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Issue in transferring land ownership to SLT!

Published

1 year ago

on

It is reported that an issue has arisen in assessing the total value of Sri Lanka Telecom (SLT) due to the ownership of several lands not being properly transferred under the state owned institution.

The properties are said to include lands in several economically strategic locations of the SLT as well as in the areas of Welikada and Punchi Borella.

Meanwhile, sources say that Mr. Subaskaran Allirajah, owner of Lyca Mobile as well as the owner of 03 radio and television channels in Sri Lanka, is making great efforts to meet President Ranil Wickremesinghe, who is currently in the UK.
He is attempting to meet the President with the intention of entering into a final agreement to acquire the state owned shares in Sri Lanka Telecom PLC and Lanka Hospital PLC, which have been decided to be sold.

However, market sources say that Lyca Mobile does not have sufficient financial assets to acquire these stakes.

In order to buy shares in these two companies, they will have to sell their current assets in England or France, but are currently facing legal obstacles to do so due to allegations of tax evasion and money laundering.

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BIZ

Milco milk powder prices slashed

Published

4 days ago

on

September 10, 2024

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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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