Representatives of All-Island Roofing Tiles Manufacturers’ Association and the Footwear and Leather Goods Manufacturers Association met President Maithripala Sirisena on 11th September at the Presidential Secretariat. They discussed the issues related to their industries and the President directed the officials to find the ways and means to provide relief for them.
Reuters – Sri Lankan shares ended with modest gains on Tuesday as local investors picked up beverage and trading shares, while block deals boosted the turnover to more than a two-month high. The Colombo stock index ended 0.08 percent firmer at 6,377.38. The Colombo stock index fell 0.2 percent last week, its eighth straight weekly…
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider announced today (12) that it had successfully completed the acquisition of an 80.34% stake in Colombo Trust Finance PLC (CTF) from Cargills Bank Limited at a price of LKR 28.70 per share. Colombo Trust Finance PLC is a finance company licensed by the Central Bank of Sri…
Dim prospects on the economic front put corporates on the back foot Plans to develop the Hambantota Port – with the state-owned China Merchants Port paying an estimated US$ 1.1 billion for a 70 percent stake in the facility – understandably made the headlines in late July. The project, which takes the form of…
Cargills Bank Ltd, the majority shareholder of Colombo Trust Finance PLC, has sold its 80.34% stake in the company today (12), according to sources. A total of 37,374,598 shares of Colombo Trust Finance have been sold at the price of Rs 28.70 per share. The total value of the transaction was Rs. 1,072,650,962.60. According to…
The Indian Express – Citing the geographical and strategic location of Sri Lanka, a Senate committee has opposed Trump Administration’s proposal of a drastic 92 per cent cut in American aid to the island nation. “Given the geostrategic importance of the country, the Committee does not support the President’s budget request for Sri Lanka, which…
Women’s Chamber of Industries and Commerce (WCIC) and SAARC Chamber Women Entrepreneur Council (SCWEC) Chairperson, Rifa Mustapha congratulated the government on its progressive legislation to bring a minimum quota of women to fill the seats of Local Government Councils in future. She opined that this was a timely move and a step in the right direction…
Reuters – Sri Lankan shares closed little changed in low turnover on Monday as investors waited for clarity on the new tax bill. The parliament passed tax reforms on Thursday that should simplify the tax system, widen the tax base and increase government revenue, as agreed with the International Monetary Fund in exchange for a…
Most Sri Lankan non-life insurers should be able to absorb near-term volatility and the effects of adverse weather-related events given extensive use of reinsurance, says Fitch Ratings. However, frequent occurrence of major catastrophic floods could affect insurers’ capital, especially that of state-owned local reinsurer, National Insurance Trust Fund Board (NITF, AA-(lka)/Stable). Changing weather patterns have…
Meanwhile the Group is rationalizing some of its legacy operations Sri Lanka’s long-standing leader in agriculture – the CIC Group – has elevated the country’s agriculture sector via futuristic investments amounting to over Rs. 2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods of farmers….
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