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Dialog – Airtel to combine operations in SL

Published

1 year ago

on

Dialog Axiata PLC and its Malaysian Parent Axiata Group Berhad and India’s Bharti Airtel Limited have entered into a binding term sheet to combine operations of Bharti Airtel Lanka, Airtel’s wholly-owned subsidiary, with Dialog Axiata.

According to a stock market filing by Dialog, the proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. 

Airtel would accordingly be issued new shares in Dialog Axiata upon completion of the transaction.

“Discussions with respect to the proposed transaction are ongoing between the Parties and also with the relevant regulatory authorities as per applicable laws and regulations,” Dialog Axiata Director/CEO Supun Weerasinghe said.

“The proposed transaction is subject to signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder­­ approvals,” he added.

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BIZ

Milco milk powder prices slashed

Published

4 days ago

on

September 10, 2024

By

The prices of Milco milk powder have been reduced effective from today (Sep 10).

The price of a 400g milk powder packet has been reduced by Rs. 75, to Rs. 1,050.

Meanwhile, the price of a 1kg packet has been reduced by Rs. 190 to Rs. 2,585.

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BIZ

CBSL relaxes mandatory export conversion period

Published

5 days ago

on

September 9, 2024

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The Central Bank of Sri Lanka (CBSL) has relaxed the mandatory export conversion period in the latest exports proceeds conversion rule.

As per the new rules, the mandatory  export conversion period  has been extended to roughly a three-month period from an earlier one-month period.

The CBSL states : Taking into consideration  the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees.

The complete press release is as follows :

press_20240907_relaxation_of_the_period_applicable_for_exporters_of_goods_to_convert_their_export_proceeds_into_sri_lanka_rupees_eDownload

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3 million eggs imported from India 

Published

7 days ago

on

September 7, 2024

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A shipment of 3 million eggs from India is set to arrive in Sri Lanka by the end of this week, according to Asiri Walisundara, Chairman of the Sri Lanka State Trading Corporation (STC).

He stated that procurement has been completed and applications for the import have been submitted to the Department of Animal Production and Health (DAPH) for approval.

The imported eggs are expected to be sold at approximately Rs. 40 each.

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