manusath-derana

Analysis

Huge chunk of Union Bank goes to Cayman Islands registered investor

A Cayman Islands registered company, Cultural Financial Holdings Ltd. has entered into an agreement to buy nearly 70% of Union Bank of Colombo PLC shares for nearly Rs. 15 billion. Cultural Financial Holdings has agreed to buy 742.1 million ordinary voting shares of Union Bank of Colombo PLC at Rs. 15.30 per share as a…

(0)Comments | August 14, 2014 5:38 pm

EXCLUSIVE: Krrish chairman in special meeting with government

EXCLUSIVE: A special meeting on the beginning of the work on the ‘Krrish Square’ proposed to be constructed on a four acre plot of land in Colombo Fort was held between the chairmen of the Urban Development Authority (UDA) and the Krrish Group in Colombo this morning (12 August). During this meeting, Krrish Group chairman…

(0)Comments | August 12, 2014 2:33 pm

Vallibel One gains from share disposal

Vallibel One PLC disposed of its 50% shares in Orit Apparels Lanka Private Limited and successfully gained a net capital gain of Rs. 137.9 million. Vallibel One said it had sold its shares in its subsidiary Orit Apparels Lanka Private Limited at Rs. 40.27 per share. These shares have been purchased by Orit Apparels Lanka…

(0)Comments | August 12, 2014 2:32 pm

Asha Central hospital and property to be sold

Asiri Central Hospitals PLC has entered into an agreement to sell and transfer the land and premises bearing No. 37, Horton Place, Colombo 07 for a total consideration of Rupees 2.6 billion. The sale would be concluded only upon the buyer completing a due diligence within 90 days of the due agreement, says Asiri Central…

(0)Comments | August 11, 2014 1:56 pm

Sri Lanka’s gross official reserves reach US$ 9 billion

The Gross Official Reserves of the Central Bank of Sri Lanka crossed the US$ 9 billion mark on Friday (August 8) for the first time ever in the country’s history, Central Bank Governor Ajith Nivard Cabraal said. By end May 2014, Sri Lanka’s gross official reserves amounted to US dollars 8.8 billion, equivalent to 5.9…

(0)Comments | August 9, 2014 11:58 am

Sri Lanka’s debt burden dipps

The Central Bank of Sri Lanka (CBSL) has released the latest data on Sri Lanka’s debts which shows that compared to the Gross Domestic Product (GDP) the debt burden has decreased to 74.3 percent by end June 2014. By end 2013 the country’s debt burden was 78.3 percentage of the GDP. In 2005 it was…

(0)Comments | August 8, 2014 2:36 pm

Squadrons of foreign pilots in Sri Lanka

There are around 100 foreigners currently serving with SriLankan Airlines as chief pilots and the incapability of training pilots locally is due to the resources being limited, said the Director General of Civil Aviation. Director General of Civil Aviation H.M.C. Nimalsiri old adaderanabiz.lk that around 200 Sri Lankans too are with the foreigners as chief…

(0)Comments | August 7, 2014 12:01 pm

CPC ‘miscalculations’ revealed by COPE interim report

The interim report released by the Committee on Public Enterprises (COPE) reveals that the Ceylon Petroleum Corporation (CPC) has overpaid USD 2,060,842 to a foreign company named UAE since an installment of USD 54 had been included twice in the agreement entered into for the purchase of fuel. COPE chairman revealed this during the media…

(0)Comments | August 6, 2014 9:46 am

Chinese top the list as tourists to Sri Lanka

China has become the country with the fastest arrivals of tourists to Sri Lanka. According to the latest government statistics tourists arrivals from China in July this year Chinese tourists to Sri Lanka has grown by 172.2 percent to 15,178 tourists. While within the first four months of this year the number of Chinese tourists…

(0)Comments | August 5, 2014 1:19 pm

Commercial Credit takes over 98% of Trade Finance & Investments

Commercial Credit Limited has bought 98 percent of shares of the over 35 year old, Jet Wing Group owned Trade Finance & Investments PLC for nearly Rs. 1.5 billion, very reliable sources told adaderanabiz.lk Nearly 83 percent of the controlling shares of this company have been sold to Commercial Credit at Rs. 28 each on…

(0)Comments | August 4, 2014 2:59 pm