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NEWS – January 22, 2019

Local Economy News:

The National Consumer Price Index (NCPI – Base year 2013) decreased 0.5 index points to 127.1, whilst point to point inflation was recorded at 0.4% in December 2018 (vs. 1.0% in November 2018). Meanwhile, annual average inflation was recorded at 2.1%.



Local News

CB calls for managers to raise US$2bn in bonds (Daily FT)

The Central Bank of Sri Lanka (CBSL) has issued a request on proposals from investment banks to sell up to US$2bn in International Sovereign Bonds as the Government of Sri Lanka (GoSL) readies to repay US$5.9bn in debt in 2019. The Cabinet of Ministers gave approval to the CBSL to raise US$2bn for debt repayment in early January 2019, whilst the GoSL intends to issue Sovereign Bonds in dollars, yen, renminbi and euro.



Sri Lanka offers US$200mn in dollar bonds (Economy Next)

Sri Lanka is offering US$200mn bonds at an auction which will close on 25 January 2019. The dollar denominated bonds styled Sri Lanka Development Banks are targeted mainly at domestic investors who are allowed to buy dollar assets and the bids could be made for fixed or floating rates based on the 6-month London Interbank Offered Rate.



Chinese cement company to open plant in H’tota EPZ (Daily News)

Deputy Minister of Development Strategies and International Trade has indicated that a Chinese cement manufacturer is anticipated to set up a plant in the Hambantota Export Processing Zone Further, he indicated that despite Sri Lanka having many cement manufactures almost 55% are still been imported and there are lot of opportunities for the Chinese company to market cement locally, whilst the Cement imports surged 56% to 633,000 metric tonnes in May 2018.



Corporate Announcements:

Nations Trust Bank (NTB) announced details in relation to conversion/ re – classification of ordinary non-voting convertible shares to ordinary voting shares, subsequent to its rights issue of ordinary non – voting convertible shares to the shareholders of NTB holding ordinary voting shares.



MTD Walkers (KAPI) announced that it has transferred 100% of the shares held in Walkers Shipyards Limited, Northern Power Company (Pvt) Ltd and Colombo Fort Heritage Company (Pvt) Ltd to MTD Capital Berhad that owns 90.78% of KAPI at a purchase consideration of US$19mn, pursuant to a Share Purchase Agreement dated 11 Jan 2019.



It was announced that Citizens Development Business Finance (CDB) has received subscriptions for 7.8mn debentures amounting Rs.785mn for its debentures to raise Rs.1.25bn.



Dividend Announcement:

Senkadagala Finance (SFCL) – Interim dividend of Rs.0.80 per share – XD: 30/01/2019 – PD: 11/02/2019


Results for the Period Ended 31 December 2018:

Keells Food Products (KFP) reported a net profit of Rs.82mn for 3Q19 (-5% YoY), resulting in a net profit of Rs.204mn for 1-3Q19 (+15% YoY)

Hayleys Fabric (MGT) reported a net profit of Rs.108mn for 3Q19 (vs. a net loss of -Rs.11mn in 3Q18), resulting in a net profit of Rs.194mn for 1-3Q19 (vs. a net loss of -Rs.21mn in 1-3Q18)

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