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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

Sri Lanka’s inflation rising

The latest data released after a few hours of the International Monetary Fund (IMF) warning that Sri Lanka should focus on keeping its inflation low reveals that inflation is rising speedily. The data released by the Department of Census and Statics based on the Colombo Price Index shows that Sri Lanka’s inflation in July has…

(0)Comments | July 31, 2014 5:27 pm

Stock Market Review – 31st July 2014

Colombo shares closed on Thursday in positive territory as main Index advanced by 12.06 points (+0.18%) to end at 6,813.90 while S&P SL 20 Index advanced by 4.33 points (+0.11%) to end at 3,772.51. Market gained 435.28 points, +7% during the month. Total market turnover for the day was LKR 1.0bn. Access Engineering made the…

(0)Comments | July 31, 2014 5:09 pm

Union Assurance sells General Insurance to Canadian company

UPDATED:: An agreement has been reached by Union Assurance PLC, a subsidiary of John Keells Holdings PLC to divest 78 percent stake, which is approximately Rs. 3.5 billion in its General Insurance business to Fairfax Asia Limited. While commenting on this transaction, John Keells Group Deputy Chairman and Union Assurance Chairman Ajit Gunawardena told adaderanabiz.lk…

(0)Comments | July 31, 2014 11:34 am

SEC licenses first Dollar Fund in Sri Lanka

Ceylon Asset Management launches ‘Ceylon Dollar Bond Fund’ to attract foreign investments into Sri Lanka dollar bonds. In a giant step to internationalise the investment industry in Sri Lanka, which has thus far been restricted to rupee investments, the Securities & Exchange Commission (SEC) licensed the country’s first ever dollar denominated unit trust with the…

(0)Comments | July 30, 2014 8:55 pm

New move to ‘brainwash’ drivers

The Commissioner of the Department of Motor Traffic is preparing to utilize a special note on the drivers’ licenses for a special evaluation in the future for those engaged in driving passenger buses and vans. While commenting on this programme, Commissioner General of Motor Traffic S.H. Harischandra told adaderanabiz.lk that this special evaluation would be…

(0)Comments | July 30, 2014 8:54 pm

Another dollar bond issue possible at any time, says Bank of Ceylon

The Bank of Ceylon is prepared to issue another dollar bond and obtain foreign loans at any given time and the bank is inquiring into this, says Bank of Ceylon Chief Executive Officer D.M. Gunasekera. He told adaderanabiz that since the banks liquidity is very high at the moment it would not issue any dollar…

(0)Comments | July 30, 2014 8:53 pm

PC Pharma chairman gives undertaking to courts

The chairman of PC Pharma PLC has given an undertaking to courts that the assets of the company would be safeguarded until the next hearing of the case. This follows a petition before the Colombo Commercial High Court by Adams Investments Limited on 25 July seeking certain interim orders protecting the assets of PC Pharma…

(0)Comments | July 30, 2014 8:39 pm

Stock Market Review – 30th July 2014

Colombo equities managed to retain the momentum gained on last trading session where both indices closed with positive returns. Core index gained 17.57 index points or 0.26% to close at 6,801.84 while 20-scrip S&L index gained 6.75 index points or 0.18% to close at 3,768.18. Price appreciations in counters such as Ceylon Tobacco (closed at…

(0)Comments | July 30, 2014 7:54 pm

Softlogic prepares for Debenture Issue

The Colombo Stock Exchange has approved the listing of 14 million debt securities of Softlogic Finance PLC as Debentures at Rs. 100 each. This Issue will open on 21 August 2014 and is managed by First Capital Limited.

(0)Comments | July 30, 2014 3:42 pm