BIZ

Oriflame exiting Sri Lanka due to economic challenges

Published

5 months ago

April 28, 2024

editor

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

In a statement released, Oriflame expressed deep regret over its departure from Sri Lanka, a market it has been a part of since 1997. Despite years of dedication and resilience in the face of various challenges, the company cited a confluence of factors that have rendered its operations untenable.

“Unfortunately, despite our efforts, the macroeconomic environment, characterised by a series of financial crises, the global impact of COVID-19, stringent import restrictions, fluctuating exchange rates, increased operational costs and regulatory changes has significantly hindered our operations. These factors have made it unsustainable for us to continue our business in the foreseeable future,” it added.

Oriflame expressed gratitude to its brand partners, leaders, staff and stakeholders for their unwavering support, dedication and contributions over the years. Special acknowledgment was given to top leaders who have played integral roles in the company’s growth and success, being part of the top 15 council over the years.

This decision was not reached lightly. We have always been committed to nurturing the Oriflame dreams in Sri Lanka. However, the combination of these economic and operational challenges means that the outlook for our business in Sri Lanka does not align with our expectations for long-term profitability and growth,” the statement read.

The company concluded by expressing gratitude for the partnership with its stakeholders and extended best wishes for their future endeavours.

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

BIZ

Import tax on potatoes & big onions upped

Published

1 day ago

October 6, 2024

editor

The Ministry of Finance has announced an increase in the special import tax on potatoes and big onions.

The import tax on potatoes has risen by Rs. 10 per kilogram, from Rs. 50 to Rs. 60. Similarly, the import tax on big onions has been raised by Rs. 20 per kilogram, from Rs. 10 to Rs. 30.

These measures have been implemented to regulate imports and support local agriculture.

BIZ

Laugfs gas prices to remain unchanged

Published

3 days 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

4 days 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)