Friday 25th April 2014

Rani Sandalwood showers its loyal consumers with gold sovereigns

Published : 1:10 am  February 14, 2014  |  Category: Business  |  Leave a Comment  |  523 views  |  

Win monthly gold sovereigns and weekly Rani gift packs Users of Rani Sandalwood soap will be showered with Gold Sovereigns during this new year with the launch of another exciting promotion by The Swadeshi Industrial Works PLC. Consumers who post empty cartons of Rani Sandalwood Soap/Rani White Sandalwood Soap or an empty carton of Rani Sandalwood Soap 4-in-1 economy pack with their names and addresses to “Rani Sadun Ran Wassanaya” P.O. Box 04, Kandana will be eligible to win 20 gold sovereigns (10 per month) and 400 consolation prizes (50 per week) over a period of eight weeks, the company announced. The promotion takes place for two months from 1 February to 31 March 2014 and winners... 


Vijitha Yapa meets Vice President of Republic of China

Published : 12:08 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  325 views  |  

Sri Lanka Book Publishers Association President and Asia Pacific Publishers Association Vice President Vijitha Yapa meets the Chief Guest Wu Den-yih, Vice President of the Republic of China at the opening of the Taipei Book Fair on 5 February. Wu said that this is the first time that he is meeting a publisher from Sri Lanka and was pleased that Sri Lankan books were being displayed at the Taipei Book Fair. The Asia Pacific Publishers Association was the Guest of Honour and had a stall of nearly 400 square metres where books from various member countries of the Association were displayed. Some of the Sri Lanka books on display at the fair are also seen here.  Read More →


Millennium Housing Developers announces basis of IPO allotment

Published : 12:07 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  304 views  |  

Millenium Housing Developers has announced the details for basis of allotment for its Initial Public Offering (IPO) for 16.0mn ordinary shares at Rs.6.00 per share for a total value of Rs.96.0mn. The company stated that it has decided to allot in full for all the applicants who applied upto 2.5mn shares to the value of Rs.15.0mn and on a pro-rata basis for the remaining applicants. The allotment of shares for each category is as follows: Unit Trust : 2.3mn shares for a consideration of Rs.13.5mn Non Retail : 13.1mn shares for a consideration of Rs.78.8mn Retail : 0.6mn shares for a consideration of Rs.3.7mn  Read More →


Odel posts 9-month net profit of Rs. 195 m

Published : 12:07 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  317 views  |  

Releasing its income statements for the nine months ending 31 December 2013, Odel reported revenue of Rs. 3.4 billion for the period, down 2.5% due to a slow-down in retail sales and the impact of the imposition of Value Added Tax on sales. Administrative expenses increased by 17.8% due to higher costs of premises and staff consequent to expansion of the retail chain. However, the company managed to restrict the rise in distribution expenses over the corresponding nine months of the previous year. Other Income of Rs. 181.3 million, made up principally of the investment of proceeds from Odel’s December 2012 Rights Issue combined with a 31% reduction in finance costs, enabled the company to record... 


India begins importing nutmeg from Sri Lanka

Published : 12:06 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  374 views  |  

The Hindu Business Line: India has begun to import nutmeg from Sri Lanka following a production shortfall. A poor crop last season has led to a shortage and consequent rise in prices, according to market sources. As a result, dealers are importing from Sri Lanka, said an importer who struck some deals with traders in Colombo last week. He told Business Line that against the domestic price of INR 725 a kg, nutmeg rate in Sri Lanka was INR 675 a kg. He said that mace production in India is also short of the demand. Against demand of 1,500 tons, mace production is only 800 tons, the trader said. According to market sources, total indigenous production of nutmeg was 11,000 tons. From this nearly... 


Millions won from Cargills Food City Grand Christmas giveaway

Published : 12:00 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  349 views  |  

Cargills Food City Christmas Give away Grand Prize winners recently walked away with hundreds of thousands in cash after a Grand Draw held in Colombo. M.N.M. Nishath who shops at Cargills Food City Grandpass won the Grand Prize of Rs. 1 million while V.S.S. Gnanam won the 2nd prize of Rs. 750,000 having shopped with Cargills Food City Staples Street and L.D.G.S. Perera from Cargills Food City Wattala won Rs. 500,000 as the 3rd prize. Unique promotion with three chances to win Customers simply had to purchase goods worth Rs. 1,000 or more with the inclusion of any three of the nominated brands to get three chances to win. In the first chance customers had the chance to win cash over-the-counter... 


Orient Finance and United Motors offers unique trade-in offer for Mitsubishi motor vehicles

Published : 12:00 am  February 13, 2014  |  Category: Business  |  1 Comment  |  190 views  |  

In an attempt to attune product offers to the changing needs of customers, Orient Finance PLC and United Motors have come together to present a unique solution, where a used vehicle can be traded in for a brand new Mitsubishi vehicle, eliminating the hassle of selling the existing vehicle. The service mechanism introduced by Orient Finance and United Motors is such that Orient Finance will offer financing, facilitating the trade-in of the existing vehicle, whilst United Motors will service the customer purchasing of the new vehicle. Speaking at the signing off of the Memorandum of Understanding (MoU) between the two parties, Orient Finance PLC CEO Suresh Ameresekera commented that the company... 


HarperCollins to launch debut author in Sri Lanka

Published : 12:00 am  February 13, 2014  |  Category: Business  |  Leave a Comment  |  187 views  |  

      HarperCollins Publishers confirmed via media statement yesterday that the firm will be in Sri Lanka in February to mark the worldwide release of the book “Reyna’s Prophecy” by debut author, Radhika Philip. HarperCollins Publishers, India Chief Editor and Publisher Karthika V.K. issued the following statement, “HarperCollins have always maintained a presence in Sri Lanka and distribute through many of the leading book stores. This is the first time we’ve launched a book from Sri Lanka, but the time is right and Reyna’s Prophecy is the right book, a very positive message from Sri Lanka, delivered via a fantasy fiction tale no less.” HarperCollins Commissioning... 


RAM reaffirms Tokyo Cement Company’s ratings at A/P2

Published : 12:07 am  February 12, 2014  |  Category: Business  |  Leave a Comment  |  409 views  |  

RAM Ratings Lanka has reaffirmed Tokyo Cement Company (Lanka) PLC’s (“the Company”) respective long and short-term corporate credit ratings at A and P2; the long-term rating carries a stable outlook. The ratings are upheld by its sizable market share and sound financial profile. Meanwhile, the ratings are moderated by its inability to immediately pass on cost increases to the customer, its dependence on the cyclical construction sub-sector as well as its short term funding mismatch. Incorporated in 1982, Tokyo Cement was listed on the Colombo Stock Exchange in 1984. The Company and its subsidiaries are primarily involved in the manufacture and sale of cement, to both retail customers and... 


Visiting UN Assistant Sec. Gen, and UNDP Asia-Pacific Chief express satisfaction on long term partnership between UNDP and Govt.

Published : 12:00 am  February 12, 2014  |  Category: Business  |  Leave a Comment  |  278 views  |  

On 10 February, 2014, Haoliang Xu, the visiting UN Assistant Secretary-General and Director of UNDP’s Regional Bureau for Asia and the Pacific met and exchanged views with Minister of Economic Development Basil Rajapaksa. Expressing satisfaction on the long-term partnership UNDP enjoyed with the Government of Sri Lanka during the conflict, early recovery and now, in the country’s progress towards longer-term development, Xu assured the UN’s continuous support to deliver on national priorities including district development, reconciliation and social integration, environmental sustainability and climate resilience. Here Xu and Rajapaksa greet each other before they sat down for talks.  Read More →


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