Litro Gas Lanka Ltd., a state-owned company, is the Liquid Petroleum Gas supplier with a market share of 75% of Sri Lanka’s liquid petroleum consumers. Accordingly, the Cabinet of Ministers approved the proposal presented by Minister of Finance, Economy and Policy Development to award the contract of purchasing 740,000 litres of Liquid Petroleum Gas for…
Orana, one of the world’s largest Denmark suppliers supplying raw materials related to fruit processed will sign an agreement with Sri Lanka’s Industrial Development Board to set up a US $1.5 million fruit processing plant in Sri Lanka. Accordingly, the proposal made by the Minister of Industry and Supply Management, to provide a 02-acre block of land…
IFS, the global enterprise applications company, is expanding its business operations in South Asia including Sri Lanka, Bangladesh and Pakistan. A leading provider of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), and Field Service Management (FSM) solutions, IFS serves many of the market leading enterprises in sectors such as manufacturing, construction, automotive, food and…
The Government has instructed a repay of Withholding Tax (WHT) and Pay As You Earn Tax (PAYE ) deducted from January 01, 2020, to the respective persons (employees, deposit holders or any other persons). This was announced by the Inland Revenue Department (IRD) yesterday(5). Full notice as follows; As instructed by the Ministry of Finance on January 31,…
The Colombo Stock Exchange (CSE) yesterday (5) instructed all listed companies to immediately notify them, in writing, regarding any changes to the composition of remuneration and audit committees with effect from 01 march 2020. In terms of the CSE listing rules, listed companies are which are non- compliant with the corporate governance rules, specifically on…
Post – election economic positivity erodes as corporates adopt a wait and see mindset The economy according to the latest LMD- Nielsen Business confidence index (BCI ) survey, the share of respondents who say the economy will improve in the coming 12-months has fallen to 62% in January from 74% in the previous month. Commenting…
SINGAPORE (THE BUSINESS TIMES) – Singapore-listed theme park developer and operator Sim Leisure Group on Tuesday announced it will bring its theme parks to Sri Lanka, under a memorandum of understanding (MOU) signed with Sri Lanka-listed Elpitiya Plantations. Elpitiya is an associate company of Sri Lanka-listed bluechip conglomerate Aitken Spence. Under the MOU, Elpitiya intends…
ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service urges CBSL and Sri Lankan companies, including some of the biggest SOEs to get ready for the London Interbank Offered Rate (LIBOR) transition which is scheduled for 2021. “Central Bank of Sri Lanka (CBSL), Sri Lankan commercial banks and companies, including some…
The Lighthouse Hotel PLC, a franchise hotel belonging to Jetwing Hotels, has decided to make an equity investment of Rs. 50,000,000/ on its fully owned subsidiary, Unawatuna Properties (Private) Limited or Hotel J Unawatuna. In a stock exchange filling, the company noted that the board of directors of The Lighthouse Hotel PLC has decided to…
The Colombo Stock Exchange (CSE) has organized a forum to discuss changes to the tax system which were recently announced by the Government. The forum, will be conducted by senior representatives of the Inland Revenue Department and PWC Sri Lanka, and will take place on 18 February 2020 from 08.30 a.m. to 01.00 p.m. at…
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