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Sri Lanka’s Securities and Exchange Commission (SEC), under its new chairman Nalaka Godahewa, on Monday overturned rules enforced by the previous regime, lifting credit restrictions and removing a time-bound ban on brokers selling their personal investments. The decisions are effective from Tuesday, October 9. The SEC in a media statement, after its commissioners met brokers, [...]
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Abans Group, a diversified conglomerate in Sri Lanka, is stepping into the tourism sector with plans to build a super luxury hotel at the Colombo Commercial Company (CCC) land facing the Beira Lake at Sir James Peiris Mawatha, government officials said. The company has made a part payment upfront to lease a block of land [...]
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Diesel and Motor Engineering PLC (DIMO) which in recent years has diversified into areas such as building management systems, integrated management systems, LED (light-emitting diodes) lighting solutions, etc, is also eyeing marine services such as ship repairs, hull repairs, etc, officials said. Ranjith Pandithage, Chairman and Managing Director DIMO told the Business Times that the [...]
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Sharva A. Ameresekere has resigned from five companies – Divasa Equity (Pvt) Ltd., Citrus Leisure PLC, Kalpitiya Beach Resort PLC, Waskaduwa Beach Resort PLC and Passikudah Beach Resorts Ltd, the Colombo Stock Exchange was informed this week. These companies are directly or indirectly associated with well-known investors Dilith Jayaweera and Varuni Amunugama Fernando, founders of [...]
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If former Securities and Exchange Commission (SEC)Chairman Thilak Karunaratne was frank and forthright on what ails Colombo’s stock market, then respected banker Ranjit Fernando was even, more blunt. “There is a pattern in the country where dissent is opposed and there is no (room for) free discussion,” he told a rapt Colombo audience. Speaking at [...]
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Perpetual Capital Holdings, the new owners of liquor manufacturer, W.M. Mendis and Company say they are looking at going public in the medium term with this latest acquisition. “We now own 80 per cent in W.M. Mendis and we’re looking at listing the company in the Colombo Stock Exchange (CSE),” Arjun Aloysius, Chairman / CEO [...]
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Section 8.1 under which the CNLD disclosure was made refers to ‘Immediate disclosure of price sensitive information’. It says that a listed entity shall make immediate disclosure of price sensitive information to the CSE in order to ensure the maintenance of a fair and orderly securities market. 8.2 (b) refers to the ‘Content of Announcement’. [...]
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Nalaka Godahewa, Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), has in a newspaper interview last week claimed that he is being singled out over allegations of ‘conflict of interest’. The issue is over his position as Chairman of the Sri Lanka Tourism Development Authority (SLTDA) and Chairman of the Colombo Land [...]
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The Securities and Exchange Commission (SEC) has called for public comments on a consultation paper on ‘Related Party Transactions’ which sets out proposed guidelines to improve disclosure and governance. Comments have been sought on the likely compliance costs, practical problems in compliance and other impacts, costs and benefits. “Where possible, we are seeking both quantitative [...]
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The Securities and Exchange Commission’s (SEC) report to the Parliamentary Committee on Public Enterprises (COPE) details the progress of investigations and probes or inquiries since 2010. Copies of the report were received by COPE members last week. The report, sent to COPE on August 17, the day SEC former Chairman Thilak Karunaratne tendered his resignation, [...]
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During the 2011/12 winter season the Colombo city occupancy levels topped 90 per cent, while the resort occupancies surged to some 85 per cent increasing the overall occupancy level of the country to average 85-90 per cent showcasing the strong growth trjectory for this year, according to a TKS Securities Research Ltd report. “The growth [...]
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What’s the difference between buying a lottery ticket and buying a penny stock? In the first case, you help finance your local community swimming pool. In the second case, you help finance the stock promoters’ home pool. Thilak Karunaratne This was amusing preamble to former Securities and Exchange Commission (SEC) Chairman Thilak Karunaratne’s presentation on [...]
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