GREG plans 32-storey complex in Bambalapitiya

Group suffers Rs.225.3m loss in FY 2013

ERI Chairman Lalith Heengama

Chairman of Environmental Resources Investment Plc (GREG) Lalith Heengama has recently said that a blue
print for the construction of 32-storey complex at Colombo City Holdings Plc (formerly known as Colombo Pharmacy Company Plc), remains under consideration with analysis continuing on the best uses for the Bambalapitiya IC Drugs premises.

Addressing shareholders at the release of the GREG Annual Report 2012/13, Heengama noted that Colombo Pharmacy Company had underwent an extensive refurbishment program and was able to achieve its objective of obtaining a higher total income from the renting of space at the Union Place.

Harry J laments liquor tax policy

Don Harold Stassen Jayawardena

Despite the many social and economic evils of the illegal alcohol industry, the country’s taxation policy has encouraged its growth, while causing the legal, regulated and responsible sector to shrink, a top industry player has charged. According to business tycoon and Chairman/Managing Director of Distilleries Company of Sri Lanka (DIST) D. H. S. Jayawardena, the sharp rise in tax on alcoholic beverages is disproportionate to the increase in income level of daily wage earners, fishermen and plantation workers, thereby compelling them to shift their demand towards illicit liquor.

Central Bank-Finance Ministry harmonized policies has been fruitful to economy - Governor

Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal last week said that the success of the island’s journey towards a US$ 100 billion economy would depend to a great extent on harmonized policies, clarity of communication, quick implementation, and the maintenance of a vibrant momentum on a continuous basis. Delivering the 18th Annual Tax Oration of CA Sri Lanka, the governor noted that in going forward Sri Lanka must retain one of the most important features of its current economic management, which is that the Ministry of Finance (MoF) and Central Bank (CB) must have a ‘shared’ vision and ‘shared objectives’.

Three more top casinos will lift tourist arrivals by 40%

SL likely to miss 2016 tourism target by 800m, predicts TKS report

Amidst growing debate on whether or not Sri Lanka should allow the functioning of casinos due to both cultural and religious reasons, a recent report by a local brokerage firm has predicted that casinos could, in fact, help boost tourism arrivals into the country by around 40%, if a minimum of three global giants land in Sri Lanka.

Sri Lanka needs to regain lost status

Dr. Nalaka Godahewa

Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) Dr. Nalaka Godahewa last week highlighted on the need for Sri Lanka to regain the lost ‘MSCI emerging market status’ if the country is to attract large scale foreign funds. Outlining that increasing market liquidity would be a critical requirement to support growth, the Chairman noted that out of the 288 listed companies the island currently had, 140 or almost 50% did not have a public float of even 25% whilst at the same time some of the largest listed companies also had very little public float.
 

Access Engineering to explore overseas options

The management of Access Engineering PLC (AEL), one of Sri Lanka’s leading construction companies says they are keen on expanding operations beyond the shores of Sri Lanka though Sri Lanka will remain its nucleus.
“The steppingstone in this expansion strategy was laid when we secured our first overseas project in Papua New Guinea for Environment Monitoring in the Port Lae Development Project. At present, the Company is also seeking business opportunities in the African Continent and we are confident that the strong relationships we have with our international business partners will help us achieve our ambitions,” AEL Managing Director, Christopher Joshua and AEL Executive Director/ COO, Rohana Fernando said in a joint message issued at the release of the firm’s Annual Report 2012/13.