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| Sunday, 19 December 2004 |
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Business in brief Norway to ease Sri Lanka's debt burden The Royal Norwegian Government has made available a grant of Norwegian Kroner seven million (US$1.13 million) to help Sri Lanka service its debt to the World Bank. The grant has been provided to a trust fund to be administered by The World Bank and will be utilized for debt-service payments due from Sri Lanka to the World Bank. Peter Harrold, Country Director of the World Bank said that the grant from Norway comes at a vital time as Sri Lanka sets the course for economic growth. One of the key constraints Sri Lanka is facing is the burden of its debt payments on its ability to finance public expenditure. This generous grant from Norway takes care of one aspect of that for Sri Lanka, creating some Rs 120 million in additional revenue for the budget. Prelis joins Dialog Board Respected banker Moksevi Prelis has been invited to join the board of Sri Lanka's flagship telecommunications company MTN Networks Pvt Ltd as an independent non-executive Director. The invitation extended by Tan Sri Dato' Ir. Md. Radzi Mansor, Chairman of MTN Networks to join the board has been accepted by Prelis, a well-known and successful business leader in Sri Lanka's banking sector. JKH chairman retires Vivendra Lintotawela, Chairman, John Keells Holdings Limited (JKH) today announced his decision to retire on the 31st December 2005. In 2003, JKH restructured its portfolio with an eye on the future and redesigned its operating model in line with the global best practices of corporate governance. The company therefore is in a great position to continue its successful run of profitability and growth. The Board of Directors of JKH is pleased to announce the appointment of Susantha Ratnayake, Joint Managing Director, to the position of Deputy Chairman, with immediate effect. He will succeed Lintotawela as the Chairman on the 1st January 2006. Further, the Board is pleased to announce that Ajit Gunewardena, Joint Managing Director, will assume the post of Deputy Chairman when Ratnayake takes over as the Chairman of the Company. |
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