Fitch Ratings Lanka has revised Sri Lanka-based Pan Asia Banking Corporation PLC’s (PABC) Outlook to Negative from Stable. The agency has affirmed PABC’s National Long-Term Rating at ‘BBB(lka)’ and the rating on PABC’s outstanding subordinated debentures at ‘BBB-(lka)’. The Negative Outlook reflects the continued deterioration in PABC’s capitalisation amid aggressive loan growth. Fitch believes there…
The Central Bank of Sri Lanka which unexpectedly reduced it policy interest rates which decide the interest rates of commercial banks in April, has decided not to revise it this month (May). Though currently inflation remains low, the increased borrowings by the state and private sectors has increased pressure on the exchange rates. The Central…
Hayleys PLC closed its financial year ending March 2014/15 on a high, consolidating the growth momentum generated over past years. In its filing to the Colombo Stock Exchange, the group reported a 32 percent increase in Profit After Tax (PAT), to close the year with Rs. 4.9 billion. Sector wise contribution was led by the…
* Reinforces status as one of the country’s fastest growing insurers with 21% growth in Life GWP Reinforcing its status as one of the country’s fastest growing insurers, Asian Alliance Insurance PLC achieved a Gross Written Premium (GWP) of Rs. 867 million for Life, a 21% increase compared with the previous year, whilst consolidated…
Commercial Credit and Finance PLC’s issue of 10 Million rated, subordinated, guaranteed, redeemable five-year Debentures at a par value of LKR 100/- each has been oversubscribed on opening day. Interest on the Debentures will be paid at a fixed rate of 10.50% per annum (AER 10.92%) on the Principal Sum quarterly each year. The Issue…
Orient Finance and Bartleet Finance PLC which are subsidiaries of Janashakthi PLC have decided to amalgamate and continue activities as a single legal entity as a licensed finance company. The Central Bank of Sri Lanka has granted its approval in principle for this proposed amalgamation.
Colombo equities ended on negative note after two consecutive sessions of gains amid profit taking and political uncertainties. Both indices witnessed declines ahead of monetary policy review where the main index shed 16.08 points or 0.22% to end at 7,273.69 while 20-script S&P SL 20 index marginally declined by 4.89 points (-0.12%) to end at…
Perodua aims to sell one million Myvis by end-2017 from the 850,000 recorded as at end-April this year, on the back of continued demand and other promotions. President and chief executive officer Aminar Rashid Salleh said on average, bookings for the Myvi were at about 8,000 units per month. “We are cautiously optimistic that with…
Reliance Industries’ Chairman and Managing Director Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the seventh year in a row. It helps that he is one of the richest men in the world, worth $20.2 billion, so this ‘cap’ is really small change. A statement by the company says that…
Switzerland says it is working towards upgrading the ‘Avoidance of Double Taxation Agreement’ and the ‘Bilateral Investment Treaty’, which it has signed with Sri Lanka. This was revealed by Ms. Livia Leu, Ambassador Delegate of the Federal Council for Trade Agreements of Switzerland, when she visited the Ceylon Chamber of Commerce, during this week. Speaking…
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