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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

V(accine)-Shaped Recovery? Asia Securities Sri Lanka Investment Conference weighs in on 2021 health and economic priorities

The fight against COVID-19 has been widely framed as a trade-off between managing the ongoing public health crisis and salvaging the economy. Both public health and economic thought leaders now indicate that this a false dichotomy. Speaking at the 4th Annual Asia Securities Sri Lanka Investment Conference, an expert panel comprising Prof. Neelika Malavige, University…

(0)Comments | December 17, 2020 8:56 am

Reboundanomics – Expert panel explores global outlook and local priorities at Asia Securities Sri Lanka Investment Conference

A panel of key experts stated that a stronger and sustained economic recovery is on the horizon in the coming year. Speaking at the 4th Annual Asia Securities Sri Lanka Investment Conference, Jonathan Wilmot, Global Strategist, Aletheia Capital, Founder, WilmotML, and former Chief Global Strategist, Credit Suisse stated that, “The forecast we have is for…

(0)Comments | December 17, 2020 8:53 am