Senkadagala Finance PLC has entered into a share purchase agreement with Newest Capital Limited to acquire 100 percent of the fully paid issued share capital for Rs. 300 million. Accordingly, from 25 August 2014, Newest Capital is a fully owned subsidiary of Senkadagala Finance PLC. This is under the Master Plan for the Consolidation of…
The long and short term financial ratings of HDFC Bank have been upgraded to BBB+ and P2 from its earlier BBB and P3 by Lanka Rating Agency Limited. The outlook on the long term rating is stable. Currently, long term issue ratings of Sri Lankan Rupees 2 billion secured senior listed debenture (2013/2018) has been…
Kia Motors Corp. (000270) plans to build its first assembly plant in Mexico as the South Korean automaker follows European and Asian rivals in adding regional production. Mexican President Enrique Pena Nieto said today the company will invest more than $1 billion in the factory and attract another $1.5 billion from Kia suppliers in Mexico….
Christine Lagarde, the head of the International Monetary Fund, has been placed under formal investigation in France for her alleged involvement in a long-running fraud case. Under French law, a formal investigation means prosecutors believe they have serious evidence implicating a suspect in a crime. It does not necessarily lead to charges or a trial….
Colombo equity market witnessed negative returns on Wednesday amid sluggish activity seen among the foreign investors. ASI lost 28.41 index points or 0.41% to end at 6,984.91 while 20-scrip S&P SL index slipped by 9.02 index points or 0.23% to close at 3,842.83. Price declines in counters such as Lion Brewery (closed at LKR 606.00,…
No less than 130 reps from 125 Lankan firms thronged the first bilateral B2B call between Sri Lanka and Seychelles biz ever to be held in Colombo on 27 August. “Today’s event can be a stepping stone for more bilateral trade between both countries, which is an urgent need at this moment. The total bilateral…
The first phase of the reconstructed Achchuveli Industrial Estate in Jaffna which had been rendered inactive by the war was declared open by Economic Development Minister Basil Rajapaksa this morning (27 August). The Indian government provided assistance for the rejuvenation of this project by providing some Indian Rupees 225 million. The Achchuveli Industrial Estate is…
The Investment Promotion Ministry together with the missions of European countries have set up a monthly programme to listen to the European investors in Sri Lanka and resolve the grievances faced by them. While speaking on this programme, Deputy Minister of Investment Promotion Faizer Mustapha told adaderanabiz.lk that the Board of Investments of Sri Lanka…
Business in the wholesale market has greatly decreased since most now go to the Dambulla Economic Centre to buy their essential commodities, says the secretary of the Pettah Essential Commodities Importers’ Association. While speaking to adaderanabiz.lk, Pettah Essential Commodities Importers’ Association secretary G. Nathan said, “By now, the onion harvest from Dambulla is entering the…
The BOI signed an agreement with Aussee Oat Milling Pvt Ltd, to manufacture oats based products such as rolled/flaked oats, flavored oats, oats muesli, oats flour, oats bars and oats cookies for export. The company plans to invest US$ 10.5 millionto set up a manufacturing plant in the Export Processing Zone in Mirigama. Aussee Oat…
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