Asia Asset Finance to raise up to Rs.1bn via listed debentures

Asia Asset Finance PLC yesterday revealed plans to raise Rs.1 billion via debentures.

Jayamin Pelpola appointed to BOI board

President Gotabaya Rajapaksa has appointed investment banker turned tech entrepreneur Jayamin Pelpola as a board member of the country’s apex investment promotion body, the Board of Investment (BOI) with immediate effect.

ICRA Lanka explains possible reasons for anaemic private credit growth

Sri Lanka’s private sector credit growth shrank three months consecutively, albeit the gap was seen narrowing each month until end-July but the rating agency ICRA Lanka offered reasons as to why the growth remained negative, although the gross loan disbursements reaching pre-pandemic highs.

Carson Cumberbatch Group enters deal to sell private equity investment arm

Guardian Capital Partners PLC (GCP) and its immediate parent Ceylon Guardian Investment Trust PLC (CGIT) — units of Carson Cumberbatch Group — yesterday said they had entered into a share sale and purchase agreement (SSPA) with Gazelle Asset Management Pte Ltd, for the sale of 21.6 million shares or an 84 percent stake held by CGIT in GCP to Gazelle.

Sumal Perera’s son joins Access Engineering board

Access Engineering PLC yesterday announced the appointment of Shamal Joseph Shavindra Perera to its board, as a Non-Executive Director, with immediate effect.

Sri Lanka Tourism offers virtual safaris

The Sri Lanka Tourism Promotion Bureau (SLTPB) has embarked on a fresh initiative to promote the island nation’s wildlife on a virtual platform.

Foreigners get 2-year hedge against forex risk on G-Sec investments

The foreigners who will invest in rupee bonds will get a forex risk cover up to two years from the Central Bank, as the government is working towards wooing dollar investments into Treasury bills and bonds, in a bid to lessen the reliance on commercial borrowings and supporting the currency.

Raw rubber prices set to gain amid import ban

Sri Lanka’s raw rubber prices, which remained depressed for many years, could see a rebound from the current import controls in place for rubber-based products, enhancing prospects for plantation companies and smallholders alike.

Tourism accommodation providers assured of relief

The tourist accommodation owners, who have registered with the Sri Lanka Tourism Development Authority (SLTDA), will be given the opportunity to pay their electricity and water bills in instalments, beginning from September 1, 2020, Tourism Minister Prasanna Ranatunga told Parliament yesterday.

Govt. eyeing 1% economic growth this year: Cabraal

Sri Lanka is targeting an economic growth of one percent, end of this year, as such a rate would push the country to the path of recovery, Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday.

Agriculture and services sectors push private sector wages up

The wages of the private sector gained in July led by the agriculture and services sectors, defying the expectations that the coronavirus-related economic damage could leave jobs and wages depressed for a prolonged period.

Lower sales impact Distilleries June performance

Distilleries Company of Sri Lanka PLC (DCSL), the country’s largest distiller with 60 percent market share in the alcoholic beverage market, reported revenues of Rs.14.6 billion for the April-June quarter (1Q21), compared to Rs.20.05 billion in the year earlier period, recording a decline of 27.4 percent.

Prime lending rate hits 5-year low

The prime lending rate or the rate at which loans to prime customers of banks are priced, touched its lowest level last week, breaking its previous lowest five years ago.

ID card particulars of those opening CDS accounts via CSE app to be verified digitally

The Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) have entered into a memorandum of understanding (MoU) with the commissioner general, Department for Registration of Persons (DRP), to obtain digital verification of the National Identity Card (NIC) details available with the DRP, when a person wishes to open a CDS account via the CSE digital app, based on the consent obtained from the ID card holder.

BOI agreement signed for US $ 29mn Cinnamon Red Kandy

Indra Traders (Pvt.) Ltd has partnered John Keells Hotels PLC to build a 160-room, three-star, lean luxury hotel in Kandy, with an investment of US $ 29.32 million.

Tea production down 14% in August

Tea production in August fell 14 percent, compared to the corresponding month of the previous year, according to a leading Colombo-based tea brokerage.

Tyre producers request govt. not to allow two and three-wheeler tyre imports

The motorbike and three-wheeler tyre manufacturers in Sri Lanka have stated that there is no shortage of motorbike and three-wheeler tyres in the local market and therefore there is no need to import any.

Committee probing state-bank malpractices receives over 100 complaints

The committee appointed to look into the malpractices that were said to have taken place in state-owned banks under the previous regime, has received over 100 complaints, according to a Finance Ministry communiqué.

Pandemic hampers Colombo Dockyard 2Q performance

The financial performance at Colombo Dockyard PLC (DOCK) soured during the three months to June, as the firm’s shipbuilding operations significantly slowed amid the COVID-19 pandemic but the ship repairing business held up, albeit weaker compared to the year earlier period.

Major banks moved vast sums of illicit money: ICIJ

Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.

Foreigners return to gilts after months accumulating close to Rs.2bn worth T-bills and bonds

Foreigners, who stayed away from rupee denominated government securities for months, have finally returned with some heavy buying.

BOI says US$ 1.5bn worth investment agreements signed in first 9 months

Despite COVID-19 related disruptions, Sri Lanka’s apex investment promotion body, Board of Investment (BOI) said it has approved agreements worth US$ 1.5 billion in the first nine months of this year.

SL’ first biotech insulin manufacturing plant launched with Rs.3.5bn investment

Privately owned Raddella Holdings recently began the construction of Sri Lanka’s first and only biotech insulin manufacturing plant.

Big three poultry producers to cash in from demand-supply mismatch post lockdown

The big three listed poultry industry firms, Ceylon Grain Elevators, Three Acre Farms and Bairaha Farms are expected to have a bounty earnings season for the three months through September and possibly a higher market share as they have received a windfall from the demand-supply mismatch created post the pandemic.

Credit card spend continues uptrend implying consumer spending recovery

The outstanding balance of total credit cards in Sri Lanka continued to add on during July, though at a slower pace compared to the previous month, implying that consumer spending continued to recover from their lows reached during April and May.

Labour force shrinks in 1Q20; agri sector labour expands

Persons employed in the broader agriculture sector have expanded from the first quarter of 2019 through the first quarter of 2020 amid a shrinking labour force, defying expectations that more people are migrating into industrial and service-oriented jobs when an economy advances.

Sri Lanka Tourism to celebrate World Tourism Day 2020

Under the guidance of the Ministry of Tourism, Sri Lanka Tourism Development Authority and the Department of Trade Commerce and Tourism of Central Provincial Council have organized a three-day special programme and several other events to celebrate the World Tourism Day 2020 in Kandy.

Mahesland BM achieves all-time record price at e-auction

At the e-auction held on September 15th & 16th, an all-time record price of Rs.760 was recorded for a BM grade manufactured by Mahesland Tea Factory.

ECB’s Lagarde says business needs more women leaders

European Central Bank President Christine Lagarde said yesterday that there are still too few women in top jobs, and that the coronavirus pandemic has exacerbated the problem.

Four wins for Ogilvy Digital at BestWeb.lk 2020

Ogilvy Digital of the Phoenix Ogilvy Group Sri Lanka won big at Sri Lanka’s pioneering web design competition, BestWeb.lk 2020, walking away with a tally of four awards in total.