a clarification to avoid speculative reports that its subsidiaries, namely Goodhope Asia Holdings Limited and four Malaysian plantation companies, Indo-Malay PLC, Shalimar (Malay) PLC, Selinsing PLC and Good Hope PLC were seeking large scale listing of their palm oil operations on the Singapore Stock Exchange. Carson Cumberbatch states that the…

(0)Comments | September 2, 2014 10:31 pm

The rise of Sri Lanka’s e-government services

  By Indika De Zoysa:: Sri Lanka as a country is growing rapidly in every aspect. The country has achieved better gross domestic product (GDP) rates, a single digit level inflation, a solid GDP per capita income and low unemployment rates over the last two years, with positive contributions from key sectors of the economy. This…

(0)Comments | September 2, 2014 3:20 pm

Teak-growing Touchwood has only Rs. 105,000 in banks

Touchwood Investments PLC which engaged in growing teak trees for some time and then faced a crisis currently possesses only Rs. 105,720.17 in the bank accounts of the company. This has been revealed through the report on the assets and liabilities of the company submitted to the company’s liquidator G.K. Sudath Kumar. According to the…

(0)Comments | September 1, 2014 9:32 pm

MTD Walkers acquires Wincon Development for 2.1 billion

The world renowned construction, production and engineering services entity MDT Walkers PLC is to acquire the land development, building contractors, machinery and electronics manufacturing firm Wincon Development Ceylon (Private) Limited for a sum of Rs. 2,174 million. The MDT Walkers PLC board of directors has approved the acquisition of all Wincon Development Ceylon (Private) Limited…

(0)Comments | August 28, 2014 8:50 pm