The Asian Development Bank (ADB) entered into an agreement to invest up to $80 million (in Sri Lanka rupee equivalent) in John Keells Holdings PLC (JKH) to boost the country’s food value chain and promote economic growth and job creation. The investment will be a two-phase private placement to support the expansion of JKH’s modern retail and distribution…
Maga Engineering has completed construction of a new 528-unit housing complex consisting of three 11-storey blocks situated off Kalinga Mawatha in Polhengoda, Colombo 05. The housing complex, named “Colomthota Sarasavi Uyana”, was opened on 15 December 2021 under the patronage of Prime Minister Mahinda Rajapaksa, on the invitation of State Minister of Urban Development, Dr….
Aitken Spence Travels, in collaboration with SriLankan Airlines and TUI France, recently hosted a group of top travel agents on a familiarization visit to Sri Lanka with the commencement of direct flights to Paris, France. The direct flight option that is now available, is a welcoming move for French tourists who loves Sri Lanka as…
Addresses growing local demand for cement while supporting company’s rapidly expanding product portfolio INSEE Cement – the country’s largest cement manufacturer announced a state of the art one million ton per annum grinding capacity expansion at its Ruhunu Cement Works (RCW) plant in Galle, investing in strengthening the local economy by increasing domestic production and…
John Keells Properties recently marked the beginning of construction of its 16 Holiday Home development project – ‘Sunrise Ridge’, located in Digana within the Victoria Golf & Country Resort (VGCR), during a special groundbreaking ceremony. Prior to the ground-breaking 60% of the holiday homes had already been sold. Overlooking expansive views of the golf course,…
Tokyo Cement Group recently commissioned operations of the newly expanded capacity at the Tokyo Cement Colombo Port Terminal in a soft opening ceremony. The event is the culmination of a 2.5 billion rupees worth investment by the cement giant, held under the auspices of Mr. S.R. Gnanam, Managing Director and Mr. Christopher Fernando, Executive Director…
Fitch Ratings (Fitch), in a rather hasty move, downgraded Sri Lanka’s international sovereign rating on 17 December 2021, demonstrating its failure to recognise the positive developments taking place in Sri Lanka, in an environment in which the entire world is grappling with multiple waves of the COVID-19 pandemic. This action resembles the recent unwarranted downgrade…
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of ‘CCC’ or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The downgrade reflects…
Constituent Changes to the S&P Sri Lanka 20 Index The Colombo Stock Exchange (CSE) announces the following changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2021-year end index rebalance. The exclusions and inclusions as announced by S&P Dow Jones Indices, effective from 20th December 2021 (after the…
The IPO of Sri Lankan multinational software solutions provider, hSenid opened on the 3rd of December 2021 and was oversubscribed in a matter of hours, receiving over 9.3 billion rupees worth of applications from 10,602 applicants, for a total subscription of 745,014,900 shares, against a total of 55,339,076 shares on offer. Thus, the offer closed…
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