BIZ

Issue in transferring land ownership to SLT!

Published

11 months ago

June 20, 2023

editor

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.

BIZ

Onmax DT ordered to submit plans to refund depositors

Published

17 hours ago

May 2, 2024

nipuni

Colombo Chief Magistrate Thilina Gamage today (May 02) ordered directors of the company – Onmax DT to submit a programme to refund the aggrieved depositors of the Onmax DT pyramid investment scheme.

The 04 company directors previously released on bail also appeared in court today.

The magistrate made the order after considering facts presented in court.

BIZ

CPC slashes fuel prices

Published

2 days ago

April 30, 2024

editor

The Ceylon Petroleum Corporation has reduced fuel prices with effect from midnight today (April 30).

Accordingly,

– Petrol (92) has been reduced by Rs.3/- to Rs. 368/– Petrol (95) has been reduced by Rs. 20/- to Rs. 420/-
– Lanka Auto Diesel has been reduced by Rs. 30/- to Rs. 333/-
– Lanka Super Diesel 4 Star Euro 4 has been reduced by Rs. 9/- to Rs. 377/-

– Lanka Kerosene has been reduced by Rs. 30/- to Rs. 215/-

BIZ

Supreme Global Holdings enters bidding to acquire SriLankan shares

Published

3 days ago

April 29, 2024

editor

Supreme Global Holdings, a conglomerate owned by R.M. Manivannan, has entered the bidding process to acquire shares of the national carrier – SriLankan Airlines.

According to a media release by the company issued in this regard, the Expression of Interest (EOI) process, which concluded last week (Apr 27), saw the participation of Supreme Global, under Sherisha Technologies Private Limited.

Sherisha Technologies Private Limited, formerly known as SunEdison Energy India Private Limited.

Last week it was reported that six (06) Request for Qualification (RfQ) were received from potential investors for the acquisition of shares in SriLankan Airlines Limited.

Sherisha Technologies Private Limited was among the six entities.

Supreme Global Holdings is also known for having formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar.

Apart from its recent bidding for SriLankan Airlines, Supreme Global Holdings previously assisted Sri Lanka during the energy crisis faced in 2022, by extending over USD 1.5 billion in credit to Sri Lanka, along with innovative payment solutions such as accepting Sri Lankan rupees for oil payments.