Local News:

Cabinet approves seeking $ 565 m in ADB loans (Daily FT)

The Cabinet has approved a proposal to enter into several agreements with the Asian Development Bank (ADB) seeking nearly $565mn in loans. The proposal submitted by Prime Minister Mahinda Rajapaksa as the Finance Minister was approved by the Cabinet and comes in the wake of Sri Lanka struggling to find low-cost funding to boost growth and continue investment projects, while managing its debt to GDP ratio. The decision was announced at the Cabinet Press briefing held on 28-October-2020, where it was stated that the ADB has given its consent to extend $165mn under a scheme to provide assistance for Small and Medium Sized Enterprises (SMEs).

http://www.ft.lk/front-page/Cabinet-approves-seeking-565-m-in-ADB-loans/44-708

EDB says Export Sector to continue operations amidst curfew (Daily FT)

The Export Development Board (EDB) 28-October -2020 assured that it will continue to facilitate operations of export industries so it remains uninterrupted during the quarantine curfew in the Western Province from 29 October 2020 to 2 November 2020. In a bid to contain the spread of COVID-19 virus, the Export Sector have been advised to follow all the safety measures recommended by the health authorities during the curfew period and It was noted that safety precautions must be strictly implemented.

http://www.ft.lk/front-page/EDB-says-Export-Sector-to-continue-operations-amidst-curfew/44-708213

Sri Lanka finds 335 Coronavirus cases in traced contacts and targeted Covid-19 sampling (Economy Next)

Sri Lanka has found 335 new Coronavirus cases on 28- October-2020 taking the total in new clusters to 5,731 as authorities continued to trace contacts and do targeted sample tests and new curfews. Sri Lanka’s new clusters were first found in a factory in Minuwangoda but the infection of a fish market in Peliyagoda, led to a wide spread of the disease.

https://economynext.com/sri-lanka-finds-335-coronavirus-cases-in-traced-contacts-and-targeted-covid-19-sampling-75329

CSE Announcement:

Colombo Stock Exchange (CSE) disclosed that the debenture of DFCC Bank (DFCC) will be listed on 29 October 2020

https://cdn.cse.lk/cmt/announcement_portal_prod/DFCC%20Bank%20PLC%20BASEL%20III%20Compliant%20Debenture%20Issue%202020_1124970530010005.pdf

Corporate Announcement:

Laugfs Gas (LGL) disclosed that they have taken steps to submit the annual financial statements of Laugfs Eco Sri (LES) and Laugfs Leisure (LLL) to Colombo Stock Exchange (CSE) which would aid in the listing process of LES and LLL.

https://cdn.cse.lk/cmt/announcement_portal_prod/Corporate%20Disclosure%20-%20LLL&LEL%20listing%20-%2028.10.2020_1107340768177870.pdf

Results for the period ended 30 September 2020:

Tokyo Cement Company (Lanka) (TKYO) reported a 2Q21 net profit of Rs.2,117mn (vs. a 2Q20 net profit of Rs.805mn), resulting in a 1H21 net profit of Rs.2,799mn (vs. a 1H20 net profit of Rs.1,355mn)

Chevron Lubricants Lanka (LLUB) reported a 3Q2020 net profit of Rs.803mn (+29% YoY), resulting in a 1-3Q2020 net profit of Rs.1,747mn (+5% YoY)

Overseas Realty (Ceylon) (OSEA) reported a 3Q2020 net profit of Rs.608mn (-50% YoY), resulting in a 1-3Q2020 net profit of Rs.1,355mn (-60% YoY)

Jetwing Symphony (JETS) reported a 2Q21 net loss of -Rs.168mn (vs. a 2Q20 net loss of -Rs.130mn), resulting in a 1H21 net loss of -Rs.385mn (vs. a 1H20 net loss of -Rs.292mn)