Laugfs Gas acquires a firm with a beach property to expand its leisure business

Sri Lanka’s listed Laugfs Gas PLC has acquired Mag Consultants and Agents Private Limited and its assets including 15 acres of prime sea front beach property at Waskaduwa, for a sum of Rs. 500 million.
The Company says the 100% acquisition done through its subsidiary Laugfs Leisure Limited will be used to expand the company’s leisure [...]

Hayleys-MGT to raise Rs. 914 million via a rights issue

Sri Lanka’s Hayleys – MGT Knitting Mills PLC is planning to raise Rs. 914 million via a rights issue to strengthen its balance sheet and to improve facilities in its factory.
Accordingly, the firm has decided to issue 101,562,212 million shares with two new ordinary shares for every one existing ordinary share held by its shareholders.
A [...]

NDB to divest two of its subsidiaries

Sri Lanka’s NDB PLC has decided to divest the shares it holds in two of its fully owned subsidiaries to Capital Development & Investment Company PLC, which is also one of its subsidiaries.
Accordingly, NDB will divest 100% of the shares it holds in NDB Investment Bank Limited and NDBS Stock Brokers (Private) Limited to CDIC.
NDB [...]

Fitch Affirms Pan Asia Banking Corp’s Sub Debt at ‘BBB-(lka)’

Sri Lanka’s Pan Asia Bank’s proposed Rs. 2 billion debenture’s rating has been affirmed at ‘BBB-(lka)’ by Fitch Ratings Lanka.
According to Fitch, the issue is rated one notch below PABC’s National Long-Term rating of ‘BBB(lka)’ which has a stable “Outlook reflecting its debt-like features.
Fitch says the proposed debentures have a maturity of five years with [...]

Corporate Earnings

CENTRAL INDUSTRIES PLC – CIND

•    Revenue for Q3 FY 12 increased 32% YoY to LKR 432mn (Q3 FY 11 – LKR 326mn)
•    Gross profit growth 5.5% YoY to LKR 82mn (Q3 FY 11-LKR 77mn)
•    GP  margin at 18.8% (Q3 FY 11 – 23.6%)
•    Net Profit recorded at LKR 25mn, NP margin 5.7% (Q3 FY 11-LKR [...]

Seylan Bank achieves a profit of Rs. 1 billion in 2011

Sri Lanka’s Seylan Bank Plc has earned a profit after tax of Rs. 1 billion during the financial year 2011, a drop compared to Rs. 1.22 billion achieved a year before.
However, the Bank says the billion rupee profit for the year 2011 was achieved after it incurred Rs. 698.7 million on a voluntary retirement scheme, [...]

Corporate earnings

LANKA FLOORTILES PLC – TILE
•    Net Revenue for Q3 FY 12 increased 6.4% YoY to LKR 831mn, Export sales dropped 45% YoY and Local sales grew 9.7% (Q3 FY 11 – LKR 780mn)
•    GP  margin at 35% (Q3 FY 11 – 37%)
•    Net Profit recorded at LKR 140mn (Q3 FY 11-LKR 140mn)
•    Net profit for [...]

RAM Ratings assigns corporate ratings of A/P2 to CIC PLC

RAM Ratings has assigned Sri Lanka’s CIC Holdings respective long- and short-term corporate credit ratings of A and P2.
The outlook on the long-term rating is stable.
RAM Ratings Lanka says, the Group’s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related products.
The Rating firm [...]

Sri Lanka’s Chemcel private Limited opens its “super absorbent” plant

(News360.lk) Sri Lanka’s Chemcel Private Limited has made a soft opening of its newly built Carbozy Methyl Strach extrusion plant which will produce super absorbents which are being used as an input when manufacturing baby diapers.
Chairman of the Chemcel, Preethi Jayawardena speaking to news360.lk “We are going to produce super absorbents which will be used [...]

Micro Cars to operate a bus service

Sri Lanka’s Micro Cars Limited, an automobile manufacturer is planning to operate a luxury super low flow bus service covering the main routes entering the Colombo city, a media report said.
The state run news.lk said, the Company has already imported eight super low flow buses which even provide ease of access to the differently able [...]