Sri Lanka has granted a contract to Cleveland Bridge UK Limited to supply 210 bridges which will be used to improve the rural road network of the country including North and East.
The contract of this US$ 56 million worth project was signed between Sri lanka’s Ministry of Economic Development and Cleveland Bridge of UK Limited [...]
September 9, 2011 2:00 PM | Posted in
Economy |
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Central Bank of Sri Lanka says its intervention in the forex market was aimed at maintaining stability while also allowing adequate flexibility.
Responding to the recent IMF statement which said Sri Lanka needs to allow more flexibility in the foreign exchange rate with limited intervention, the CBSL also says its forex policy has been consistent.
“The Bank [...]
September 9, 2011 1:20 PM | Posted in
Economy |
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Businessman Dhammika Perera who has control over 31.62% stake of Hayleys PLC shares has made a mandatory offer to buy the rest of the shares of the conglomerate.
Accordingly, Perera has made an offer to buy 44,404,686 shares of Hayleys which constitutes a 59.20% stake of the issued shares of the firm.
Perera has offered a price [...]
Securities and Exchange Commission has imposed a fine of Rs 9.95 million against the ERI and 3 of its Board Directors for not disclosing certain information as per the listing rules and also for misleading the CSE through providing wrong information.
Accordingly, fines have been imposed on the Chairman of the ERI Lalith Heengama and Executive [...]
September 8, 2011 3:52 PM | Posted in
Markets,
Stock Market |
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East West Properties PLC has purchased the Peoples Media Network ( Pvt) Limited which operates the Buddhist TV Channel for a sum of Rs. 49.3 million.
The Company has purchased a 51% stake of the media network which has licenses to operate both Television and Radio networks within Sri Lanka.
According to the East West Properties, People’s [...]
A Sri Lankan tea Broker warns, the United Kingdom’s initiative to grow tea in regions where the weather has turned warmer owing to the climate change, could pose a long term threat to large volumes of tea that is being imported to Britain.
John Keells Tea Brokers in its weekly tea report states, the UK has [...]
September 8, 2011 1:48 PM | Posted in
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A Senior Finance Ministry official says Sri Lanka’s growing economy will continue to bring increased demand for imports.
Mahinda Siriwardana, the Director General of Fiscal Policy says the anticipated increase in private investments in the years to come thanks to the ending of the conflict in 2009 will create import demand covering a broad range of [...]
September 8, 2011 11:47 AM | Posted in
Economy |
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The International Monetary Fund says Sri Lanka should limit its intervention in the Forex market and allow more flexibility.
It says Sri Lanka’s non-borrowed reserves excluding Eurobonds, IMF disbursements, and foreign holdings of Treasuries have steadily declined, reflecting foreign exchange sales by the Central Bank.
IMF adds, “This policy does not seem to be in line with [...]
September 8, 2011 8:27 AM | Posted in
Economy |
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Trade Finance and Investments Limited, a firm engaged in the business of leasing and hire purchase is planning to raise Rs. 120 million via an IPO.
Accordingly, the firm will issue 6,000,000 (6 million) Ordinary Voting shares, each priced at Rs. 20.
The CSE has approved the move and the subscription list will be opened on the [...]
September 7, 2011 5:02 PM | Posted in
Markets,
Stock Market |
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Treasury bill rates at the weekly auction held today remained flat across the board for the consecutive 9th week.
Accordingly, the 3 and the 6 month and the one year rates stood respectively at 7.11%, 7.19% and 7.25%.
Today’s auction has received bids amounting to a sum of Rs. 22.90 billion while the Bank have accepted Rs. [...]
September 7, 2011 3:21 PM | Posted in
Markets |
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