Central Bank of Sri Lanka Issues New Coins for Year 2019

Central Bank of Sri Lanka Issues New Coins of Rs. 10, Rs. 5, Rs. 2 and Rs.1 made of stainless steel for the transection from 1st January 2019.

Now you can obtain these coins from any commercial bank branch and can be used for payments amongst other currency notes and coins in circulation.

Reasons for the New Coins

  • Diameter and thickness of the coins are changed to maintain a progressive pattern with the denomination and different edges are incorporated for easy identification by visually impaired people
  • Coins are made of stainless steel which gives more durability than plated coins and light finish gives more portability in a wallet
  • Cost of production has been minimized with usage of stainless steel which is less expensive than other metals and by reducing the size and the weight of coins

For more details about the new coins could be obtains from Currency Department, Central Bank of Sri Lanka, No. 30, Janadhipathi Mawatha, Colombo 1 or see below ad image

Central Bank of Sri Lanka Issues New Coins for Year 2019

Sri Lanka’s first pharma zone to open with US$ 10 million investment

I The Stale Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd entered into an agreement on January 8, 2018, to build the first ever exclusive pharmaceutical manufacturing zone of Sri Lanka at Welipenna in the Kalutara district with an investment in excess of US $ 10 million.

Pharma Zone (Pvt) Ltd located on 50 acres is a BOI approved company whose principals are the Sultan of Johor, Sultan Ibrahim Ismail Ibni Sultan Iskandar and Patrick Lim Soo Kit, a leading Malaysian entrepreneur.

The Sultan’s investment vehicle, Inti Kemuncak Sdn Bhd is a well-established property development company based in Malaysia focusing on large scale property development in the Asian region. Inti Kemuncak is the innovative developer of major townships and urban regeneration projects including a coronation square, a US S 1.2 billion international class urban mixed development located within the prestigious Ibrahim International Business District (IIBD) in Johor Bahru.

The Pharma Zone will facilitate the local pharmaceutical manufactuers with sufficient land for manufacturing plants and basic infrastructure facilities for the manufacture of pharmaceutical products with a view to achieving the Governments target of localising production of essential pharmaceutical items to a value of US$100 million, thus saving valuable foreign exchange.

Chairman SPMC, Dr. Sayura Samarasundara said that with the completion of the Pharma Zone, envisaged to be in operation within one year, the country’s dependency on imported drugs will soon become a thing of the past.

The zone will be run and administered by Pharma Zone, headed by Patrick Lim Soo Kit, while the SPMC along with the Ministry of Health will set the standards and monitor quality.

Electricity, water, road infrastructure, security, waste water management, etc will all be provided to the companies operating within the zone, and it is the intention of Pharma Zone to attract overseas investors to set up operations within the Zone as well. “We will be marketing Pharma Zone regionally,” said Lim.

With the establishment of Pharma Zone it is hoped that most of Sri Lanka’s drug availability and cost issues will soon come to an end.

¬NEWS¬

Land Prices in Colombo

It has been observed that land prices in Colombo have increase day by day. And the shocking truth that the prices are unimaginable for an ordinary man to buy a house in Colombo now days.

See below table for the update Average Price per Perch in Colombo

Colombo District Number Average Price per Perch
Colombo 1 Rs. 18 Million Upwards
Colombo 2 Rs. 12 Million Upwards
Colombo 3 Rs. 16 Million Upwards
Colombo 4 Rs. 10 Million Upwards
Colombo 5 Rs. 6 Million Upwards
Colombo 6 Rs. 8 Million Upwards
Colombo 7 Rs. 12 Million Upwards
Colombo 8 Rs. 4 Million Upwards
Colombo 9 Rs. 1 Million Upwards
Colombo 10 Rs. 4 Million Upwards
Colombo 11 Rs. 10 Million Upwards
Colombo 12 Rs. 4 Million Upwards
Colombo 13 Rs. 1 Million Upwards
Colombo 14 Rs. 1 Million Upwards
Colombo 15 Rs. 1 Million Upwards

 

All the Above prices are approximate and the prices are change depend on the location and accessibility

Andhra Pradesh to set up industrial corridor in SL on sea foods, pharmaceuticals and tourism sectors

The Andhra Pradesh Government of India is contemplating setting up an industrial corridor in Sri Lanka, the Indian Express reported recently.

Officials also said Sri Lanka was the best bet for AP for conducting trade in sea foods, pharmaceuticals and tourism sectors as Sri Lanka is strategically located. And the news said the Sri Lankan government may allocate land to the AP government in Jaffna or Trincomalee for this purpose.

The Sri Lankan government is also planning to invest in AP in the textile and aviation sectors through a mutual trade agreement. “The MoU will be signed shortly for implementing the AP special economic zone in Sri Lanka. There are good opportunities to invest in the pharmaceutical and tourism sectors in Sri Lanka,” Industries Minister Reddy said.

 

Car registrations down by 40%, three wheelers by 50% in 2017

Motor car registrations have come down by 40% on a month and month basis mainly due to drop in financing share of motor cars. The three wheeler segment came down by nearly 50%,according to the JB Securities monthly review.

Implementation of the budget proposal to restrict credit to new cars (50% LTV) and three wheelers (25% LTV) is the primary factor accounting for a plunge in registrations. The full impact of the directive will only be felt this month, the report said. However there have been a surge in Hyundai Eon cars (100% increase)According to JB Securities monthly review in contrast there have been an in increase of used cars, especially Toyota’s and also electric cars are picking up.

There was also a big jump in Hybrid used cars where Axio witnessed a large increase (200+) while there was also an increase in Mini Vans(268% increase) with the biggest mover being Suzuki Every.

“Three wheelers may be a menace on the road but it has been a huge contributor in creating inclusive growth both in terms of being a production asset (taxi) and/or personal vehicle providing mobility to the owner which in turn increases his radius of employment opportunities. ability to work flexible work hours due lo not being reliant on public transport, access to markets.

The segment also saw Bajaj losing market share to TVS,” the J. B. Securities said. The report also says that mini trucks have come down by 20% while the registration for Buses have gone up by 40%.

NEWS

Avoid Cash or Cheques payment, and try SLIPS (Sri Lanka Inter-bank Payment System) by Central Bank

Central Bank of Sri Lanka introduces Sri Lanka Inter-bank Payment System (SLIPS) for individual and bulk payments to multiple parties up to Rs. 5 Million per Transaction on same day or any days up to 14 days as payment due. this service is available minimum fee of Rs.50 per individual transaction and Bulk transaction can be negotiated with your bank.

SLIPS introduce to make quick transection with great convenience and minimise use of currency.

This SLIPS has commenced operations in 1994 and was launched online in 2010 with 44 banks and financial institutions are currently connected. SLIPS has done successful transaction of 126.9mn amounting to Rs. 5,528 billion up to 2016 (since 2010).

Contact your commercial bank for more details or contact to Payments and Settlements Department of Central Bank of Sri Lanka 30, Janadhipathi Mawatha Colombo 01 on 011 2398596 or see below image

Avoid Cash or Cheques payment, and try SLIPS (Sri Lanka Inter-bank Payment System) by Central Bank
Avoid Cash or Cheques payment, and try SLIPS (Sri Lanka Inter-bank Payment System) by Central Bank

Calling for Expressions of Interest of Plantation and Agricultural Based Industries Year 2017

The ministry of Public Enterprise Development in collaboration with Chilaw Plantations Limited wishes to invite from local and international private sectors, interested in investing, to submit their expressions of interest to carry out suitable economic development projects.

Chilaw Plantations Ltd, a state owned Plantations Company, consisted of 14,000 acres of coconut as the main crop in the Gampaha, Kurunegala and Puttalam Districts of Sri Lanka is a profitable and large scale Plantations Company. The management has decided to ustilise the land to be diversify for maximum utilizations of sustainable development to get the maximum out of the land to take advantage of the efficiency and productivity of the land as a boost to the development and economy of Sri Lanka. Due your attention and care is given that these industries must safeguard the environment by undertaking environment friendly projects and benefit the plantations sector. The projects for investments such identified by Chilaw Plantations Limited already are:

  1. Inter cropping and mix cropping in coconut plantations.
  2. Livestock management in coconut plantations.
  3. Trade and commercial housing industry.
  4. Value added coconut based products and further processing and processing projects in coconut plantations.
  5. Wind Mills energy and Bio gas projects.
  6. Eco tourism close to Coconut, Cashew, Lagoon and streams and any other identified projects.

Investors from the local and international private sector are hereby invited for private partnership in business, targeting the international and national markets,

Keeping with the government policy to invest and involve in the local and international private sector to participate and generate higher revenue from land and properties belongs to the state owned Chilaw Plantations Limited.

Information in this regard, could be collected from the Head office of the Chilaw Plantations Limited. No.165, Puttalam Road, Chilaw, from the Senior Accountant. No. 191, J.R. Jayawardena Center, Dharmapala Road, Colombo 7. Further details can be obtained from Head Office or Colombo Office, from 9.00 am to 3.30 pm. Application forms could be obtained on a payment of non refundable Rs. 5,000/- Field visits would be allowed during week days from morning 8.30 a.m to 4.00 p.m. evening for which prior approval has to be obtained from the Chairman. All the interested parties can send their application as per the format, under Registered cover, to

Chairman/ C.E.O, Chilaw Plantations Limited, 165, Puttalam Road, Chilaw.

Further more information: Chilaw – 0325741312 /0714173203 (Mr. Ajith Silva) 032 5744265/ 0718351431 (Mr. Kelum)

Or see below image for more details

Calling for Expressions of Interest of Plantation and Agricultural Based Industries Year 2017
Calling for Expressions of Interest of Plantation and Agricultural Based Industries Year 2017

Upt 60% Discount for Sunday Observer, Silumina & Thinakaran Weekend Papers for Annual Subscription

Lake House Invites annual subscriptions for the their daily publications and weekend publication  with discounted value upto 60%.

Daily News Paper

Value of Paper: LKR. 9,390/-
Annual Subscription LKR. 3,800/-
Discount: 60%

 

Dinamina News Paper

Value of Paper: LKR. 6,260/-
Annual Subscription LKR. 3,200/-
Discount: 50%

 

Thinakaran News Paper

Value of Paper: LKR. 6,260/-
Annual Subscription LKR. 3,200/-
Discount: 50%

 

Sunday Observer News Paper

Value of Paper: LKR. 3,120/-
Annual Subscription LKR. 1,300/-
Discount: 60%

 

Silumina News Paper

Value of Paper: LKR. 3,120/-
Annual Subscription LKR. 1,600/-
Discount: 50%

 

Thinakaran News Paper

Value of Paper: LKR.1,560/-
Annual Subscription LKR. 800/-
Discount: 50%

 

For more detail of application see below image or contact to Chinthaka on 0112 429444 or 077671 1517

Upt 60% Discount for Sunday Observer, Silumina & Thinakaran Weekend Papers for Annual Subscription
Upt 60% Discount for Sunday Observer, Silumina & Thinakaran Weekend Papers for Annual Subscription

Notice to General Public about Registration for Value Added Tax (VAT) and Nation Building Tax (NBT)

Changes to VAT and NBT laws are implemented with effect from November 01,2016 (unless a specific date is mentioned) as per the Value Added Tax (Amendment) Act No 20 of 2016 and Nation Building Tax (Amendment) Act No 22 of 2016.

Accordingly, any person or partnership whose value of supply/turnover reaches/exceeds the limits stated below and are not registered for the above taxes should register with the Inland Revenue Department and comply with the requirements under such Acts.

Registration Threshold for VAT

  • Aggregated supplies of goods (turnover) from wholesale or retail trade of any person or partnership reaches Rs.12.5 Mn for the first time for the period from 1st November to 31st December of this year or any consecutive three months in a calendar year thereafter.

OR

  • For any other business, if the liable supplies exceed Rs. 3 Mn per quarter or Rs.12 Mn per annum.

Registration Threshold for NBT

  • Any person or partnership whose liable turnover is not less than Rs. 3 Mn per quarter.

 

The registration for VAT and NBT can be obtained by:

  • Using e-Services available in the IRD Portal ird.gov.lk or
  • Visiting the Taxpayers Services Unit (TPSU) in the IRD Head Office or any of the below mentioned Regional Offices, by submitting an application form (available In lrd.gov.lk for download) along with the supporting documents.

It is to be noted that registrations for all taxes (VAT & NBT) including TIN can be applied at once.

For further clarification, please contact IRD Call Centre by Dialing 1944 or see below image

Notice to General Public about Registration for Value Added Tax (VAT) and Nation Building Tax (NBT)
Notice to General Public about Registration for Value Added Tax (VAT) and Nation Building Tax (NBT)

India’s $10 billion gap in foreign exchange may put rupee under pressure

The Indian banking system has left a $10-billion position unhedged amid foreign exchange deposit redemptions, making the rupee vulnerable to a sudden depreciation in the next few months.

On the other hand, such a drop would act as a booster for exports and possibly narrow the trade deficit although imports of oil and other commodities would become costlier, said experts, some of whom suggested the gap may have deliberately been left uncovered.

Three years after the Reserve Bank of India sought to shore up the rupee through foreign currency nonresident-bank (FCNR-B) deposits, the country is bracing for an outflow as these get redeemed. The rupee was at 66.72 a dollar on Friday.

Experts baffled by RBI move, The Indian currency was at 66.68 a dollar a week back and may weaken to 67.50-68.00 a dollar by December, dealers said.

According to a note prepared by one of India’s top private sector banks, there’s a $9.5-billion gap between $22.4 billion of FCNR-B maturities and $12.9 billion of forward contracts for October and November.

“There is high possibility of a systemic rupee depreciation in the coming months on account of FCNR-B outflows,” said KN Dey, executive director at Mecklai Financial. “The rupee has been steady for almost 10 months and a fall will boost exports and in turn, reduce trade deficit.”

Export push, A fall in the rupee should make Indian goods more competitive in the global market. Indian exports revived in September to grow 4.62 per cent on year to $22.8 billion with 18 of 30 exporting sectors showing growth.

This was the second instance of growth this year after June when exports rose 1.27 per cent after declining 18 months in a row. With a 2.5 per cent fall in imports to $31.2 billion, the trade deficit stood at $8.33 billion in September.

The hedging shortfall will generate dollar demand in excess of what flows in regularly via overseas investments and non-resident deposits, said a senior bank executive.

The rupee, therefore, is likely to come under pressure, having remained in a tight band since January despite the Chinese devaluation.

Citing RBI data for August end, the bank report cited above said forward long contracts for September were worth $2.9 billion against $2.1 billion in FCNR-B repayments, but those in October-November are at $12.9 billion against $22.4 billion of maturing deposits. For December and beyond, forward longs stood at $13.3 billion versus $2.3 billion in repayments.

(~ News – BBC~)

New Cigarette Prices in Sri Lanka

After the recent tax impose into a tobacco products the Ceylon Tobacoo Company announces their new places as below,

Brand Price per cigarette Price per 12’s Price per 20’s
Dunhill Switch Rs. 45/-   Rs. 900/-
Dunhill Blue (Dunhill Tube Filter Blue) Rs. 45/-   Rs. 900/-
Dunhill Grey (Dunhill Tube Filter Grey) Rs. 45/-   Rs. 900/-
Benson & Hedges Rs. 45/-   Rs. 900/-
John Player Gold Leaf Click Rs. 43/-   Rs. 860/-
John Player Gold Leaf Special Rs. 42/-   Rs. 840/-
john Player Gold Leaf Rs. 42/- Rs. 504/- Rs. 840/-
Bristol Original Rs. 28/-   Rs. 560/-
Bristol Gold (Limited edition) Rs. 30/-   Rs. 600/-
Capstan Rs. 20/-   Rs. 400/-

For more details see below image

New Cigarette Prices in Sri Lanka
New Cigarette Prices in Sri Lanka

Dialog looking forward industry related investment in future

Axiata Group Berhad Malaysia is looking at aggressively investment in addition to mobile and data communication and want to get involved in setting up of a payment gateway, 5G, smart metering, IOT (Internet of Things) and other similar services, tracking of transport via GPS and other means too is an area we are looking at pursuing.

the official further stated that they will like to get involved in the Port City project as well. Commenting on the investments to Sri Lanka Nawawi said they have invested over USS 2 billion in their 21 years in Sri Lanka. “Our investment budget for 2016/2017 to Sri Lanka is around USS 175 million.”

To date Axiata Group Berhad Malaysia is the biggest Foreign Direct investor to Sri Lanka. “Its 9.4% of the total FDl’s received by Sri Lanka and we are very proud about it. We have a permanent staff of 3,200 as well.” He recalled that Dialog started their business as the fourth telecom operator in 1995 and in four years moved to the top slot which we are maintaining till now.

News

Dialog Axiata looking forward for a acquisitions in Sri lanka

Axiata Group Berhad Malaysia Chief Corporate Officer, Idham Nawawi said, Axiata is keeping our options open with regard to acquiring of another mobile operator in Sri Lanka, he further said he strongly believes a country like Sri Lanka should have only three players instead of five. And Axiata looking forward a good offer to take over a company.

Further he stated that the Axiata Group is closing on a deal to acquire Indian based Bharti Airtel In Bangladesh and thought of entering to Nepal and Philippines if there is a good proposition. But it doesn’t have an idea of entering to china and compete with China mobile which is largest in the world.

Technological city Project Launched at Pitipanna, Homagama

The laying of the foundation stones for the first stage of the technological city planned under the Western Megapolis Project and the opening of the Nano Investigation Laboratory took place under the patronage of Prime Minister Ranil Wickremesinghe at Pitipana, Homagama.

Foundation stones were laid for five technological centres including a national science centre, a satellite centre and technological universities.

Moratuwa and Sri Jayawardenapura Universities and the Arthur C. Clarke Centre are scheduled to launch science and technology projects affiliated to the proposed National Science Centre.

The Urban Development Authority will provide 25 acres each for building the three universities and 10 acres each to the other technological institutes.

The Sri Jayewardenepura University will invest Rs. 7,500 million, Colombo University Rs. 2,096 million, Science and Technology Ministry Rs. 3,000 million and the Sir Arthur C. Clarke Centre will invest Rs. 1,700 million during the first stage.

A total of 1,000 acres have been allocated for the Technological City and the UDA is presently involved in the acquisition of land for this purpose.

The land area covered by the entire project is 1,200 acres. It is planned to build a four lane road complex to Uduwana from the Makumbura exchange of the Southern Expressway to facilitate the development of infrastructure facilities at the Technological City.

Dr. Indrajit Coomaraswamy Appointed as Governor of Central Bank of Sri Lanka – Brief Introduction about Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy
Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy has been appointed as Governor of Central Bank of Sri Lanka by President today July 2, 2016.

Brief of Dr. Indrajit Coomaraswamy

Dr. Indrajit Coomaraswamy born April 3, 1950  hails from one of the country’s most respected Tamil families and the son of the iconic diplomat ‘ Roving Raju’, is  one of  Sri Lanka’s best known and most respected economists.

Dr. Indrajit Coomaraswamy, who was also a dashing sportsman having  captained the Sri Lanka and CR & FC rugby teams. In addition, he captained the Harrow School and Emmanuel College, Cambridge cricket XIs. He also played cricket for the Tamil Union C & AC and confesses that of the many hats he has donned, the sportsman’s is what lies closest to his heart. Married to Tara de Fonseka, his two sons Imran and Arjun

Dr Coomaraswamy Educated at the Royal College, Colombo and at Harrow School in England, he gained his undergraduate degree at Cambridge University and obtained his Doctorate at the University of Sussex. Joining the Central Bank of Sri Lanka in 1973 he served in the Economic Research, Statistics and Bank Supervision Divisions as a staff officer till 1989. From 1981 to 1989 he was seconded to the Ministry of Finance and Planning. Thereafter he worked for the Commonwealth Secretariat from 1990–2008, holding the posts of Director, Economic Affairs Division and Deputy-Director, Secretary-General’s Office and was brought back to the Commonwealth Secretariat to head the Social Transformation Programme Division, as Interim Director.

Dr. Coomaraswamy was an independent non-executive director of JKH and Tokyo Cement. He is also associated with several think tanks.

Mihin Lanka Losses accumulated Rs. 17 Billion by Now

Finance Ministry stated that the state run airline Mihin Lanka has recorded a loss of Rs. 17 Billion over its 7 years operation.
Finance Ministry said it had been given a Rs. 15 Billion letter of comfort in 2015 to continue its operations and the ministry is expected to reduce losses to Rs. 938 million, from Rs. 1.48 Billion in last year.

Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond

First Capital Treasuries PLC invites potential investors in Sri lanka and aboard to invest on US$ 150 million Sri Lanka Development Bond. This Sri lanka Development Bond is a Risk – free, Tax – free, Higher rates than bank deposits and  its available for the period of 3Months, 6 Months, 1Year and 2 Years.

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  • Foreign Citizens & Entities
  • Non – Residents of Sri Lanka
  • Sri Lanka Dual Citizens
  • Non – Resident Foreign Currency (NRFC)
  • Resident Foreign Currency (RFC)
  • Resident Non – Nationals Foreign Currency (RNNFC)
  • Foreign Exchange Earners Accounts (FEEA)
  • Authorised Dealers in Foreign Exchange
  • Primary Dealers in Government Securities
  • Board of Investment of Sri Lanka Approved Companies
  • Specified Insurance Companies
  • Licensed Specialised Banks and Licensed Finance Companies
  • permitted to accept foreign currency deposits

Now open for subscription through First Capital Treasuries PLC Contact: +94 11 2639881, 2639889, 2639885

For more details see below image

Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond
Maximise your Dollar Investment with US$ 150 million Sri Lanka Development Bond

New Terminal Building to construct for Bandaranaike International Airport

Transport and Civil Aviation Ministry Nimal Siripala de Silva said a new terminal building will be built at the Bandaranaike International Airport (BIA) at a cost of Rs. 65 billion. He further state that the present terminal building can accommodate only six million passengers. Where the BIA capacity is not sufficient to handle all passenger movements and air freight as last year alone there had been over 8.5 million passenger movements. That is why the government planned to construct a new terminal building for the airport.

He said accommodation facilities should be improved to attract tourists to the country and If we do not follow international standards in building airports and improving facilities according to passenger demands, airlines will not come to Sri Lanka.

And he further state the existing runaway will repair at a cost of Rs. 200 million while new runaway will be constructed at a cost of Rs. 8 billion as there is a necessity of a new runaway to accommodate more aircraft.

New Vehicle Prices after Budget for 2016

As expected the new government budget for 2016 introduce new valuation system for imported vehicles, this valuation lead to increase prices of imported vehicles by Rs. 200,000 up to Rs. 2.5 million.

The new valuation system was introduced recently taking full option manufacturers price as the tax base and the Finance Minister Ravi Karunanayake said  in budget proposal that this is to further strengthen this process of collecting the payable taxes said that the unit rate of excise duty for the vehicles on the basis of cubic centimeters and duties on the percentage basis on certain vehicles would be revised.

Automobile sellers has indicated the main selling automobiles like Nissan leaf, Suzuki WagonR, Suzuki Alto, Suzuki K10, Toyota Aqua, Toyota Prius and Toyota, Nissan Van prices will be increase as follow

Nissan Leaf Electric Vechile by Rs 2.5 Million

Wagon R by Rs. 400,000/-

Auto & K10 by Rs. 250,000/-

Toyota Aqua by Rs. 500,000/-

Toyota Prius by Rs. 700,000/-

Van by 2.5 Million

Meanwhile, 2016 budget has reduced excise duty to 2.5 percent for the vehicles which are run entirely on Solar, Hydrogen or Helium.

And the Vehicle Entitlement Certificate for each vehicle was also introduced and therefore motor cycle and three wheeler is unchange, Rs.15,000 for a motor car and Rs.10,000 per vehicle for all other vehicles would have to pay as fee

University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

The MBA Alumi Association University of Colombo organized a forum of Budget 2016 with the Finance Minister, Hon. Ravi Karunanayake & key industry leaders at the Post-Budget forum. Take part of this forum and knew unseen background of Budget 2016 and thoughts of industrial leaders.

Date: 24th November 2015

Time: 9am to 12pm

Venue: Hotel Galadari

Ticket Price: Rs. 3,500/-

This would usefull for businessmen, Financial analyst and those who key concern on budget 2016.

For more details contact to The MBA Alumi Association University of Colombo on 0772 224 994 or see below image

University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake
University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

SriLankan Airline New Business Strategies of MRO and Domestic Flight services

SriLankan Airlines will negotiate with an Asian based air service company to begin a Maintenance, Repair and Overhaul (MRO) centre at the Mattala airport in Hambatota.

SriLankan Airlines Chairman Ajith Dias states proposal for an MRO at the Mattala international airport was in the pipeline for several years but it never got off. We are now in talks with an Asian counterpart to get this project of the ground at least now and this MRO will help the bottom line of the airline to a great extent as they could harness big business due to SriLankan Engineering’s track record.

He further said Srilankan Airlines are going to re-evaluate to begin domestic operations next year by acquire two 40 seater aircraft for this operation and hope to operate regular flights to selected domestic airports out of total 12 domestic airports in Sri Lanka. and with increased tourism we see great potential in this project.

Commenting on the re fleeting of the airline by the end of this year they will have seven new aircraft increasing the total fleet to 20. In the next two years we will get eight more. Subsequently all ageing A340 aircraft will be retired and Sri Lankan will have a fleet less than 3 years of age. All these aircrafts will be for SriLankan Airlines and not for Mihin.

With the new aircraft the national carrier will add more frequencies to key destinations. The airline may not look at new routes but will increase frequencies to existing destinations that include China, London and India.

Commercial Bank open its new Bank services in Maldives

The Commercial Bank of Ceylon PLC has announced It is plans to extend their services to the Maldives following the receipt of regulatory approval.

Commercial Bank of Ceylon PLC is a Sri Lanka’s largest private bank  have obtained an approval from both the Maldives Monetary Authority and the Central Bank of Sri Lanka to set up a Commercial Bank of Ceylon PLC  banking subsidiary in the Maldives. This would be name as Commercial Bank of Maldives Pvt Limited and Commercial Bank of Ceylon PLC will invest 55% of stake and balance will own by leading group of Maldivian companies.

The bank start focusing into a new regional expansion after successful operation in Bangladesh, which entered in 2003, and Myanmar in June 2015.

Commercial Bank of Ceylon PLC  is enter to Maldives with single branch at male and increase their presence and increase upto 3 branches in near future and The Bank is to offer Mobile Units and ATM service at a strategic locations and the bank is willing to offer range of services like savings and current accounts, fixed deposits, personal loans, housing loans, credit cards, overdrafts, commercial loans, trade financing services, internet banking, mobile banking, remittances and foreign exchange.

First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000/-

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Acquire a diversified equity portfolio investment from little as Rs. 1000/-

  • Terms and conditions apply
  • The price of units may fluctuate
  • Past performance is not a reliable indicator of future performance

For more information Tel No: + 94 11 7639813 / +94 11 2639898 or see below image

First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000.00
First Capital Equity Fund – Start your Unit Trust fund from Rs. 1,000.00

Foreign Currency Exchange ATM now at Sampath Bank Galle Super Branch

Sampath Bank’s newest Foreign Currency Exchange ATM serves you in Galle 24 hours a day 365 days of the year with the best rates for your American Dollars and Euros. Apart from the ability to convert foreign currency to rupees this new ATM is also capable of serving you with all other standard features and services of an ATM.

No. 05, Wakwella Road, Galle

Foreign Currency Exchange ATM now at Sampath Bank Galle Super Branch
Foreign Currency Exchange ATM now at Sampath Bank Galle Super Branch

Asiri Surgical Hospital PLC announces Dividend for 2014/2015

Asiri Surgical Hospital PLC announce to Colombo Stock Exchange that the company is proposed to offer Dividend for financial year of 2014/2015

  • Company ID: – AMSL
  • Date of Announcement: – 09.Mar.2015
  • Dividend per Share: – Rs. 0.40 per share / Interim Dividend
  • Financial Year: – 2014/2015
  • XD: – 18.Mar.2015
  • Payment: – 25.Mar.2015
  • Share Transfer Book Open

For more details visit www.cse.lk