BIZ

Prices of several goods including mobile phones to be reduced

Published

1 year ago

May 29, 2023

editor

Prices of several goods including mobile phones, refrigerators, fans and fruits are expected to come down after the Central Bank of Sri Lanka announced that it has decided to scrap the provision requiring individuals to deposit 100 per cent cash margin while opening letter of credit (LC) to import 843 products.

Last year, the Monetary Board of the Central Bank imposed a 100% cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature made under Letters of Credit to preserve the stability of the exchange rate and foreign currency market liquidity.

In an order issued under the Monetary Law, the Central Bank imposed a 100% cash deposit margin on several other imports on Feb 16, 2023 as well.

However, both orders have been scrapped with the improvement in foreign currency reserves.

Accordingly, the prices of telecommunication devices such as mobile telephones and fixed telephones, home appliances such as fans, televisions, refrigerators, washing machines, digital cameras, heaters, lamps and ovens, clothing and accessories such as babies’ garments, jerseys, shirts and blouses, suits, track suits and swimwear, footwear, watches and sunglasses, household and furniture items and fruits including fresh apples, grapes, oranges and dried fruits are expected to reduce in the coming weeks.

BIZ

Laugfs gas prices to remain unchanged

Published

2 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

3 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)

BIZ

Dhammika Perera quits politics, returns to corporate boards

Published

3 days 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.