Saturday 19th April 2014

Rosewood racket busted

Published : 12:26 am  April 3, 2014  |  Category: Business  |  Leave a Comment  |  218 views  |  

The Customs seized 420 metric tons of rosewood valued at Rs. 1 billion in yesterday 28 containers at the Grayline II terminal – Pix by Kushan Pathiraja  Read More →

84% of shareholders approve Beruwala Walk Inn delisting

Published : 12:24 am  April 3, 2014  |  Category: Business  |  Leave a Comment  |  315 views  |  

A majority 84% of the shareholders of Beruwala Walk Inn Plc (BINN) has approved the delisting o the company at the recently held Extraordinary General Meeting. The Company said two resolutions were approved by 84% of the shareholders present by person and proxy voting in favour. One resolution is delisting from the CSE and submit an application for the same to the SEC and approve the offer price of Rs. 120 which the majority shareholder Banyan Tree Holdings Ltd will pay in acquiring shares from anyone who wishes to sell his or her stakes. The other special resolution was to approve the change of status of the Company to a non-listed company subject to regulatory approval. The decision to de-list... 

Hemas to raise Rs. 1 b via debentures; Fitch assigns ‘A+ (EXP)’

Published : 12:23 am  April 3, 2014  |  Category: Business  |  Leave a Comment  |  280 views  |  

Fitch Ratings has assigned Sri Lanka-based Hemas Holdings PLC’s (HHP) proposed issue of senior unsecured redeemable debentures of up to Rs. 1 billion an expected rating of ‘A+(lka)(EXP)’. The final rating on the debentures is subject to the receipt of transaction documents conforming to information already received. The proceeds of the issuance are likely for refinancing existing debt, therefore lengthening HHP’s debt maturity profile. HHP is a holding company (holdco) with key wholly-owned subsidiaries operating in fast-moving consumer goods, healthcare and transportation sectors. The company also has majority interests in subsidiaries across leisure and power. Key rating drivers Diversified... 

Over 40 countries to attend fisheries confab in Sri Lanka

Published : 12:00 am  April 3, 2014  |  Category: Business  |  Leave a Comment  |  116 views  |  

The Eighteenth Session of the Indian Ocean Tuna Commission (IOTC) of the Food and Agriculture Organisation (FAO) will be held in Colombo from 1 to 5 June 2014. This is the second time Sri Lanka is hosting the event, the first being in 2011. IOTC is an intergovernmental organisation established under Article 14 of the FAO constitution. It is mandated to manage tuna and tuna-like species in the Indian Ocean. The meeting will be attended by over 250 delegates and observers from over 40 countries in the Indian Ocean Region and beyond. Representatives from major distant water fishing nations such as EU, Japan, Korea, France, Taiwan, and China will also attend the meeting. The objective of the commission... 

BOI hosts delegation from Guangdong Province, China’s economic powerhouse

Published : 12:00 am  April 3, 2014  |  Category: Business  |  Leave a Comment  |  84 views  |  

Chairman of Board of Investment of Sri Lanka, Dr. Lakshman Jayaweera hosted a high powered delegation from Guangdong Province, China and briefed them on possibilities of investing in Sri Lanka. The Chinese delegation was led by Deputy Director General of the Foreign Affairs Office of the People’s Government of Guangdong Province Li Jian. He was accompanied by Huang Guoping, Director and Phoenix Ge from People’s Government of Guangdong Province. The delegation also included members of the media from Guangdong who covered the visit to Sri Lanka. The mission to Sri Lanka is part of an official visit to a number of Asian countries to cover the maritime silk route The BOI Chairman was assisted... 

Trillium launches international style property management company

Published : 12:00 am  April 2, 2014  |  Category: Business  |  Leave a Comment  |  212 views  | has been launched by Trillium Property Management & Services (TPMS), to provide a professional property management and services firm, which will help property investors maximise returns on their residential and commercial assets. TPMS aims to establish international and professional benchmarks in the management of properties in Sri Lanka in response to a long-felt need by investors for a trustworthy property management partner. Trillium Property Management & Services Chairman Janaka Ratnayake said: “The property management services available in Sri Lanka until now have been unstructured and haphazard which has deterred many local and overseas investors from investing... 

Wijeya Newspapers partners with to form largest interactive classifieds

Published : 12:00 am  April 2, 2014  |  Category: Business  |  2 Comments  |  1 views  |  

Wijeya Newspapers Ltd. owned Hit Ad and Lahipita, Sri Lanka’s largest classified giants, have joined hands with Dialog’s to create the country’s largest interactive mobile and web-based classifieds portal. is the online edition of Sri Lanka’s most popular weekend classified supplement, where users can advertise their products and services using SMS, USSD or the web. In addition, the SMS matching alerts allows the advertiser to engage with Dialog’s 8.7 million mobile subscribers who will receive instant matching alerts via SMS once an ad is published, connecting buyers and sellers within a matter of minutes. The partnership will transform the online classified ads space... 

GISMO – the Home Builders’ Supermarket moves to an expansive new location

Published : 12:00 am  April 2, 2014  |  Category: Business  |  Leave a Comment  |  143 views  |  

By Harsha Udayakantha Peiris GISMO – the home builders’ supermarket, has by now strengthened their collaboration with the LIXIL Group moved to a new premises at No. 150 A, Nawala Road, Nugegoda on 26 March 2014.   The launch took place with the initiative of the Deputy Minister of Investment Promotion Faizer Musthapa. “Our aim is to do the business competitively by showcasing a different showroom that caters to the needs of the building industry and home building industry in Sri Lanka. The world class and the highest quality products range from high end category to the competitively affordable general low income category who are longing to make their building dreams an eternal reality,”... 

Lanka aiming to be a top 10 apparel exporter by 2020: Rishad

Published : 12:40 am  April 1, 2014  |  Category: Business  |  Leave a Comment  |  263 views  |  

SL starts first modern footwear and leather training centre 2013 apparel exports a record $ 4.3 b: Rishad SLITAs engineering setup upgraded with hi-tech mechatronics 2013 footwear and leather exports up by 63%: Rishad New technology from Germany, Japan and Singapore In the aftermath of latest record apparel earnings, Sri Lanka is now entertaining bigger apparel dreams. “Our internationally recognised apparel sector has shown strong performance, and has earned revenues of $ 4.3 billion in 2013. President Mahinda Rajapaksa now wants us to be among the world’s top 10 apparel export countries by 2020,” said Minister of Industry and Commerce Rishad Bathiudeen on 21 March. Minister Bathiudeen... 

Farmchemie MD wins Most Promising Entrepreneurship Award in agriculture

Published : 12:39 am  April 1, 2014  |  Category: Business  |  Leave a Comment  |  128 views  |  

Uditha Wanigasinghe, who founded Farmchemie Ltd. in 2002 being ambitious and persistent by nature, has never looked back since and Plantchem Ltd. and Feed Chemie Ltd. were inherited to the Farmchemie group. He as the Chairman and Managing Director of the Group is the single driving force that has made all accomplishments of Farmchemie Group possible. Being born as the youngest in the family with five siblings, Uditha learnt on life very early that anything worth could only be achieved with single mind focus and unwavering determination. This early lesson and his naturally go-getter personality are the lethal combinations that ultimately lead to his remarkable success. With his experience in the... 

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