BIZ

MRP for fuel

Published

1 year ago

July 24, 2023

editor

A decision has been taken to declare only the Maximum Retail Price based on the pricing formula for all types of fuel.

State Minister of Power and Energy DV Chanaka noted that steps will be taken to declare a Maximum Retail Price, to create competitiveness among fuel distributing companies in the country.

Speaking to media in Colombo yesterday (23), the State Minister assured that the Maximum Retail Price will be stipulated by the government to all fuel companies under the price formula from August.

The State Minister also said that it is expected to take a decision regarding the QR code after discussing it with all the parties in the future. He noted that in order to increase fuel competitiveness, agreements have been reached with three major internationally registered companies.

The State Minister stated that this will increase competition and offer a sound remedy for the current dollar issue. By the first week of next month, a ship of Sinopec Company is scheduled to arrive in Sri Lanka.

Until now, the fuel price formula existed only for Ceylon Petroleum Corporation.

State Minister DV Chanaka noted that instead, steps will be taken to set a Maximum Retail Price using the pricing formula to affect all companies through this new system.

Thus, the Ministry will decide only the Maximum Retail Price in the future.

The companies will then be able to provide fuel at a price of their choice subject to the maximum price.

State Minister of Power and Energy DV Chanaka claimed that this will create competition among fuel companies resulting in reduced fuel prices.

BIZ

Laugfs gas prices to remain unchanged

Published

4 hours ago

October 4, 2024

editor

Laugfs Gas PLC announced that the company will not revise domestic LP gas prices for the month of October.

This was communicated by the Cluster Director/CEO of Laugfs Gas PLC, Dr. Niroshan J Peiris.

Earlier, Litro Gas had also announced that gas prices will remain unchanged during the month of October.

BIZ

PickMe shares enters CSE for debut trading

Published

1 day ago

October 3, 2024

editor

Shares of leading mobility solutions app, PickMe owner Digital Mobility Solutions Lanka Ltd., will debut today for trading at the Colombo Stock Exchange following its highly successful Initial Public Offering (IPO).

The shares of the Company amounting to 333, 323, 673 would be listed on the Main Board of the CSE with Security Code PKME-N-0000 and will be classified under “20304040 – Passenger Ground Transportation.” sector.

The IPO involved issuance of shares worth Rs. 1.56 billion (43,474,179 existing ordinary voting shares at Rs. 36 each), and when it closed on the opening day itself on 13 September, the demand had been for shares worth Rs. 4.2 billion. The shareholding percentage on offer is 13.04%. There had been 866 applications requesting for 116.646 million shares worth Rs. 4.199 billion.

Ahead of today’s debut, Digital Mobility Solutions Chairman Ajit Gunewardene said: “We are thrilled to mark this pivotal moment as our company goes public, as we bring our vision of technology enabled, accessible, reliable mobility to even more communities. This listing represents not only a milestone for us, but a commitment to pioneering digital inclusion using advanced technology across Sri Lanka.”

CEO Jiffry Zulfer said: “PickMe will offer investors a new dimension, exposure into the digital economy. We will be the first and at this point in time the only technology company of scale to be listed on the CSE. It has been an exciting journey so far and having reached an inflection point, we are confident that we can continue to generate strong profitable growth. Our long term goal is for our app to become ubiquitous in everyday life. We have the team and the skills to execute this.”

(ft.lk)

(Except for the headline, this story, originally published by ft.lk has not been edited by SLM staff)

BIZ

Dhammika Perera quits politics, returns to corporate boards

Published

1 day ago

October 3, 2024

editor

Business magnate and former MP Dhammika Perera has re-joined the boards of Hayleys PLC and Vallibel PLC, marking his return to the corporate world after a brief foray into politics.

Hayleys PLC announced his appointment as Non-Executive Director and Co-Chairman, a position he previously held, while Vallibel PLC is expected to follow suit.

Perera, the largest shareholder of both conglomerates, had resigned from various boards over two years ago to serve as a National List MP for the Sri Lanka Podujana Peramuna (SLPP).

His return signals a departure from political aspirations, including his previously considered bid for the presidency, which he withdrew from prior to the 2024 election.