Deputy Chairman Eshana de Silva took over as the Chairman of Pan Asia Banking Corporation (PABC), yesterday following the resignation of Nimal Perera after completing nine years on the Board as per Central Bank directions on good corporate governance. Eshana joined the Board of Pan Asia Bank in July, 2008 and was appointed as Deputy Chairman in April, 2012. He is the Chairman of Esna Holdings Ltd., Shermans Logistics Ltd, Shermans Transport Ltd, Hanjin Shipping Lanka Ltd and he is the Deputy Chairman of Esna Ltd and Director at Esna Power Ltd, Esna Exports Ltd., Sherman De Silva & Co. Ltd, Sherman Sons td, Mc Marine Ltd, Esna Allied Enterprises Ltd, Mountbatten Lands Ltd, Plumbago Lanka Ltd, Esna International Ltd, Esna Lubricants Ltd, Integrated Shipping Agencies Ltd., Interocean Energy Ltd., and is the Honorary Consul General for Kazakhstan.
Thursday, September 1, 2016
Sri Lanka *market update* New Chair at PABC, Nimal steps down
IFC ready to finance Sri Lankan private sector projects
Sep 01, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, is ready to finance Sri Lanka’s private sector projects by providing mid to long term loans through a multiple of financing methods, an official said.
“The loan component for potential partners would start from around 3 million US dollars but the projects need to be ‘Development Oriented’,” Ameena Arif, country manager, IFC said.
“Our program in Sri Lanka has been dimmed a bit in the recent years, due to the private sector holding back a little. We did not see such demand from the private sector,”
She was addressing the main committee of the Ceylon Chamber of Commerce consisting around 30 top corporate executives of the country and industry leaders, who meets every month to discuss the status of the Lankan economy.
IFC engages in financing private sector projects and is looking at financing ventures in the areas of energy, agriculture, new tourist hotels in the North and East or any new and innovative development oriented projects.
“We are also ready to focus on IT and Tech Startups,’ she said.
She was also of the view that Sri Lanka needs to capitalize on its geographical advantage and also its status of being the most neutral country in South Asia to boost its economic growth.
Sri Lankan rupee firmer on bank dollar sales; stocks edge up
Sept 01, 2016 (Reuters) – The Sri Lankan rupee traded firmer on Thursday as dollar sales by banks on behalf of foreign investors to buy government securities surpassed the importer dollar demand, dealers said.
The spot rupee was at 145.50/57 per dollar at 0455 GMT tad firmer from Wednesday’s close of 145.55/60, while one-week rupee forwards were at 145.73/80 with compared to Wednesday’s close of 145.75/80.
“There are (dollar) selling, foreigners are buying bonds,” a currency dealer said asking not to be named.
After leaving the key policy rates steady, central bank governor Indrajith Coomaraswamy said on Tuesday that the currency was not under upward pressure as capital inflows had not been of sufficient magnitude to exert such pressure.
Dealers said the rupee could appreciate if the central bank does not buy the U.S. dollar from the market since capital inflows into government securities have started, and also due to $1.5 billion sovereign bond inflows.
The central bank had absorbed a net $600 million from the market since the International Monetary Fund (IMF) approved a $1.5 billion, three-year loan in June, Coomaraswamy told reporters on Tuesday.
Dealers said the central bank was not seen intervening in the market to defend the currency. Central bank officials were not available for comment.
The spot rupee is usually managed by the central bank and market participants use the forward market levels for guidance on the currency.
The central bank has largely not intervened to defend the rupee ever since a dual-tenure sovereign bond issue raised $1.5 billion in July.
Net foreign inflows into government securities jumped 31.4 percent to 302.4 billion rupees ($2.08 billion) through Aug. 24, according to the latest central bank data, since the IMF loan approval.
Meanwhile, Sri Lankan shares edged up, with the benchmark Colombo stock index climbing 0.25 percent to 6,544.84 as of 0508 GMT. Turnover was at 139.4 million Sri Lankan rupees ($958,075.60).
Sri Lanka's CCPI inflation down 1.5-pct points in August 2016
Sept 01, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo accelerated 4.0 percent in August 2016 from a year earlier, down from 5.5 percent in July, the state statistics office data showed.
Year on year inflation of food group has decreased from 8.1 percent in July to 5.6 percent in August and nonfood group decreased by 3.0 percent to 2.4 percent during this period.
For the month of August, on year to year basis, contribution to inflation by food commodities was 2.69 percent and the contribution of non food items was 1.26 percent.
The moving average inflation rate for the month of August 2016 was 3.0 percent and the corresponding rate for the month of July was 2.7 percent.
LEE HEDGES (SHAW) - CORPORATE DISCLOSURE
http://cse.lk/cmt/upload_cse_announcements/4851472729300_.pdf
VALLIBEL POWER ERATHNA - DIVIDEND ANNOUNCEMENT
VALLIBEL POWER ERATHNA PLC
Company ID: - VPEL
Date of Announcement: - 01.Sep.2016
Rate of Dividend: - Rs. 0.50 per share / Interim Dividend
Financial Year: - 2016/2017
XD: - 13.Sep.2016
Payment: 23.Sep.2016
Share Transfer Book Open