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.
Seylan Bank has reaffirmed its commitment to supporting Sri Lanka’s industrial sector by announcing its participation as a facilitator in the upcoming International Industry Expo 2024 for the second consecutive year. Organized by the Industrial Development Board under the Ministry of Industries, the expo is scheduled to take place from June 19 to 24 at
Vallibel Finance recently inaugurated its new branch in Athurugiriya, introducing its renowned financial services to the community. The event, graced by Managing Director Jayantha Rangamuwa, marked a significant milestone for the company, underscoring its commitment to expanding its reach and strengthening its bond with customers. Rangamuwa emphasized Vallibel Finance’s dedication to delivering innovative financial solutions
Sunshine Healthcare Lanka (SHL), part of Sunshine Holdings PLC (CSE: SUN), has secured a substantial equity investment of up to Rs. 3,270 million from the International Finance Corporation (IFC), a member of the World Bank. This strategic investment will see IFC acquiring around a 14.7% stake in SHL, reinforcing Sunshine’s commitment to meeting Sri Lanka’s
In March, the Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) showed positive signs with the Total Activity Index reaching 55.9, indicating an expansion in construction activities. This marks the third consecutive month where the index has stayed above the neutral threshold, signaling a consistent improvement in the sector. Although New Orders saw
govi.ai, a prominent player in agricultural IoT solutions, recently participated in the Future Harvest Exhibition held at the Bandaranayake Memorial International Conference Hall (BMICH) from March 29-31. At the event, govi.ai showcased its innovative agricultural technology solutions aimed at empowering farmers across all scales, from smallholder to commercial, by promoting a data-driven approach to farming.
Legal challenges have once again stalled Sri Lanka’s efforts to attract international investment in the exploration and commercialization of two blocks totaling over 5,000 square kilometers in the Mannar Basin. The Court of Appeal, in CA (Writ) Application No: 392/2023, acknowledged a prima facie case by Serendive Energy, the petitioner, leading to orders restraining the
President Ranil Wickremesinghe embarked on a visit to Nuwara Eliya yesterday, with a focus on reviving tourism in the picturesque hill country. His journey included a trek along a portion of the famed Pekoe Trail, highlighting its potential as a key attraction. The Pekoe Trail, founded by mountaineer Miguel Cunat, is a 300-kilometer odyssey through
Sri Lanka’s Minister of Power and Energy, Kanchana Wijesekera, recently met with representatives from the Asian Development Bank (ADB) for a productive discussion on the country’s electricity sector. The agenda centered on several key areas of mutual interest. A critical focus was placed on the ongoing reforms within Sri Lanka’s electricity sector. The ADB representatives
Sri Lanka’s tourism industry is showing promising signs of recovery in 2024. As of April 7th, the country has welcomed a total of 675,582 tourists, with nearly 40,000 arriving in the first week of April alone. This positive trend is accompanied by a shift in visitor demographics. Notably, British tourists have emerged as the second-largest