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Economic & Market
Bulletin
[November
16,
2004]
A weekly publication
of the Economic Affairs Division of the Ministry of Foreign Affairs
Volume1:Issue 13
29th
October 2004
Initial
Public Offer of Lanka IOC - an innovative experience in Sri Lanka’s
Capital Market
-
Lanka
Indian Oil Company (Lanka IOC) seeking regulatory approval for its
giant Initial Public Offer (IPO) for trading its shares in the Colombo
Stock Exchange (CSE). The proposed issue is Rs.2.2 billion, which
would be 100 million shares on a book-building basis.
-
The
book-building basis offers the Foreign & Local investors to
determine the share price, within a pre-determined price range, and
the most subscribed price would be determined as the price of the
share. This method is popular in other capital markets, such as US and
India, and the first experience in the Sri Lanka’s capital market.
By this system investors have an option to decide whether the company
share is worth.
-
Lanka
IOC is a giant company in the Sri Lanka Petroleum Market, having reported
a turnover of Rs.14.58 billion and net profit of Rs.578 million for the
period April 2003 to March 2004. The company expects a turnover of Rs.32
billion and increase the market share from 18.4% to 28% for the period
2004/2005.
Trade
and Consumer Affairs Minster meets US investors
-
Minister
emphasized that, moving towards a more out-ward-oriented trade regime and
improving market access for Sri Lanka’s exports are the objectives of
the Sri Lanka’s trade policy and the Government considers bilateral and
regional free trade agreements as a springboard for broader trade
liberalization.
-
Representatives
from major US companies and USAID, Department of Commerce and the US Trade
and Development Agency participated at the forum, where some of the
investors agreed to look forward the further investments in Sri
Lanka.
-
The
Minister attended the fourth Joint Council Meeting under the Trade and
Investment Framework Agreement (TIFA) at the White House Conference
Center, and reviewed a broad range of issues that included among others,
the bilateral trade relationships, Sri Lanka’s economic reform process
and investment policies, the implication of the abolition of textile
quotas in 2005, enforcement of the Intellectual Property Rights Law and
Assistance to Sri Lanka under the Millennium Challenge Account (MCA).
Minister informed the US delegation that Sri Lanka would soon be
submitting the country’s MCA concept paper which envisages programs to
uplift the rural infrastructure and its economy.
ICFAI
University Educational programs in Sri Lanka
-
Institute
if Chartered Financial Analysts of India (ICFAI) recently inaugurated the
educational programs at Undergraduate & Graduate levels in the areas
of Commerce, Business Management, and Science & Technology in
Colombo.
-
ICFAI
Education Lanka (IEL), a non-profit organization registered in Colombo
will conduct these programs aiming to provide job oriented educational
programs, and its intends to establish a University in Colombo.
-
A
German-Japanese joint venture, Wild Fish Limited plans to invest half
a million US dollars in Batticaloa (main city of the eastern province)
on a smoked fish project, which would be one of the first foreign
investments in a previously conflict affected area.
-
The
project is to export smoked eel to Japanese & European Market, and
becoming the first of its kind in the country. Wild Fish Ltd. hops to
start operations by the end of the year. The availability of lagoons,
lakes, rivers and the considerable pool of young trainable people are
the comparative advantages to the proposed industry.
Sri
Lankan chef wins Culinary Olympics
-
The
master chefs from countries like France, Germany and Switzerland,
participated at the culinary Olympic with a strong cultural culinary
tradition, on their familiar turf, in which Dimuthu’s awards categories
were Patisserie dessert platter, Cold food show piece, Patisserie show and
the open event.
Tourist
Board at the World Travel Market
Sri
Lankan in offshore business in Male
IT
Focal Group to further develop ICT industry
-
23
companies such as ASTRON, AFSS, TIMEX, HSBC, Data Processing, Convenient
INFO, AMBA Research, HELLOCORP and Quantum are the pioneers to formulate
the synergy ‘IT Enabled Services Association” (ITESA) with a view to
step on the right directions to resolve matters in the industry.
-
The
founders believe that it can generate 5,000 job opportunities, and the
agency is fully committed to promote Sri Lanka as the outsourcing
destination in the world and will also introduce marketing strategies to
tap the untapped potential sectors in the industry.
Lanka
to participate in Heimtextil 2005 Fair in Germany
New
Association for growth of apparel and textile industry
Colombo
Stock Exchange (CSE) to establish Branches in the Gulf
-
Colombo
Stock Exchange is looking at the possibility of establishing branches in
Dubai and Abu Dhabi, with the aim of tapping the funds of Sri Lankan
expatriates in the region. Stock Brokers are also hopeful to persuade
investors in the US equities market based in Gulf, to invest some of their
funds in the CSE.
-
The
Sri Lankan delegation headed by the Minister of Finance, officials of CSE
and the representatives of the stock brokering firms will visit two cities
in the region in early December. The two events will be targeting around
600 participants, which will be organized by the CSE along with Sri Lanka
Business Council for Dubai & Northern Emirates, Sri Lanka Embassy in
UAE and Consul General in Dubai.
-
CSE
already have implemented stock trading through the Internet, of which Asia
Securities, Lanka Securities, J B Stockbrokers, Asha Philips Securities,
Lanka Orix Stockbrokers and Ceylinco Stockbrokers possess Internet
trading. This would facilitate Foreigners and outstation investors buying
and selling shares in the CSE.
Sri
Lankan Air Line- Best Airline in South Asia
-
This
is the second time that the national carrier has been awarded the Best
Airline in South Asia, first being in 2002. TTG Asia is a worldwide
publication disseminating latest information on travel and tourism in
Asia, including hotels, airlines and travel agents.
 Top
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about this web site.
Last Updated
Date: October 26, 2004 . |
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