BIZ-Briefs

SLPA to raise $ 500 million

The Sri Lanka Ports Authority (SLPA) will sell a 500 million dollar bond to settle loans from Japan which are causing losses due to the appreciation of the yen, an official said. SLPA chairman, Priyath Bandu Wickrema said the Bank of Ceylon will manage the bond which is expected to be launched in January. The bond sale is now going through internal approvals and the tenor of the loan will be decided in consultation with the Central Bank, he said. In 2011, the SLPA is expected to have a revenue of Rs. 32 billion up from Rs. 28.2 billion a year, Wickrema said. In 2010 the SLPA posted a loss, despite having a Rs. 4.3 billion operational profit before interest, because of a Rs. 4.4 billion equivalent loss on yen loans taken earlier. (LBO)

Sri Lanka-among top six destinations

The National Geographic Traveller magazine has named Sri Lanka among its top six destinations for travellers, lauding the country's heritage sites, wildlife, lush landscapes and pristine beaches.

Sri Lanka, Traveller in its November/December issue, refers to Sri Lanka as a resplendent isle, and being blessed with natural beauty. It refers to Lanka's hill country', the stunning scenery, tea plantations, and ancient Buddhist temples.

The Traveller magazine also mentions Sri Lanka's many heritage sites and its colonial history.

Samsung captures Sri Lanka's mobile phone market

Korean electronics maker Samsung has taken the lead in Sri Lanka's 'smart phone' and screen phone market over the past couple of years.

After establishing a direct presence in Sri Lanka about one-and-a-half years ago, Samsung now claims a share of between 35-40 percent in the mobile hand set market.

The global leader in screen technology also launched its 'Smart TV brand in Sri Lanka.

- LBO

India's ITC to invest $300m on beachfront

India's ITC Ltd, franchisee for US-based Sheraton leisure group will invest $300 million on a beachfront in Colombo, Media Minister Keheliya Rambukwella said.

The mixed development project will be built on five acres of state land which will be given on a 99-year lease for $ 73.5 mn in a deal approved by the Cabinet of ministers, he said.

Cabinet spokesman Rambukwella, said the deal valued a square perch in the Galle Face beachfront at around Rs. 8.0 mn, slightly higher than the adjacent land given to Hong Kong based Shangri-La group.

However the firm has now been offered alternative land, reports said.

Training program on 'Japanese way to delight customers'

Dhammika Kalapuge will present another one-day program in the series titled 'Japanese Way- To Delight Customers' on December 7 at the Ceylon Continental Hotel. This program is aimed at those interested in enhancing service quality in their organisations, including Heads of Customer Service Units, Relationship Managers and senior Front office staff.

$ 65 mn. facility for SMEs from IFC

The International Finance Corporation (IFC), a member of the World Bank Group, has extended a seven-year, US$ 65 million (approximately Rs 7.4 billion) financing facility to the Commercial Bank of Ceylon PLC to expand the latter's lending to Small and Medium Enterprises (SME).

This is the IFC's largest financial markets investment in Sri Lanka to date.

Lanka ORIX upgrades Negombo service centre

Group Managing Director/CEO of LOLC Kapila Jayawardena does the initial transaction at the new Lanka ORIX Finance branch in Negombo.

Lanka ORIX Finance PLC opened its second branch in Negombo recently. The rising demand for financial services offered by the Company prompted officials to upgrade an existing Ran Savi pawning service centre in Negombo and transform it to a fully-fledged branch. The new branch is at Station Road, Negombo offering a variety of financial products and services.