Altair awards construction contract to Shapoorji Pallonji

The US$ 3 billion construction company, Shapoorji Pallonji has been appointed the main contractor for Sri Lanka’s Altair residential twin tower in Colombo.

Hayleys Q3 profits plunge

Hayleys PLC posted a profit of Rs. 338.6 million during the quarter ended 31st December 2013, down sharply from the previous Rs. 662.4 million.

Boeing sees Asia-Pacific fleet nearly tripling over 20 yrs

Boeing maintained its 20-year forecast for airplane demand at US $ 4.8 trillion and predicted that nearly half of the world’s air traffic growth would be driven by travel to, from or within the AsiaPacific over the next two decades.

Commercial Bank to pump up investment banking business

Commercial Bank of Ceylon has signalled its intentions to sharpen its focus on the sphere of investment banking, with the relaunch and renaming of its Corporate Finance Unit as ‘Commercial Bank Investment Banking’ to reflect the broader dimensions of the unit.

Access Engineering completes Eastern province bridge construction project

Post-war infrastructure development in the North and East involved the construction and rehabilitation of a number of bridges and culverts along various roads.

Ceylon Cold Stores profits swell 315%

Ceylon Cold Stores PLC profits improved by a drastic 315 percent year-on-year (YoY) to Rs.259.4 boosted by strong operating profits during the quarter ended December 31, 2013. The turnover increased by 8 percent YoY to Rs.6.30 billion while the cost of sales increased by a modest 6 percent YoY to Rs.5.48 billion, leading in turn to a gross profit of Rs.826.1 million, an increase of 24 percent YoY.

BoI nets Rotterdam-based IT company

ISM eCommerce recently signed an agreement with the Board of Investment (BoI) for setting up a project to develop software and provide business process outsourcing (BPO) services for the export market. The total value of this investment is US $ 3 million.

Havelock City Chairman S P Tao Donates New Temple Complex for Sama Vihara

The reconstructed Sama Vihara Complex fronting Havelock City Project was declared open by His Excellency President Mahinda Rajapaksa amidst a distinguished gathering at a grand opening ceremony held recently. The temple was a gift from Havelock City’s Chairman, the visionary entrepreneur and leader, Mr. S P Tao.

Growing business with CRM

If you’ve heard of customer relationship management (CRM) and wondered why it’s so important, it’s simple. No matter what business you’re in, unless your customers are happy you won’t succeed and this is why CRM is so important - more important than sales or marketing or any other part of the company that wouldn’t survive without customers.

Havelock City Unveils a Spectacular Clubhouse

An architectural masterpiece spanning over 60,000 sq. ft. with luxurious star-class facilities where one will be spoilt for choice, is at the doorstep of every Havelock City resident at the newly opened clubhouse.

Malaysia’s RAM announces sale of RAM Ratings Lanka

RAM Holdings Berhad has divested RAM Ratings (Lanka) Ltd, its wholly-owned subsidiary in Sri Lanka. The acquisition was led by the management team from RAM Lanka comprising Mahinda Preethiraj Jayawardena and Adrian Perera.

CIFL depositors seek Presidential intervention

The depositors of distressed finance company Central Investment & Finance PLC (CIFL), who opposed the restructuring plan proposed by the Central Bank, yesterday requested a dialogue with President Mahinda Rajapaksa for relief.

CIFL depositors protest

The distressed depositors of Central Investments & Finance PLC (CIFL) yesterday staged a protest in front of the CIFL head office in Dharmapala Mawatha, demanding their moneys back

Overseas Realty receives accolade for energy efficiency

Striving for eco-friendly spaces Overseas Realty – owner, developer, manager of the most iconic building in Sri Lanka, the World Trade Center, Colombo (WTC) was recognized as the most energy efficient building under large scale commercial buildings sector at the Sri Lanka National Energy Efficiency Awards 2013 held at the BMICH.

First passenger vessel at MRMRP port

The luxury cruise liner MV Voyager called at Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota recently, creating history as the first cruise vessel to call at the port.

Borderlands Circumnavigates Sri Lanka by Kayak to Celebrate 10th Anniversary!

Sri Lanka’s leading adventure company, Borderlands, will be marking its 10th year in the country by organizing the first ever planned circumnavigation of the island by kayak, with Mount Lavinia Hotel playing host to the inaugural paddle.

Despite CHOGM, November tourist arrivals up only 3%

Tourist arrivals to the island grew only 2.8 percent in the month of November compared with the corresponding period of the previous year, the data released by the Sri Lanka Tourism showed

Dipped Products to invest in new glove manufacturing facility in Biyagama Zone

Dipped Products PLC, the rubber glove manufacturer of Hayleys Group said it is investing in a new facility at the Biyagama BOI Zone, where commercial operations are expected to commence from mid April 2014.

Expolanka divests 38% stake in APIIT for Rs.664mn

Expolanka Holdings PLC yesterday sold a 38 percent stake in Asia Pacific Institute of Information Technology (Pvt.) Limited (APIIT) to a Malaysian private equity fund in a deal worth Rs.663.7 million.

Aitken Spence invests US $ 30mn in ‘Heritage Grove’ luxury villa

Aitken Spence, the blue-chip conglomerate which has a strong presence in Sri Lanka’s commercial sector as well as the region, recently announced the launch of its upmarket luxury complex ‘Heritage Grove’, aimed at providing the ideal lifestyle for those wanting to spend the autumn of their lives in ultimate comfort.

Subway to make Lankan entry in 2014

The Subway restaurant chain, the largest submarine sandwich chain in the world, will launch its first restaurant in Sri Lanka in 2014.

Sampath Bank launches first “Cardless Cash ATM”

Sampath Bank , the pioneer in introducing many an innovation to the Sri Lankan banking sector yesterday launched its latest state-of-the-art banking facility “Cardless cash ATM” for the first time in Sri Lanka.

Dialog becomes Apple iPhone partner in Sri Lanka

Dialog Axiata PLC announced it will offer iPhone 5s, the most forward-thinking smartphone in the world, and iPhone 5c, the most colorful iPhone yet, to customers from today (December 13). The announcement follows Dialog being appointed the first and only Authorised Partner and Service Provider for Apple iPhone in Sri Lanka.

NDB Rs.10bn debt issue oversubscribed

National Development Bank PLC’s (NDB) Rs.10 billion debenture issue—the largest to-date—has been oversubscribed, the Registrars to the issue, SSP Corporates said a while ago

Eden draws Rs.1.5bn loan from Seylan to finance Dickwella purchase

The Board of Directors of Eden Hotel Lanka PLC approved a 6-year funding facility from Seylan Bank PLC worth Rs. 1.5 billion, to finance the company’s purchase of Dickwella Resorts (Pvt) Ltd.

Hemas declares open modern container terminal

Hemas Integrated Logistics (Pvt.) Ltd showcased its Inland Container Terminal and Services division to its customers and well-wishers, recently.

Sampath to list debentures tomorrow

Debentures of Sampath Bank will be listed on Colombo bourse’s Main Board tomorrow. Samapth raised Rs.5 billion in a five-year debenture issue, issuing 25 million rated, unsecured, subordinated, redeemable debentures at Rs.100 each with an option to issue a further equal amount in the event the first tranche is oversubscribed.

EZ Cash connected to government payment service

Sri Lanka’s Infor mation and Communication Technology Agency (ICTA) and Dialog Axiata PLC announced that Sri Lanka’s first and largest mobile payment and transaction service - eZ Cash had been selected and integrated as the first mobile payments service provider to Lanka Gate - the eServices portal of the Sri Lankan government.

Lanka Hospitals adjudged 1st runner up at CIMA Business Case Awards 2013

Lanka Hospitals today announced that it was adjudged 1st runner up at the CIMA Business Case Awards 2013, for their case study on ‘A Thriving Business Model in the State Sector - the Lanka Hospitals Story.’

Sampath Bank Rs.5bn debt issue oversubscribed

Samapth Bank PLC yesterday said its Rs.5 billion debenture issue was oversubscribed and the issue would close at 4.30 p.m.