Ex-Pack Corrugated Cartons Limited’s LKR 700 million IPO, witnessed 6,000+ applicants seeking to subscribe, resulting in an 11X oversubscription. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021. The IPO, which opened on the 22nd of October 2021, was oversubscribed in a matter of…
Many countries are reopening their borders to international travelers by lifting the travel restrictions, after more than a year of lockdowns due to COVID-19. Vaccines have given cause of optimism for travelling. Knowing the importance of tourism driven sustainable economic development, Sri Lanka Tourism has relaxed the travel restrictions for International Tourists from 1st of…
A twin deficit problem For much of its post-independence period Sri Lanka has been characterised by twin deficits: fiscal deficits and deficits in the external current account. What this implies is the country spends more than it earns and consumes more than it produces. The two deficits are linked because the deficit in the external…
Summarised below are the key operational and financial highlights of our performance during the quarter under review: Group EBITDA recorded a significant improvement to Rs.6.41 billion during the quarter under review, which is a 93 per cent increase against the comparative period [2020/21 Q2: Rs.3.32 billion]. The Group’s businesses, except for Consumer Foods and the…
The third wave of the pandemic impacted Banking activities owing to limitations caused by the travel restrictions imposed during August and September, while the resultant economic challenges of trade and foreign reserves limitations continued to weigh on the overall business landscape. In order to support borrowers impacted from the Covid-19 pandemic, the Central Bank introduced…
Net Interest Income – Rs. 6,669 Mn, up by 23% Net Fee and Commission Income – Rs. 1,256 Mn, up by 41% Other Operating Income – Rs. 274 Mn, up by 40% Operating Profits up by 42% to post Rs. 3,342 Mn Profit before Tax – Rs. 2,718 Mn, up by 46% despite increased prudential…
Sri Lanka’s most innovative private sector bank HNB PLC partnered with leading supermarket chain Keells to enable LANKA QR payments by facilitating Dynamic QR (Quick Response) transactions for the merchant’s PoS (Point of Sales) terminals supporting the nation’s next evolution in cashless and contactless payments island-wide for tier-one merchants as part of the Central Bank…
The contributions of Sri Lanka’s Regional Plantation Companies were showcased among Sri Lanka’s most positive examples of companies making strong and steady progress in scientifically reducing carbon emissions, during a webinar hosted by the Global Compact Network Sri Lanka on the topic: ‘What does a 1.5-degree future mean to business?’. During the session, which was…
By Jeevith Senaratne An industry’s response to an unprecedented crisis such as the COVID-19 pandemic and its aftermath is a testament to its ability to weather the storm and come out stronger on the other side. This was particularly true for Sri Lanka’s apparel sector. While the initial wave of COVID-19 posed many challenges to…
The Embassy of Sri Lanka in Beijing together with the China-Sri Lanka Chamber of Economic and Trade Cooperation organised a China-Sri Lanka Economic, Trade and Cultural Cooperation and Exchange Conference on 26 October 2021 at the Embassy. The event mainly focused on promoting investment opportunities, trade and tourism among the potential Chinese investors and tour…
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