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Prime Group acquires controlling stake of Summit Finance

Prime Group announced acquisition of 75.5% of stake in Summit Finance PLC for Rs. 510 million from Sarvodaya Development Finance Ltd. Summit Finance PLC will be re branded as Prime Finance PLC and will continue as a subsidiary of Prime Group. Prime Group will invest a further capital of Rs. 207 million in Summit Finance and also raise further Rs. 68 million from the general public to make it Rs. 275 million.A press release said – ‘Prime Group is the leader in real estate sector in Sri Lanka with more…

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ABC School of Early Learning celebrates 25 years in preschool education

The shared passion and vision of Mrs. Adhirupini Tyagarajah and Mrs. Ayoma Fernando brought about the birth of ABC School of Early Learning in January 1992.Speaking about what motivated them to start such an institution, Adhirupini said ” my fascination for children and the desire to be with them and share my enthusiasm and creativity drove me to start this establishment with Ayoma”.As for Ayoma, “when my daughter was enrolled at a preschool in Colombo and stopped going after two weeks it got me thinking…. Hence together with my friend…

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‘Unfavourable market conditions delaying IPOs’

Several Initial Public Offerings (IPOs) of state owned entities and private establishments at the Colombo Stock Exchange (CSE) have been delayed due to unfavourable market conditions in the country, Senior Manager, Candor Equities Pvt Limited Buddhike Payoe said.”The listing of several IPOs in the CSE, relating to the state sector, including Waters Edge, Hilton Hotel and several other private entities has been delayed due to the current market conditions, Payoe told The Island Financial Review.He said that if big state owned entities or private entities go for an IPO it…

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CSE to benchmark listed companies with new index

Our market cap-weighted indices and liquidity thresholds are among the widely used benchmarks in the world, and we are currently working on a mechanism to introduce an ESG index which provides investors with a meaningful view of any given listed company’s Environmental, Social and Governance perspectives, Nishantha Hewawithana, head of research and new products of the Colombo Stock Exchange (CSE) said in Colombo yesterday.Hewavithana made this comment while speaking to the media at the CSE, during a session held to enlighten and disseminate information to financial journalists which would be…

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John Keells Holdings files its first patent related to novel energy storage material

John Keells Holdings PLC (JKH) filed its first patent jointly with the Council for Scientific & Industrial Research (CSIR) – India, in the area of energy storage materials. This patent application was a result of a research project carried out in India at the National Metallurgical Lab (NML) based on an idea generated by the John Keells Research (JKR). NML is one of the research labs of CSIR-India located at Jamshedpur, Jharkhand and JKR is the research unit of JKH working in the areas of Nanotechnology & advanced materials, Sustainable…

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Emirates to launch daily flights to Croatia

Emirates has announced that it will further expand its European network with the introduction of a daily flight from Dubai to Zagreb (ZAG), the capital of Croatia from June 1, 2017. The new southeast European destination will be served by an Emirates Boeing 777-300 aircraft, the only wide-body service operating to/from Zagreb. “Emirates has had a commercial presence in Croatia since 2003, so to launch full operations is a natural progression. Emirates is pleased to have this opportunity to add such a picturesque destination to our global route network. We…

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‘De La Rue Lanka secures world class security accreditation’

De La Rue Lanka is celebrating their successful accreditation by external auditors to the Central Bank standard of ISO 14298. This is a notable achievement for the site and follows the completion of a series of security upgrades at the plant to enable it to qualify for the accreditation.The ISO14298 accreditation standard is aimed at organisations carrying out the printing and production of secure documents such as banknotes, passports, credit cards and other secure documents. The accreditation is awarded at three different levels, the highest being the Central Bank level…

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Eight men own same as poorest half of world: Oxfam

Eight men own the same wealth as the poorest half of the world’s population, a level of inequality which “threatens to pull our societies apart”, Oxfam said on Monday ahead of the World Economic Forum opening in Davos.The wealth of the world’s poorest 3.6 billion people is the equivalent to the combined net worth of six American businessmen, one from Spain and another from Mexico.Picked from Forbes’ billionaires list, they include Microsoft founder Bill Gates, Mark Zuckerberg who co-founded Facebook, and Jeff Bezos, founder of Amazon.Oxfam pointed to a link…

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IIHS offering Bachelor of Education

Trailblazer in Sri Lankan education of health sciences, International Institute of Health Sciences (IIHS) introduces Bachelor of Education and its MBA to the Sri Lankan teachers and principals to empower them with international standards of professionalism.IIHS acts as the International University Learning Center for the above degrees offered by Open University of Malaysia. The teachers educated at Teachers’ Colleges of Sri Lanka can register for these degrees and upon graduation will enable them to access opportunities globally. The students who have passed GCE Advanced Level Exam could follow a three…

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ISMM to celebrate success of its students at 25th convocation

The Institute of Supply and Materials Management (ISMM) which was founded in 1972 and incorporated by an Act of Parliament in 1981 is making arrangements to conduct its 25 landmark convocation on January 22 at the BMICH in grand style.The diploma of ISMM Corporate Membership with three years experience in executive capacity in a reputed organization is recognized by the Department of Public Administration to be as equivalent to a first or second class degree of any university in Sri Lanka, asserted Noel Wickramasinghe, President ISMM in the sidelines of…

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