LOLC Group is set to make a Rs. 3 billion takeover bid for Sierra Cables following the acquisition of a 30% stake in the company. The move comes after Browns Investments PLC, the strategic arm of LOLC Group, through its wholly owned subsidiary Iconic Trust Ltd., purchased 6.65 million shares of Sierra Cables at Rs.
Sri Lanka’s Commercial Bank of Ceylon PLC has officially completed the liquidation of its subsidiary, Commex Sri Lanka S.R.L., located in Rome, Italy. The bank first announced the voluntary liquidation of the wholly-owned subsidiary in August 2022. The final procedures have now been concluded, and Commex Sri Lanka S.R.L. has been deregistered from the Chamber
Multi Finance PLC has been officially delisted from the Colombo Stock Exchange (CSE) as of September 4, 2024, following its merger with L B Finance PLC. The delisting process was conducted in accordance with Rule 4 (2) of the Securities and Exchange Commission of Sri Lanka (SEC) Rules, 2001, as outlined in Gazette Extraordinary No.
Sri Lanka is set to amend its Value Added Tax (VAT) Act to phase out temporary VAT registrations by the end of 2024, targeting importers and distinguishing between personal and commercial imports to prevent tax revenue loss, according to a recent Parliamentary report. The Third Report by the Committee on Ways and Means revealed that
Port City Colombo has reached a key milestone, successfully onboarding over 100 companies as Authorised Persons (APs) by 24 August 2024. These companies span a wide array of sectors, including IT, finance, logistics, shipping, healthcare, tourism, real estate development, and global capability centres. This development positions Port City Colombo as a crucial player in attracting
Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL), a state-owned company, has achieved remarkable success in 2023. Their annual report, released on May 31, 2024, showcases record-breaking revenue and a significant contribution to the Sri Lankan government. Financial Highlights: Operational Performance: Commitment to Transparency and Efficiency: AASL takes pride in publishing its 2023 Annual
LOLC Finance PLC, Sri Lanka’s leading non-banking financial institution, has concluded the year with a bang! The company reported an exceptional performance, achieving its highest ever profits of Rs. 21.5 billion for the fiscal year 2023/24. This impressive figure represents a significant 39% year-on-year growth and translates to a strong return on equity (ROE) of
Colombo, Sri Lanka – A 14-member Pakistani business delegation is visiting Sri Lanka to explore investment opportunities in various manufacturing sectors, signaling confidence in the island nation’s economic turnaround. The delegation, led by the Honorary Consul of Sri Lanka in Lahore, comes after Sri Lanka weathered a severe economic crisis last year. “Sri Lanka’s dramatic
Sri Lanka and Singapore are joining forces to enhance Sri Lanka’s immigration system. A team of officials from Singapore’s Immigration Checkpoint Authority (ICA) is currently visiting Sri Lanka until Friday, May 31st, to explore collaborative opportunities. This visit follows a request from Sri Lanka’s Public Security Minister, Tiran Alles, to his Singaporean counterpart, Home Affairs
Sri Lanka’s Commercial Bank is set to raise Rs. 22.5 billion through a Rights Issue, aiming to strengthen its Tier I capital and support future business expansion. This plan involves issuing new shares: The voting share price closed at Rs. 112.75 yesterday, down 75 cents, while the non-voting share price fell 30 cents to Rs.