Hela Apparel Holdings PLC has successfully raised Rs. 1,596,826,135 through its recent rights issue, marking a significant step in the company’s financial strategy. The issue offered 319,365,227 Ordinary Voting Shares to existing shareholders on a proportional basis and was oversubscribed, showing strong backing from shareholders, including the company’s top three stakeholders. The funds raised will
Since Sri Lanka’s selective default in April 2022, the country’s banking system, including the central bank and commercial banks, has repaid or built reserves amounting to 7.39 billion US dollars. This period marked a pivotal shift in policy as interest rates were hiked to end the inflationary policies that had previously kept rates artificially low.
Sri Lanka’s financial system is on the path to recovery, with expectations of improved asset quality and strengthened capital buffers, according to the Central Bank of Sri Lanka (CBSL) in its Financial Stability Review 2024. This positive outlook emerges as the economy stabilizes despite ongoing challenges stemming from previous macrofinancial imbalances, which are gradually being
The Ceylon Chamber of Commerce and the Sri Lanka Banks’ Association (SLBA) have formalized and strengthened their partnership by signing a Memorandum of Understanding (MOU) to promote sustainable finance and financial inclusion in Sri Lanka. This collaboration aims to build both demand-side and supply-side capacities in sustainable finance, supporting the advancement of Sri Lanka’s Sustainable
Janashakthi Life, a leading name in Sri Lanka’s insurance industry, has launched a new branch in Matugama, expanding its reach and making life insurance products and services more accessible to customers. The branch inauguration was led by Director and Chief Executive Officer Ravi Liyanage, along with Deputy Chief Executive Officer Niranjan Thangarajah, senior management, and
Pan Asia Bank is revolutionizing homeownership by offering more than just a loan; it provides innovative, customized solutions to make securing a home easier than ever. In response to the growing energy costs and the demands of modern living, Pan Asia Bank’s unique housing loan package now includes an additional benefit: the option to incorporate
Senior Professor Hareendra Dissabandara has been appointed as the new Chairman of the Securities and Exchange Commission (SEC) of Sri Lanka. Dissabandara has a rich background in the financial sector, having previously served as the SEC’s Director General from 2012 to 2013. He also held the position of Director of the Financial Services Academy and
The Q+ Payment App, powered by Commercial Bank of Ceylon, has now expanded its accessibility to customers of other banks, thanks to its integration with the JustPay platform by LankaPay, the operator of Sri Lanka’s national payment network. With this integration, customers from any domestic bank that supports JustPay can now download and use the
Consumer spending via credit cards has shown signs of growth, with the total outstanding credit card debt in licensed commercial banks rising by nearly one billion rupees in August, reflecting a broader surge in private sector credit during the same month. According to the latest data for August 2024, outstanding credit card debt increased by
Fitch Ratings has reaffirmed LB Finance PLC’s National Long-Term Rating at ‘BBB+(lka)’ with a Stable Outlook. The rating reflects LB Finance’s solid financial standing, characterized by superior profitability and asset quality compared to its peers. However, the company’s significant exposure to market risk through its extensive gold-backed lending business offsets these strengths. The rating also