Kirkoswald Estate in Hatton welcomed the Queen’s Baton today (5th January), joining the traditional celebration which precedes the Birmingham 2022 Commonwealth Games. Kirkoswald Estate, managed by Madulsima Plantations PLC a member of Melsta Corp Group, was one of the several locations in Sri Lanka selected to be a part of the Queen’s Baton Relay during…
With its IPO drawing nearer, Hela Apparel Holdings Limited (the holding company of the Hela Clothing Group) engaged with investors through a special investor forum on the 5th of January 2022. The hybrid event was held at the Galle Face Hotel, with numerous participants attending virtually. The fundraise, the largest IPO in nominal terms for…
By: Charith Gamage In a period of decreasing reserves and foreign exchange shortages, migrant worker remittances had once been a welcome stream of income for Sri Lanka in fulfilling its foreign exchange shortfalls. With the recent sharp fall in remittances, the ongoing situation is causing chaos in the island nation’s mission to increase foreign exchange…
Virtusa Corporation today announced the appointment of Rajeev (Raj) Mehta as its new Chairman of the Board of Directors. Raj brings a wealth of industry knowledge, business acumen, and strategic thinking to Virtusa’s Board of Directors. He has held several leadership positions, including a lauded tenure as President of Cognizant, where he spearheaded major business units…
Macksons Holdings, manufacturers of Multilac, Macktiles and a conglomerate of building materials yesterday announced a minimum per head salary increment of LKR 5000 upwards for the entire workforce across the group. The increment came hours after the Government announced that state sector workers would be given a Rs 5000 pay hike and was made in keeping…
Investors eagerly snapped up shares of Kapruka Holdings Limited on Wednesday, 22nd December 2021, as soon as the issue opened at 9.am. Witnessing an 5.8X oversubscription within hours of opening, the issue closed the same day at 4.30pm. Kapruka’s IPO has been one of the most enthusiastically anticipated and followed IPOs of the year, drawing…
By Vinuja Singharachchige Much is being said nowadays about the pressures the Sri Lankan Rupee is facing, but it is important that we understand the mechanics and greater economic context. Currency crises have been common in our modern history with countries facing sudden devaluations to the point where we can predict the patterns. There was…
By Amila Abeynayaka Pollution caused by the irresponsible disposal of plastics is a significant issue, particularly in developing countries like Sri Lanka. According to Great Britain’s Royal Statistical Society, it is estimated that only 9% of all plastics ever produced globally has been recycled. This is particularly concerning since according to the United Nations Environment…
Approval has been granted at the meeting of the Cabinet of Ministers held on 16th November 2020 to purchase 750 jeeps for Sri Lanka Police including 150 jeeps for the Police Special Task Force under the Indian Line of Credit. Accordingly, bids have been invited from companies recommended by the Indian Export and Import Bank…
Aiming to further strengthen friendly ties between Sri Lanka and Pakistan and enhance bilateral trade relations between the two countries, the Ceylon Chamber of Commerce recently signed a Memorandum of Understanding (MOU) with the Rawalpindi Chamber of Commerce and Industry (RCCI). The MOU which was signed last month by Mr. Manjula de Silva, CEO of…
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