The 2015 Budget may be presented to Parliament earlier than usual this year, said Minister of Mass Communication and Media Keheliya Rambukwella during a media briefing a short while ago. He said since the Appropriation Bill for 2015 had been presented earlier than in other years the Budget too would be similarly presented earlier. He…
The 25 percent electricity traffic reduction effective September would be to all domestic users whether the consumption is below or over 300 units per month, said Media Minister Keheliya Rambukwella during the media briefing to announce Cabinet decisions a short while ago. He added that news reports stating that the 25 percent reduction would be…
British luxury carmaker Jaguar launched its cheapest ever car on Monday, the first new model in a range designed to widen its appeal to women and younger drivers and take on bigger rivals such as BMW, Audi and Mercedes-Benz. After years in the doldrums, Jaguar has enjoyed a new lease of life since it was…
Union Bank of Colombo PLC has announced that the Central Bank of Sri Lanka has approved the appointment of Indrajith Asela Wickramasinghe as its Chief Executive Officer designate with effect from 15 October 2014. The appointment of this post will take effect on 15 November 2014.
Cedric Royle Jansz will succeed J.M.S. Brito as Chairman of DFCC Vardhana Bank when Mr. Brito’s term of office ends on 11 October 2014. Mr. Brito’s retirement is according to the Banking Act where the maximum period of a director of a licensed commercial bank is nine years. C.R. Jansz is currently the Chairman of…
Plans to increase current portfolio of 300+ keys to 1,000 BrownsInvestments PLC (BI) today,announced the re-branding of LOLC Leisure to Browns Hotels and Resorts. In March this year, Browns Investments acquired sole shareholder status of LOLC Leisure. BI previously held a minority interest of 30% in LOLC Leisure; the investment into the hotel sector was…
Access Engineering PLC is to acquire 80 percent of the ordinary shares of Access Projects (Private) Limited on 01 October for Rupees One Billion. These shares are to be purchased are 50 percent from Access International (Private) Limited and 30 percent from Sumal Joseph Sanjiva Perera. Established in 2002, Access Projects (Pvt) Ltd is a…
Colombo bourse started the weekly operations on positive note as both indices closed with higher returns. Benchmark All share price index marginally gained 4.45 points or 0.06% to end at 7,238.16 while 20-script S&P SL index gained 10.58 points or 0.26% to end at 4,019.00. The gains were mainly led by the price inclines in…
The Union Bank of Colombo PLC announced the voluntary resignations of four Directors to accommodate the representatives of its new investor, the Cayman Islands based Culture Financial Holdings. The independent non executive directors who thus resign are Dr. Harsha Cabraal PC, Suren Madanayake, Sunil Karunanayake who do not own any ordinary voting shares and non…
Union Bank of Colombo PLC confirmed that Culture Financial Holdings of the Cayman Islands has invested over Rupees 11 billion 420 million (Rs 11,420,474,984.70) enabling Union Bank to issue 742,156,249 ordinary voting shares of the company at Sri Lankan Rs. 15.30 each by way of a private placement and 218,281,250 warrants for Sri Lankan cents…
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