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Commercial Bank to acquire Indra Finance

Following negotiations, Commercial Bank of Ceylon PLC has decided to acquire the entire issued and fully paid share capital of Indra Finance Limited, a licensed finance company, for a total price of Rs. 870 million. This share acquisition is in compliance with the consolidation plans of the Central Bank of Sri Lanka.

(0)Comments | July 16, 2014 9:53 pm

Stock Market Review – 16th July 2014

Colombo equity bourse managed to maintain momentum gained on last trading sessions where core index closed with positive returns for the third consecutive day. Main bourse gained 14.77 index points or 0.22% to end at 6,742.56. 20-scrip S&P SL index gained 10.79 index points or 0.29% to close at 3,761.05. Price appreciations in equities such…

(0)Comments | July 16, 2014 4:48 pm

Changes in PCH Holdings directorate

The Colombo High Court has issued interim orders on 04 and 11 July against PCH Holdings PLC whereby pending the summoning and holding an Extraordinary General Meeting of the company and appointed Chaminda Dayan Banduthileka and Darshana Padmal Galabodage as directors of the company and PW Corporate Secretarial (Pvt) Limited as the secretaries to the…

(0)Comments | July 16, 2014 12:43 pm

S. Renganathan appointed COO & Executive Director of Commercial Bank

The Commercial Bank of Ceylon PLC has announced the appointment of Mr Sivakrishnarajah Renganathan, the Bank’s Deputy General Manager – Personal Banking, as Chief Operating Officer (COO) and Executive Director with effect from 17th July 2014. A career banker who has served Commercial Bank throughout the entirety of his 34-year working career, Mr Renganathan has…

(0)Comments | July 16, 2014 12:42 pm

Brics nations to create $100bn development bank

The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund. The Brics group is made up of Brazil, Russia, India, China and South Africa. The capital for the bank will be split equally among the five participating countries. The bank will have…

(0)Comments | July 16, 2014 12:31 pm

Brandix Textile Holdings acquires Kuruwita Textile Mills shares

The voluntary offer by Brandix Textile Holdings Limited to acquire the issued and fully paid up ordinary shares of Kuruwita Textile Mills PLC closed at 4.00 pm yesterday. The payments of consideration for the shares will be made to the shareholders on or before 14 August 2014.

(0)Comments | July 16, 2014 11:16 am

200-Year-Old Bottle of Seltzer Found in Shipwreck

Polish archaeologists have recovered one of the world’s oldest intact bottles of mineral water from a shipwreck lying on the bottom of the Baltic Sea. Still corked, the perfectly preserved stoneware bottle was produced between 1806 and 1830 by Selters, one of the oldest mineral waters in Europe. The 12-inch bottle was found during archaeological…

(0)Comments | July 16, 2014 10:08 am

Stock Market Review – 15th July 2014

Colombo shares closed in positive territory on Tuesday as both indices recorded higher returns. Main bourse gained 28.76 points (+0.43%) to end at 6,727.79 and S&P SL 20 gained 29.03 points (+0.78%) to end at 3,750.26. Price progression in index heavy counters such as Carson Cumberbatch (closed at LKR 450.00, +7.1%), Bukit Darah (closed at…

(0)Comments | July 15, 2014 6:30 pm

Jegan Durairatnam takes the helm from Ravi Dias at Commercial Bank

Commercial Bank of Ceylon PLC has announced the appointment of career banker Mr Jegan Durairatnam as the Bank’s Managing Director and CEO effective 17th July 2014, on the retirement of the incumbent Mr Ravi Dias. Mr. Durairatnam is currently Executive Director and Chief Operating Officer of the Bank. A senior member of Commercial Bank’s corporate…

(0)Comments | July 15, 2014 4:09 pm

Nearly 50% liquor licenses issued within five years

It has been revealed that nearly 50 percent of the liquor licenses now in operation in Sri Lanka are those issued within the period 1997 to 2001. While responding to a question in parliament by United National Party (UNP) parliamentarian P. Harrison, the Finance Ministry has stated that currently there are 2,963 valid liquor licenses…

(0)Comments | July 15, 2014 2:58 pm