Our aim is to take Chrissworld to a billion rupee top line as the first step: Chairman

The Colombo Stock Exchange (CSE) has approved, an application submitted by Chrissworld Limited, for the listing of its Ordinary Voting Shares by way of an offer for subscription, and Initial Public Offering (IPO) is due to be opened on April 27th. This is a distinct IPO as it is the first company to be listed on the Empower Board of the CSE. Following is a brief interview with Chrissworld Chairman Christo Perera.

CB issues priority sector lending targets to banks

The Monetary Board of the Central Bank has issued priority sector lending targets to banks as part of its wide-ranging efforts to direct funding to the sectors identified as priority and deemed as high potential in generating jobs, export earnings and overall economic growth.

World Bank reassures support for Sri Lanka to build back better from COVID-19

World Bank Country Director for the Maldives, Nepal and Sri Lanka Faris Hadad-Zervos concluded a successful visit to Sri Lanka yesterday, where he reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.

Hayleys Fabric acquires South Asia Textiles from Ambeon Holdings

Making further inroads into the highly lucrative fabric manufacturing, Hayleys Fabric PLC last week acquired South Asia Textiles Limited from Ambeon Holdings PLC, for a consideration of Rs.3.95 billion.

Cabinet approval sought for amending anti-money laundering laws

The Cabinet of Ministers’ approval has been sought for introducing amendments to the anti-money laundering and countering the financing of terrorism (AML/CFT) laws in the country, to rectify their deficiencies and also to enhance compliance.

Cabraal responds to RW’s claims about black money

Meanwhile, fresh concerns of money laundering resurfaced when former Prime Minister Ranil Wickramasinghe said amendments should be made to the Colombo Port City Economic Zones Special Commission Bill, to prove that the centre created by the bill is not a centre for black money.

ICCSL puts its weight behind proposed Port City law

The International Chamber of Commerce Sri Lanka (ICCSL) in a statement issued yesterday said, “The Port City project will have a significant impact on the economy, in terms of much-needed FDIs to the country, together with the potential new employment and trade opportunities that the project will generate over time.”

Govt. announces 600-acre addition to H’tota pharma zone

The government has announced a 600-acre addition to the dedicated Pharmaceutical Manufacturing Zone located in the Arabokka estate in Hambantota, under phase two of the project, while the investors are set to secure the land plots under the 400-acre first phase of the project in June.

CSE plans to implement Delivery Versus Payment mechanism in May

The Colombo Stock Exchange (CSE) plans to implement a Delivery Versus Payment (DVP) mechanism for equity securities clearing and settlement, in May.

CDS enables digital applications for Chrissworld IPO

Central Depository Systems (Pvt.) Ltd (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), has enabled e-IPO applications for the initial public offering (IPO) of Chrissworld Ltd, via the CSE mobile application.

CB relaxes inward remittance guidelines to facilitate easy passage of forex

The Central Bank has introduced a number of revisions to its existing laws governing the country’s foreign exchange dealings to facilitate easy passage of foreign currency, with a view to further ease the cross-border transactions and to provide convenience to stakeholders in doing business.

Oil steady as rising Indian COVID cases counter European recovery

Oil prices were broadly steady yesterday with support from a European economic recovery countered by persisting coronavirus concerns as infections surged to record levels in India.

SriLankan Airlines unveils its own refurbished corporate office in Colombo

SriLankan Airlines, the flag carrier of Sri Lanka, unveiled its refurbished office located on Sir Baron Jayatilaka Mawatha, Colombo 1.

Coffee lovers and home bakers drive strongest Nestle quarter in a decade

Coffee drinkers, pet owners and home bakers helped to drive the biggest rise in quarterly sales at Nestle for 10 years, as the world’s biggest food group outshone Danone and set a high bar for Unilever.

Sri Lanka secures US $ 69.5mn WB loan to improve water resources

The Government of Sri Lanka and World Bank signed a US $ 69.53 million credit agreement to improve dams and irrigation schemes covering 165,000 hectares of agricultural land and improve the management of watersheds and water resources, benefitting 356,000 farming families.

SLT-Mobitel offers unlimited Internet for first time in Sri Lanka

SLT-Mobitel, the national telecommunications and mobile services provider, is revolutionising the market with an array of new unlimited any time Internet packages for fixed line and mobile customers, including prepaid and post-paid.

Allianz Lanka launches Women in Leadership, Employee Resource Group

As part of its global initiative to advocate for greater diversity and inclusion, Allianz Lanka, one of Sri Lanka’s leading insurance companies, recently launched the Allianz Lanka Women in Leadership, Employee Resource Group (WIL ERG).

Colombo Stock Exchange approves IPO of Prime Lands Residencies

The Colombo Stock Exchange (CSE) has approved an application submitted by Prime Lands Residencies Limited for the listing of its ordinary voting shares by way of an offer for subscription.

Sri Lanka-India air bubble likely to be put on hold

With the suspension of the inaugural flight to Kushinagar Airport, India, it is likely that the travel bubble pursued between Sri Lanka and India to boost tourism be put on hold.

CSE approves IPO of Prime Land Residencies

The Colombo Stock Exchange (CSE) has approved, an application submitted by Prime Lands Residencies Limited, for the listing of its Ordinary Voting Shares by way of an offer for subscription.

The Colombo Port City we need

Deng Xiaoping, China’s great reform leader, faced a serious problem in the 1970s. Thousands of young Chinese were crossing to Hong Kong, risking their lives. Rather than cracking down on the migrants, Deng sought to understand why they were migrating. Clearly the economic opportunities in Hong Kong were greater than in mainland China.

Top Chinese academic advises Sri Lanka to consider joining RCEP

A leading Chinese academic and free trade zone expert urged Sri Lanka to consider joining the newly formed multilateral trade pact, the Regional Comprehensive Economic Partnership (RCEP), to reap the full benefits of China’s Belt and Road Initiative (BRI).

Windfall for banks with sizeable dollar bond exposures from rupee depreciation

The banks with a higher exposure to dollar-denominated financial assets such as Sri Lanka Development Bonds (SLDBs) and Sri Lanka International Sovereign Bonds (SLISBs) are expected to make heavy foreign exchange gains from the depreciation seen in the rupee at present, according to First Capital Research.

WindForce eyes new renewable energy projects in B’desh, Cameroon and Pakistan

Sri Lanka’s largest private sector renewable energy producer WindForce Limited PLC yesterday said it is eying renewable energy projects in several countries and revealed plans to enter Bangladesh and Cameroon shortly.

National inflation accelerates to 5.1% amid 9% rise in food prices

Sri Lanka’s national prices measured by the National Consumer Price Index (NCPI) picked up pace in March, ahead of the traditional New Year shopping season, as increases were seen in categories such as transport, restaurants and clothing.

WindForce makes impressive debut on Cse

WindForce Limited PLC’s shares, which began trading yesterday, made a strong debut with the share closing over 15 percent higher compared to the offer price, amid significant foreign investor interest.

US $ 69mn World Bank loan to develop multimodal transport terminal in Kandy

The Government of Sri Lanka and World Bank have signed a US $ 69.33 million loan agreement for the Kandy Multimodal Transport Terminal Development Project, which will develop the Good Shed terminal in Kandy.

Insurance sector liquidity and capital improve despite pandemic

Sri Lanka’s insurance sector’s capital adequacy and liquidity — the two key performance indicators measuring the strength of the sector — have been improving, defying the temporary setback caused by the pandemic-induced business disruptions during the second quarter, last year, according to the industry data seen by Mirror Business.

SriLankan Airlines launches scheduled flights to Nairobi

SriLankan Airlines has commenced flight operations to Nairobi in Kenya, its second destination in East Africa after flying to the Seychelles, a media communiqué by the national carrier said.

SriLankan Airlines launches flights to Nairobi

SriLankan has commenced flight operations to Nairobi in Kenya, its second destination in East Africa after flying to the Seychelles, a media communiqué by the national carrier said.