Fitch Ratings has downgraded Sri Lanka-based retailer Abans Plc’s National Long-Term Rating to ‘BBB+(lka)’ from ‘A-(lka)’. Fitch has also downgraded the National Long-Term Rating on Abans’ unsecured redeemable debentures to ‘BBB+(lka)’ from ‘A-(lka)’. Fitch has affirmed Abans’ outstanding commercial paper at National Short-term Rating of ‘F2(lka)’. The one-notch downgrade reflects Fitch’s view that Abans’ medium-term…
Colombo bourse wrapped the weekly operations on Friday recording a 4 week high turnover of LKR 3.8bn. The turnover was driven by the significant crossings recorded in Nations Trust Bank where 22.9mn (9.9% of the issued capital of NTB) shares changed hands at LKR 95.00 per share. The value of NTB crossings was LKR 2.2bn…
The Ceylon Petroleum Corporation (CPC) says that though in the recent past fuel stations outside Colombo were permitted to sell petrol and diesel at Cents 50 to 60 more than the prices in the city this practice would be stopped from tomorrow (01 November). CPC Chairman Sirisena Amarasekera told adaderanabiz.lk that from tomorrow fuel would…
The Finance Ministry has decided to add the interim allowance of Rs. 2,500 to pensioners provided through the 2015 Budget to their payments from 10 November. Finance Ministry Deputy Secretary S.R. Attygalle told adaderanabiz.lk, “All steps are being taken to add the interim allowance of Rs. 2,500 to pensioners provided through the 2015 Budget to…
After two days of deliberations the fourth Global Rubber Confab in Colombo closed successfully on 29 October –with participating international reps hailing it a ‘great experience’. “This is an experience-Sri Lanka’s GRC is an astounding success. Despite the very low rubber prices in the global market, we have been fortunate to have it in Sri…
Janashakthi Limited is to offer 5,000,000 rated senior unsecured redeemable debentures at Rs. 100 each with an option to issue up to a further 5,000,000 in the event of an oversubscription. Subscription list opens on 12 November 2014. First Capital Limited are the Managers to the issue while the Registrars are Business Intelligence Limited.
The debenture issue by Mercantile Investments and Finance PLC has been oversubscribed after receiving applications for over Rs. 200 million. The issue closed at 4.30 pm today (30 October) and the basis of allotment is to be notified to the Colombo Stock Exchange shortly.
Pan Asia Banking Corporation is to exercise the option to accept the further 10 million debentures in addition to the initial issue of the 20 million debentures at Rs. 100 each and to issue 30 million debentures in total. The basis of allotment of the 30 million debentures is as follows: Preferential allotment: Up to…
Fitch Ratings Lanka has affirmed Sri Lanka-based Nations Trust Bank PLC’s (NTB) National Long-Term Rating at ‘A(lka)’. The Outlook is Stable. Fitch has also affirmed NTB’s subordinated debt at ‘A-(lka)’ and assigned an expected rating of ‘A(lka)(EXP)’ to its proposed senior unsecured debentures of up to LKR3bn. The final rating on the proposed debentures is…
Sri Lanka has slid from its earlier ranking at 85 to the current ranking of 99 in the World Bank’s ‘Doing Business’ index which categorises the most suitable countries to do business with. In this index prepared including 189 countries, the World Bank has said that it takes around four years for judiciary to legally…
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