One of Sri Lanka’s leading fashion, designer apparel retail establishment ODEL PLC has seen a significant change in its board of directors following its earlier pioneer Otara Gunawardene and her brothers Ruchi and Ajit Gunawardene selling their entire shares in the establishment to the Softlogic Group recently. Accordingly, with effect from today (22 September) ODEL…
It has been revealed that Sri Lanka’s bunkering services to ships and supply of aviation fuel to aircraft have weakened due to the heavy competition in this sector from India and Singapore. While releasing latest data in this regard the Central Bank of Sri Lanka says though the charges in this sector are high both…
Sri Lanka’s continuing failure to strengthen its tax administration could force the its Government to spend less, which would hit economic growth, the International Monetary Fund (IMF) said on Friday. Since the Fund extended a $2.6 billion loan in 2009, it has regularly called for the Government to raise more revenue by broadening the tax…
The import expenditure of the non-consumables sector has increased due to the rise in the import of vehicle into Sri Lanka, reveal latest statistics. According to date released by the Central Bank of Sri Lanka, the number of vehicles imported by Sri Lanka in July 2014 has increased by 8.5 percent as compared to the…
It has been revealed that the main focus of Chinese President Xi Jinping, who arrives in Sri Lanka today (16 September) on a two day visit marking the visit of a Chinese President to the island after 28 years, would be on the final agreement on proposed Sri Lanka-China free trade agreement. Both countries have…
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…
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…
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 adaderanabiz.lk 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…
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…
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…
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