Hemas Power PLC has entered into an agreement for the sale of its entire 60 million shares constituting 50 percent of the total issued voting shares of the thermal power plant Heladhanavi Limited to Lakdhanavi Limited for Rs. 531,753,373. Meanwhile, Hemas Holdings PLC is to divest its investment in Hemas Power PLC to a consortium…
In its fight against illegal fishing activities worldwide, the European Commission has proposed to ban imports of fisheries products from Sri Lanka to tackle the commercial benefits stemming from illegal fishing. The move comes after four years of intense dialogue with the country after which it could not demonstrate that it sufficiently addressed illegal, unreported…
Colombo equities swung between gains & losses on Tuesday and closed with mixed returns. Benchmark All share price index gained 21.25 points or 0.30% to end at 7,205.47 while S&P SL 20 index lost 2.80 points or 0.07% to end at 4,011.75. Price appreciation in counters such as Sri Lanka Telecom (closed at LKR 51.20,…
MCSL Financial Services Limited and MBSL Savings Bank Limited are to be amalgamated with the Merchant Bank of Sri Lanka. Accordingly, the name of the Merchant Bank of Sri Lanka PLC would be changed to Merchant Bank of Sri Lanka & Finance PLC after due registration with the Registrar of Companies.
Global oil prices have fallen again amid worries about slow global growth and reports that key oil producers want to maintain current output levels. Brent crude fell to a near four-year low of $87.74 a barrel earlier, before recovering some ground to $88.46. US light crude oil was down $0.93 at $84.76, close to a…
Softlogic Group has increased its shares in Sri Lanka’s leading fashion retail chain ODEL to 93.2 percent. Recently, the Softlogic Group led by prominent Sri Lankan businessman Ashok Pathirage bought 45.16 percent of shares in ODEL from its pioneer Otara Gunawardene and her family members for Rs. 2.7 billion. Following this, the company’s subsidiaries Softlogic…
Frenchman Jean Tirole of the University of Toulouse won the 2014 Nobel Prize in Economic Sciences for his work on how governments can better regulate industries from banking to telecommunications. Regulators can use Tirole’s research to encourage powerful companies to become more productive, while preventing them from harming competitors and customers, the Royal Swedish Academy…
Habitat for Humanity calls on corporates with a conscience: World Habitat Day 2014 theme shines the spotlight on ‘Voices from Slums’ Habitat for Humanity Sri Lanka (HFHSL) calls on corporates to help improve life conditions in the country with a special focus on those who live in dilapidated housing, encapsulated in this year’s World Habitat…
A Bill was introduced in Parliament to register the DFCC Bank as a public limited company incorporated under the Companies Act with the name DFCC Bank PLC. This Bill will become law once passed by Parliament and certified by the Speaker.
Renuka Holdings PLC is preparing for a Rights Issue to raise nearly Rs. 01 billion to be invested in its property development project at Kollupitiya in Colombo 3. The company is to issue 44 million ordinary voting shares at Rs. 21 each and six million ordinary non-voting shares at Rs. 15 each. These shares are…
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