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SDB Bank sets several capital market milestones with the first-ever Digital Rights Issue

SDB bank’s just-concluded rights issue conducted amid the ongoing COVID-19 pandemic managed to raise a substantial Rs.1.5 Billion, coming in for praise industry-wide for its freshness in approach and the great receptiveness of their shareholders. Apart from the bank creating capital market history by becoming the first Colombo Stock Exchange-listed entity to successfully host and…

(0)Comments | December 18, 2020 12:08 pm

Second BIMSTEC Network of Tour Operators meeting concludes with new initiatives for developing regional tourism

BIMSTEC (Bay of Bengal Initiative for Multi Sectoral, Technical and Economic Cooperation, Dhaka) was initiated as a platform to bring together the countries in the Bay of Bengal to discuss and work in collaboration to develop all aspects of 14 main sectors in a country including tourism within the region. The Member States are Bangladesh,…

(0)Comments | December 18, 2020 10:09 am

Renuka Holdings Rights Issue raises over Rs.1bn

Renuka Holdings PLC’s rights issue concluded on Wednesday (16 December) raising 1.082 billion, higher than the required 1.03 billion for complete subscription of the offer signaling strong investor confidence. This Rights Issue was carried out via online channels facilitated by the Colombo Stock Exchange. The managers to the rights issue were Capital Alliance Partners Ltd, while…

(0)Comments | December 18, 2020 9:43 am

CB appoints new Deputy Governors

The Monetary Board, with the concurrence of the Minister of Finance, has promoted Assistant Governors, T M J Y P Fernando and N W G R D Nanayakkara to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 14th December 2020. T M J Y P Fernando has…

(0)Comments | December 17, 2020 7:23 pm

Port City Colombo secures LOLC’s and CHEC’s Investment; sets the stage for the One Billion Dollar “Colombo International Financial Centre”

Browns Investments PLC, the strategic investment arm of the LOLC Group, has entered into a landmark Agreement to partner with China Harbour Engineering Company Limited to commence the Colombo International Finance Centre Mixed Development Project in the Port City Colombo. China and Sri Lanka have long established an enduring relationship characterised by economic cooperation and…

(0)Comments | December 17, 2020 5:08 pm

Browns Investments signs MoU with CHEC for $1bn mixed development project in port city

LOLC Holdings PLC’s strategic investment arm, Browns Investments PLC announced today (17) that it  has entered into momentous memorandum of understanding (MoU) to partner with China Harbour Engineering Company Limited ( CHEC) to commence the Colombo International Finance Center (CIFC) mixed development project in the Colombo Port City (CPC). “China and Sri Lanka have long established and enduring relationship characterized by…

(0)Comments | December 17, 2020 3:44 pm

Sunshine Holdings and Akbar Brothers merge healthcare businesses to create Sri Lanka’s first fully integrated healthcare company

Akbar Brothers acquires 28% of the combined healthcare business   Sri Lanka’s diversified conglomerate Sunshine Holdings PLC today announced the merger of their healthcare business consisting of Sunshine Healthcare Lanka and Healthguard Pharmacy with the healthcare arm of Akbar Brothers.  It consists of Akbar Pharmaceuticals, Lina Manufacturing and Lina Spiro. The strategic merger will create…

(0)Comments | December 17, 2020 3:10 pm

Good demand at 2020’s penultimate tea auction

The penultimate sale of the year concluded yesterday (16) and totalled 6.3 M/Kgs, which is the highest volume on offer at a given tea auction since 19 August (6.9 M/Kgs), Forbes and Walker said in its latest report. “There was good demand,” Forbes and Walker said. “Ex-Estate offerings totalled approximately 1 M/Kgs, which is significantly higher…

(0)Comments | December 17, 2020 2:30 pm

Statement on decision of Millennium Challenge Corporation Board

The U.S. Embassy in Colombo has issued a statement on the decision of the Millennium Challenge Corporation (MCC) board. The full statement as follows: “On December 15, the Millennium Challenge Corporation (MCC) board decided to discontinue the proposed Rs. 89 billion MCC development assistance grant to Sri Lanka due to lack of partner country engagement.  The Rs….

(0)Comments | December 17, 2020 10:44 am

Browns Investments expands Leisure Sector – Acquires Serendib Hotels

LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC….

(0)Comments | December 17, 2020 10:14 am

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