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Market Indicators
2 December 2021

3 December 2021

Local News:

Asks for US$500mn fuel credit, US$400mn Swap (Daily News)

Finance Minister met with Indian counterpart Nirmala Sitharaman, in request for a US$500mn fuel credit and another US$400mn swap with the Central Bank of Sri Lanka. The meeting focused on a range of issues pertaining to bilateral economic cooperation and ways and means to improve existing bilateral economic cooperation between the two countries. The Sri Lankan Government has also requested a US$1bn financial support from India, but chances of it materializing are low


First Omicron patient identified in Sri Lanka (Daily Mirror)

The Health Ministry stated that the first patient carrying the Omicron variant of the COVID-19 has been identified in Sri Lanka on 03 December 2021. The new variant has been identified in a Sri Lankan citizen who had recently returned from South Africa.


Access Engineering-led JV gets Rs. 43 b deal to build East Container Terminal (Daily FT)

Access Engineering (AEL), in joint venture with its technical partner China Harbour Engineering (CHEC), has been awarded the contract to construct the East Container Terminal (ECT) of the Sri Lanka Ports Authority (SLPA). AEL holds 51% of the JV and is set to gain technical knowhow and experience of building large-scale marine construction projects. ECT begins commercial operations with the development of its first 600m of berthing capacity scheduled to be completed by May 2023E whilst the full terminal development up to 1,320m is scheduled to be completed by end of 2024E.


Contemplates 200MW Wind Power Project, US$1bn EV facility (Daily News)

Marubeni Corporation’s Executive Management Team for Asia visited Sri Lanka to negotiate an investment opportunity for the 200MW Mannar Wind Power Project. The Marubeni Corporation is exploring other possibilities of investing in floating solar and have been requested to set up a comprehensive textile manufacturing facility. They have also been requested to explore the possibility of introducing three-wheeler electric vehicles as well as setting up an electric vehicle charging network in Sri Lanka and if this materializes it will exceed an investment of US$1bn.


CSE Announcements:

The Colombo Stock Exchange (CSE) disclosed that 15,657 shares and 5,789,927 shares of Commercial Bank of Ceylon (COMB) and Vidullanka (VLL) have been listed respectively, during the period of 1 November 2021 and 30 November 2021, consequent to the exercising of options under employee share option schemes.


Corporate Announcements:

Ceylon Tea Brokers (CTBL) has announced that the company has entered into a Related Party Transaction on 23 September 2021 by granting a Corporate Guarantee to DFCC Bank and Hatton National Bank for loan facilities taken by its fully-owned subsidiary, Logicare (Pvt) Limited.


Lanka Milk Foods (CWE) (LMF) , Resus Energy (HPWR) and The Lanka Hospitals Corporation (LHCL) have announced that there was no undisclosed price sensitive information in relation to the Companies or any other reason which may have caused the unusual trading activity observed by the CSE.


hSenid Business Solutions (hBS) announced that the company has received applications for over Rs.691,738,450 for its IPO of 55,339,076 shares, and as such the IPO has been oversubscribed.

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