BIZ

SLT divestiture allowed

Published

1 year ago

April 10, 2024

editor

The Court of Appeal yesterday vacated the Interim Order issued on the divestiture of the Sri Lankan Government-owned shares in Sri Lanka Telecom PLC.

The Interim Order was earlier issued by Court on April 4 when two Writ applications challenged the proposed divestiture of the Sri Lankan Government-owned 50.23 percent shares in Sri Lanka Telecom PLC and 51.34 percent shares in Lanka Hospitals Corporation PLC.

The petitions were filed by Lyca Mobile SARL, Lyca Leasing Holding Ltd, Pettigo Comercio International LDA and HAIMS International Ltd.

When the petitions were considered before Court of Appeal Judge Mohammed Laffar, Additional Solicitor General Sumathi Dharmawardena appearing for the Deputy Director General and the members of the State Owned Enterprise Restructuring Unit Established under the Finance Ministry, Secretary to the Treasury and the Attorney General raised preliminary objections highlighting several technical errors in the power of attorney and the affidavit submitted is not valid.

Accordingly, the court vacated the said Interim Order on the divestiture of Sri Lanka Telecom PLC and informed the petitioner of this particular petition to submit fresh power of attorney by April 29 and request for an interim order if necessary. However, the Interim Order issued on the divestiture of the shares of Lanka Hospitals Corporation PLC was extended by the court until April 29.

(dailynews.lk)

(This story, originally published by dailynews.lk has not been edited by SLM staff)

BIZ

Over 18,000MT of salt imported to address shortage

Published

3 hours ago

June 13, 2025

editor

Sri Lanka has imported 18,163 MT of salt between May 22 and June 07, according to Customs.

The total cost of these imports amounted to approximately Rs.1,291 million, with Rs.720 million paid as taxes.

The imports are part of efforts to address the ongoing salt shortage, with a total target of 30,000 MT to be brought into the country.

BIZ

CBSL advises banks to further assist affected SMEs

Published

16 hours ago

June 12, 2025

editor

The Central Bank of Sri Lanka (CBSL), with a view to facilitating sustainable revival of businesses that were adversely affected during the recent past has advised the licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) to provide further concessions to those SME borrowers who commenced discussions for business revival with the respective banks by 31.03.2025.

These relief measures are in line with Circular No. 04 of 2024 dated 19.12.2024 on Relief Measures to Assist the affected SMEs and the Addendum Circular No. 01 of 2025 dated 01.01.2025.

Accordingly, licensed banks have been advised to provide further concessions including interest reliefs and new lending to affected borrowers while the timeline given to the licensed banks in Circular No. 04 of 2024 to enter into reschedulement agreements with eligible SME borrowers has been extended from 15.06.2025 to 30.06.2025.

press_20250612_relief_measures_to_assist_the_affected_small_and_medium_enterprises_e Download

BIZ

Qantas to close budget airline Jetstar Asia

Published

2 days ago

June 11, 2025

editor

Singapore-based budget airline Jetstar Asia will close down at the end of July, its Australian owner Qantas has announced.

The low-cost carrier has struggled with rising supplier costs, high airport fees and increased competition from other airlines in the region.

Qantas says the closure will provide it with A$500m ($325.9m; £241.4m) to invest towards renewing its fleet of aircraft, adding that it will redeploy 13 planes for routes across Australia and New Zealand.

The closure of Jetstar Asia will not impact its Australia-based Jetstar Airways operations, nor those of Jetstar Japan, according to a statement from Qantas.

“We have seen some of Jetstar Asia’s supplier costs increase by up to 200 per cent, which has materially changed its cost base,” said Qantas Group Chief Executive Vanessa Hudson in the statement.

The discount airline, which has operated flights for over 20 years, is set to make a A$35m loss this financial year.

(BBC News)