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Stock Market Review – 17th Mar 2015

Colombo equity market managed to divert from the bearish market sentiment after consecutive eleven sessions of losses. Market swung between gains and losses during the session to closed with mixed results on Tuesday. All shares index managed to bag 6.09 index points (0.09%) to end at 7,057.00 while 20-scrip S&P SL index declined for the…

(0)Comments | March 17, 2015 5:06 pm

CB Governor on leave till Bond issue investigations over, says Ranil

Prime Minister Ranil Wickremesinghe told Parliament that Central Bank Governor Arjuna Mahendran is to go on leave until the Bond Issue investigations are concluded. Recently, the Central Bank of Sri Lanka announced the issue of Treasury Bonds to the value of Rs 01 billion maturing in 30 years. A particular Primary Dealer too had reportedly…

(0)Comments | March 17, 2015 3:44 pm

Browns Investments acquires 50% of Perpetual Holding owned FLC Joint Venture Company

Browns Investments PLC acquired 50 million shares or 50 per cent shares of FLC Joint Venture Company (Pvt) Ltd., from Perpetual Holding Limited. FLC Joint Venture Company (Pvt) Ltd was a joint venture between Browns Investments and Perpetual Holding Limited and following this acquisition Browns Investments PLC holds 100 per cent of FLC Joint Venture…

(0)Comments | March 16, 2015 7:03 pm

Tokyo Cement announces amalgamation of Fuji Cement

Tokyo Cement Company (Lanka) PLC announced that the amalgamation of Fuji Cement Company (Lanka) Limited has been completed and a certification has been issued by the Registrar General of Companies on 13 March 2015. The registered office of the amalgamated company will remain the same at 469 – 1/1, Galle Road, Colombo 3.

(0)Comments | March 16, 2015 6:31 pm

Preethi Kumara Gallage is Merchant Bank’s new Chairman

The Merchant Bank of Sri Lanka Limited has appointed Ruwan Prithi Kumara Gallage as its Chairman and Non-Executive Independent Director. He is a Fellow of the Chartered Institute of Accountants (UK) and who was a Director of Prime Grameen Micro Finance Ltd., and Audit Committee Chairman. Furthermore, Attorney at Law Sandun Sudaththa Gamage has been…

(0)Comments | March 16, 2015 6:04 pm

Stock Market Review – 16th Mar 2015

Colombo bourse continued the lackluster momentum for the tenth session in a row on Monday as the government flashed red light to another Chinese funded project, the lotus tower. The market start the weekly activities with negative results as benchmark ASI declined to 7,050.91 with a drop of 40.34 points (-0.57%) while S&P SL 20…

(0)Comments | March 16, 2015 5:45 pm

Outright land ownership to China at Port City dangerous, points out maritime sector veteran: Interview

A veteran in the maritime sector warns that the outright ownership of land to China within the Colombo Port City complex would invariable cause long term problems to Sri Lanka. Shippers’ Academy Colombo (SAC), Chief Executive Officer Mohan Masakorala pointed this out during a special interview with us. He also added that though the Hambantota…

(0)Comments | March 16, 2015 12:28 pm

Fitch Affirms Dialog Axiata's 'AAA(lka)' Rating Despite Tax Change

Fitch Ratings has affirmed Sri Lanka-based telecoms company Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating. The Outlook is Stable. KEY RATING DRIVERS Stand-Alone Profile Under Pressure: Fitch believes that Dialog’s stand-alone credit profile of ‘AA+(lka)’ will come under pressure if it were to pay additional recurring and one-off taxes proposed in the Sri Lankan…

(0)Comments | March 14, 2015 1:04 am

Sri Lanka, India need to move boldly towards CEPA, says Modi

Sri Lanka and India need to now move boldly towards the Comprehensive Economic Partnership Agreement (CEPA), said Indian Prime Minister while addressing the Business Forum organized by a group of Indian business leaders led by the Confederation of Indian Industry this evening (13 March) at the Taj Samudra Hotel in Colombo. Meanwhile, Chairman of the…

(0)Comments | March 13, 2015 7:38 pm

Indian business leaders in town to take part in the Chamber led Business Forum

A Group of Indian business leaders led by the Confederation of Indian Industry is currently in Sri Lanka to attend the Ceylon Chamber of Commerce organized Business Forum, which the Indian Prime Minister Honorable Mr. Narendra Modi is expected to address. The Business Forum will be held on the 13th March, 2015, starting at 5.00…

(0)Comments | March 13, 2015 1:44 am