Colombo bourse marks history
In a CSE announcement, LOLC Holdings PLC, with its robust Micro, Small and Medium Enterprises-based (MSMEs) business model, disclosed its plans on expanding the global footprint with three parallel investments in Tajikistan in Central Asia as well as to Malawi and Tanzania in East Africa. Further, Expolanka Holdings PLC made further inroads to Central America with the acquisition of a logistics specialists’ firm for $ 9.7 million (around Rs. 2 billion). The acquisition of IDEA Logistics LLC and its group of companies is via EFL Global Logistics Ltd. Singapore and EFL Global LLC, USA fully owned subsidiaries of Expolanka Holdings. Additionally, ICRA Lanka Limited rated Sri Lanka’s E B Creasy and Company ‘[SL]BBB’ with a stable outlook due to the steady position and improvements in Operation profits
On the economic front, the Central Bank of Sri Lanka announced that gross official reserves were strengthened by receiving USD 787 Mn from IMF’s SDR facility & a further USD 150 Mn from Bangladesh Central Bank as a swap arrangement & while a further RMB 2000 Mn (around USD 300 Mn) from China Development Bank is expected to be received in the near term. On the contrary, S&P downgraded Sri Lanka’s sovereign rating outlook to CCC+ negative from stable amidst default worries. Meanwhile, Sri Lanka’s health authorities confirmed that around eight million of its 30-years-and-older population has been fully vaccinated thus far against COVID-19.
It was announced that Sri Lanka’s ongoing COVID-19 lockdown was extended by a week to September 13.