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Hatton National Bank to acquire 51% of Prime Grameen Microfinance

Hatton National Bank is to acquire 51% of the issued and fully paid up voting shares of Prime Grameen Microfinance Limited from Prime Lands (Pvt) Limited for Rs. 660 million. The transaction is expected to conclude on or before 30 September 2014. Once this transaction is complete, Hatton National Bank would carry out its microfinance…

(0)Comments | August 4, 2014 9:32 pm

Stock Market Review – 04th Aug 2014

Colombo bourse started the weekly operations on Monday with positive returns, recording a nearly one month high turnover of LKR 2.3bn. Core index gained 12.02 points (0.18%) to end at 6,822.15 whereas S&P SL 20 index marginally gained 0.91 points (0.02%) to end at 3,760.33. The gains were mainly led by price progressions in Ceylon…

(0)Comments | August 4, 2014 5:53 pm

Touchwood chairman overseas, liquidation case postponed

When the liquidation case of Touchwood Investments PLC was taken up on 31 July, counsel appearing on behalf of the company informed courts that Touchwood Investments chairman and chief executive officer Lanka Wijendra Kiwulegedera is currently out of the island and that he would return only on 4 August (today). Accordingly, the case would be…

(0)Comments | August 4, 2014 11:35 am

How the financial sector consolidation works

So fare 12 banks and 57 non-banking financial institutions have submitted their proposals under its consolidation of banks and non-banking institutions programme, says the Central Bank of Sri Lanka (CBSL). The proposals submitted by these institutions are for consolidations, buying and introducing capital. The Monetary Board has approved in principle 19 proposals for consolidation and…

(0)Comments | August 4, 2014 10:14 am

Noritake President lauds business performance in Sri Lanka

President Noritake Group President, Mr. T. Ogura who was on a recent visit to Sri Lanka commended the Company’s performance during the last financial year and forecasted steady and greater growth figures during the year to come.  During this brief visit to Colombo, Mr. Ogura also paid a courtesy call on H.E. President Mahinda Rajapaksa…

(0)Comments | August 4, 2014 9:25 am

Dipped Products Group maintain momentum with new facility

Dipped Products PLC the leader in global non-medical rubber glove market and a subsidiary of the Hayleys Group, posted steady financial performance in 1Q of 2014-15.  In a filing to the Colombo Stock Exchange, Dipped Products reported a turnover of Rs. 8,741 Mn and a Profit Before Tax (PBT) of Rs. 441 Mn for the…

(0)Comments | August 1, 2014 6:36 pm

Stock Market Review – 01st Aug 2014

Colombo equity market closed its weekly operations on a negative note where core index marginally slipped to negative territory. ASI end at 6,810.13 points shedding 3.77 index points or 0.06% while 20-scrip S&P SL index declined by 13.09 index points or 0.35% to close at 3,759.42. Price depreciations in counters such as Ceylon Tobacco (closed…

(0)Comments | August 1, 2014 5:53 pm

Bogala Graphite begins exploring Rangala mines

Bogala Graphite Lanka PLC is to begin an exploration programme at its fully owned Rangala mines. The Rangala mines situated eight kilometers southeast of the of the Bogala mines has been identified as very rich in high purity graphite. It last operated as an active mine in 1983. Bogala Graphite Lanka has applied for a…

(0)Comments | August 1, 2014 3:18 pm

Seylan Bank PAT grows 21% – exceeds Rs 1.2 billion during 1H 2014

Seylan Bank recorded an impressive performance with Profit before Income Tax reaching Rs 1,863 Million for the 6 months ended 30th June 2014.  Profits after Tax reached Rs 1,213 Million a 21% increase compared to the Rs 1,002 Million reported in the corresponding 6 month period in 2013. The quarterly PAT figure of Rs. 698…

(0)Comments | August 1, 2014 10:46 am

CIFL included in Financial Sector Consolidation Programme

The Central Bank of Sri Lanka (CBSL) has advised Central Investments and Finance PLC (CIFL) that it has been included in the Bank’s Financial Sector Consolidation Programme 2014. The CBSL has appointed the firm of Chartered Accountants, KPMG Sri Lanka in the list of approved auditors to carry out the due diligence, valuation and information…

(0)Comments | August 1, 2014 12:19 am