news bulletin - may 2013

7/28/2019 News Bulletin - May 2013

1/13

In Economic news:

In Business news:In Consumer news:

Tourist arrivals maintain positive momentum as Chinese, Maldivian and American market

segments record high growth

Tea production in Apr 13 reaches all-time high o 35.5mkgs

Vehicle registrations in Apr 13 reach 11 month high at 28,845 registrations but down 23.6%YoY

Banking sector experience challenging rst quarter on higher interest rates and currency

depreciation

Sri Lankan Airlines to turn a prot in FY17 rom new eet and growing tourism sector

Singer Sri Lanka prots down on high interest costs and imposition o VAT

LMD Nielsen Business Condence Index down to 140 (7pts MoM) on high electricity taris and social

disharmony

Monthly Bul let in : May 2013

IMF recognises countrys progress but cautions o near termchallenges o ination and slowing, yet resilient growth

$2bn 2013 FDI target looks tight as rst quarter ows are only$218m

CBSL eases policy rates by 50bps to stimulate growth as IMFcautions against urther cuts

Government overtures private investment or inrastructureprojects but local contractors claim o denied access

Electricity tari relie or 0-60 unit users to increase CEB losses toRs.49bn

Foreign investors leasing land likely to be taxed 5-15% but barredrom outright ownership

Government to liquidate or restructure select loss making stateenterprises

Ination in May 13 at 7.3% YoY (+90bps MoM) on higher electricitytari

The All Share Price Index at a 19 month high (+8.6% MoM, 14.5%YTD). Best perorming sectors: Services (+24.7% MoM), Stores andsupplies (+22.5%), Land and property (+19.6%).

The rupee ended the month at 124.99/128.04 vs. USD (rupeestronger ~0.2% MoM)

Abans and Silver Needle Hospitality to build

a $100m 5 star Mega Mall in Colombo

Colombo Pharmacy to discontinue City

Dispensary Chain to ocus on property

development in uture

Dabur enters beverage market with

real product, establishing a $16m

manuacturing acility


2/132

In Economic news:


Sri Lanka has made

signicant progressgoing by internationalcriteria on povertyalleviation. John ChambersChairman, Standard and PoorsSovereign Rating Committee in a visit

to Sri Lanka commended steps taken toalleviate poverty and acilities providedto investors. Separately, the AsianDevelopment Bank (ADB) also noted

that with two years to go beore 2015Millenium Development Goals (MDG)deadline, Sri Lanka appears to have

made notable progress particularly inachieving universal primary educationenrollment and water supply & basic

sanitation. As at 2012 ADB had unded

169 projects totaling $5.8bn withtransport and ICT receiving the bulk othe unding (25.1%).

IMF recognises countrys progress but cautions o nearterm challenges. The International Monetary Fund (IMF) in a Sta Report

acknowledged Sri Lankas progress on policyand macroeconomic developments, but noted

near term challenges o elevated ination andslowing, yet resilient growth. The Sta Reportalso;

Commended countrys narrowing current account decit but concerned overexports and Foreign Direct Investment (FDI) being lower than expected

Described the need to safeguard macroeconomic stability and structural reforms toacilitate ambitious medium-term development goals

Highlighted high public debt, the requirement to broaden tax bases and the need

to address losses at state owned enterprises (SOE)

Having noted recent policy rate reduction o 50 bps the IMF cautioned against urther

relaxation until ination pressure declines. Further annual stress tests and increasingcredit buers was recommended or banks exposed to notable credit risks.

Separately, IMF resident representative Dr. Koshy Mathai commenting on the need

to reduce losses at SOEs, specically mentioned the need to apply a market basedtari ormula at Ceylon Electricity Board (CEB) and Ceylon Petroleum Corporation(CPC). Losses at SOE reached over Rs.200bn in 2012 with CPC and CEB losses running

to over Rs.150bn.

Source: IMF, Direction of Trade Statistics

$2bn 2013 FDI target looks tight

as 1Q infows a measly $218m.The FDIs in the rst quarter o 2013were only $218m down 0.9% YOY,

well below the run rate requiredto achieve ull year target. FDIs in2012 were $1.34bn (+25.5%YoY).Investment Promotions minister

Mr. Lakshman Yapa Abeywardenaspeaking to the media stated that rst quarterinows were rom 37 projects above $1m and

144 projects below; and went on to say;

Applications received from Taiwan, Canada,Virgin Islands, the Netherlands, Singapore, UK

and Australia, with several applications valued at

about $300m An information desk and one-stop-shop forinvestors to be established in June 2013

BOI to develop a system integrating publicdepartments to ast track investment Recently established large agreements;

Source: CBSL

o Jain Inra projects (India) to invest $154m in a

large-scale housing schemeo Rafes University (Singapore) to build a Rs.9bnprivate university in Negombo

o SIAC Construction Company (UK) to invest $21m

in a housing project

Moreover, discussions commenced between the

Economic Development Ministry and Board oInvestments (BOI) to reduce the minimum initialinvestment threshold o $500,000. The reductionwould attract small and medium scale FDIs.


3/133

In Economic news:

Government overtures private investment orinrastructure projects but local contractorsclaim o access denied. According to Mr. Ranjith Pemsiri,ministry secretary or Ports and Highways the government is seekingprivate investments to build an expressway and port related services,

stating public private partnership is high on the governments agenda.Speaking at the same event Mr. Priyath Wickrema, chairman, Sri LankaPorts Authority said I think the government has done enough, now its the

private sectors turn.

While these comments are welcomed the reality is that the privatesector is being denied opportunities to engage in development asthe government avours oreign government and rm involvement.

The recent mega inrastructure projects such as Hambantota port,

Mattala airport, Southern expressway etc. were unded and constructedemploying oreign designers, contractors and labour.

Mr. Surath Wickramasinghe, President o theChamber o Construction Industry in Sri Lankaraised the call to reduce the number o oreign

consultants, contractors and labourers employedin mega inrastructure projects as the practiceis proving detrimental to local construction

industry. According to Mr. Wickramasingherepeated requests to the Treasury to includeclauses in government contracts with undingorganisations that a substantial portion o work

be granted to the local contractors have allenon dea ears. He stated;

Unfortunately, this never happens and as a result, most of the infrastructure

projects are handled by the foreign counterpart at huge cost to the

government.


The irony of this matter is that when we check with the donor countries

or multilateral development banks, they maintain that it is not their faultbut that of the Treasury for not negotiating for the involvement of the local

construction industry when funding is sourced for projects.

In May 13 Sri Lankan cabinet approved projects o almost $580mto be unded through China Development Bank ($580m) or roaddevelopment projects ($300m) and water supply projects ($200m).

According to Reuters with the latest addition CDB has lent a staggering$1.4bn to Sri Lanka.

Separately, in a joint venture with Indias Taj group Nepali billionaire

businessman Mr. Binod Chaudhary plans to construct a 600,000tonne cement actory in Jana at a cost o $75-100m. Mr. Chaudharyhas already invested about $200m in Sri Lankas hospitality trade with

interests in Jetwing Sea and Jetwing Viluyana.

The construction industry is a key driver o the economy. In 2012 theindustry grew 21.6% YoY (based on constant prices) increasing its

contribution to the countrys GDP to 9.0% in 4Q12 rom 5.9% in 1Q04.

Source: CBSL Note: Rebased to 1Q04=100

Source: CBSL


4/134

In Economic news: Foreign investors leasing land likely to be taxed5-15%.New measuresare being discussedto permit oreignersinvesting in Sri Lanka

to lease land or up to99 years subject to atax between 5-15%. However, as per Investment Promotion ministerMr. Lakshman Yapa Abeywardena outright purchase o land by

oreigners would still be prohibited. He urther noted that reehold landownership will be allowed or companies with more than 50% o sharesheld by local residents and companies that have been in operation ormore than 10 years. The above rules are not expected to be applicable

retrospectively and large investment projects are likely to be givenpermission to purchase land. Further, oreign nationals would only beable to purchase apartments rom the ourth oor onwards.


0-60 electricity unit usersget relie. President o Sri Lanka, Mr.Mahinda Rajapakse announced thatelectricity users consuming between0-60 units would not be aected romthe recent tari revision. According to

the revised tari structure revenue wasto increase to Rs.226.8bn (~+27% YoY)with expenses orecasted at Rs.268.5bn

(~12% YoY). Hence the tari relie to lowunit users pushes CEBs 2013 losses to Rs.49bn rom the orecastedRs.41bn (Losses in 2012 were Rs.61.2bn).

Government to address select loss making SOEs.Eight SOEs with a combined loss o over Rs.3bn are to be liquidated or

CBSL eases policy rates to stimulate growth.Repurchase and reverse repurchase rates were cut by a hal a percentage

point to 7.0% and 9.0% to stimulate growth which had been belowCBSLs expectations in early 2013. CBSL expects ination to be controlled

in spite o the rate reduction as it claims that local demand was low andgovernment borrowing would reduce. Moreover it believes the recentelectricity tari hike not have a large impact.

restructured under public private partnerships. According to deputynance minister Dr. SarathAmunugama should viable

solutions not be ound theseinstitutions would be closed.Employees are to be given a

voluntary retirement schemewith remaining sta absorbedto other state entities.

State Owned Enterprise (SOE) Loss Employees Comment

Co-operative Wholesale Establishment (CWE) Rs.926.0m 311 To be restructured

Hingurana Sugar Industries Ltd. Rs.1.7bn 10 To be liquidatedJanatha Fertilizer Company Ltd. Rs.1.35m 32 To be liquidated. UDA to construct houses for low income earners on the land

Kantale Sugar Industries Ltd. Rs.9.7m 41 The Government is seeking a strategic investmentLanka Salusala Ltd. Rs.834m 253 To be restructured

Lanka Fabrics Ltd. Rs.15.8m 0 To be liquidated.

Sri Lanka Rubber Manufacturing Export Company Ltd. Rs.133.4m 2 Seeking an investor for the Elpitiya factory (Mawanella and Baduraliya factories havealready been given to the private sector for 30 years)

State Co-operative Wholesale Establishment Company Rs.11.2m 4 To be restructured

Source: lbo.lk

Source:CBSL

Following the 9th o May interest rate cut Sri Lankas treasury yieldsremained steady ollowing ~45bps drop post the announcement. Three

month yields were 8.73%, six month treasuries were 9.90% and one yearrates rose to 10.86%.

Moreover it was revealed that CBSL is to sell 30 year government bonds.The move avoured by many analysts was said to help better manage

the state debt stock and extend the risk free yield curve . Rs.2.0bn worth obonds maturing June 01, 2043 are to come to the market at a coupono 9.0%.

Separately according to Securities andExchange Commission the MonetaryBoard o the Central Bank o Sri LankaCBSL has allowed mutual unds investing

in government debt to be consideredas liquid assets. This classication now

permits pension and provident unds topurchase these mutual unds who in turn

have invested in government securities. To qualiy mutual unds shouldbe operated as an open-ended und with 90% invested in liquidassets.

2013 original projectons


5/135

In Economic news:


Debenture pipeline remains healthy. Singer (Sri Lanka)Plc.s Rs.1.5bn unsecured debenture oer was oversubscribed as the appetiteor the debt instrument remains very strong among investors. Singer Plcsoer makes it the tenth company in 2013 that has raised or plans to raiseunds in this manner.

Moreover Senkadagala Finance Plc. is to raise Rs.1bn through senior,unsecured, redeemable. Hatton National Bank (HNB)s Rs.4.0bn debenturelisting is to open on 6th o June 13 with proceeds to und lending and tostrengthen the banks regulatory Tier two capital base. Subsequent to theBudget 2013 proposal o removing withholding tax on interest income romcorporate debt securities, debt nancing is a avourable option.

State borrowing on a high reversingtwo month decline. In Mar 13, governmentborrowings increased 18.5% YoY to Rs.1,180.5bn. Further creditto state corporations rose 35.8% YoY to Rs.335.5m. CPC andCEB are known to be the largest public sector borrowers with

combined loans in 2012 up a crushing 52.6% YoY to Rs.245bn.Fitch Ratings Lanka noted that CPC borrowings amounted toabout 20% o Bank o Ceylons lending portolio. Growth inprivate sector borrowings continued to decline up just 10.9%YoY Rs.2,395.7bn. With the reduction in interest rates borrowingis sure to increase in the next ew months.

Source: lbo.lk

Trade deicit in Mar13 reduces to $704.5m onlower imports. In Mar 13, exports were $837m down 2.9% YoY the 12thconsecutive monthly drop, whilst imports reduced to $1.54bn down 16.8%YoY. The net eect reduced trade decit to $704.5m(down 29.0% YoY). InMarch;

Agriculture exports (~22% of exports) were $209.7m, up 0.5% YoY, as teaexports rose 1.9% YoY to $129.1m. Industrial exports (~77%) declined 3.0%YoY as reduction in rubber and ood & beverage exports oset a 5.0% YoYincrease in textile & garments exports

Consumer goods imports (~18% of imports) declined 25.5% YoY, as non-ood and beverage imports reduced 36.0% YoY. Intermediate goods imports(~62%) were down 16.2% YoY due to petroleum imports o just $380.9m(-28.4% YoY). Investment goods imports reduced 11.1% YoY as transportequipment imports were only $50.8m (-64.1% YoY).

Worker remittance reduced to $545.5m, down 3.4% YoY and tourismearnings rose 16.2% YoY to $108.0m.

Source: CBSL

Source: CBSL

Source: CBSL

Source: CBSL


6/136

In Economic news:


Peace brings impressiveinrastructure development.HSBC Global Research in a report titled Bridgingthe gap: Asia needs to invest over USD11trnin urban inrastructure stated that Sri Lanka isreaping the peace dividend with impressivedevelopment especially in inrastructure. Key

highlights in the report;

Sri Lankas infrastructure development isgreater than many o its neighbours

Sri Lanka categorised as a Take o economyalong with China and Malaysia

Since 2000, rate of urbanisation in Sri Lankadeclined slightly probably related to the three-decade long civil war

Sri Lanka considered having exceptionally poor pay levels. Accordingto a report published byglobal HR consultancy Mercer, Sri Lanka along with its South Asian neighbours India and Pakistan, Algeria and Vietnamhave some o the lowest salary scales or management positions and proessionals. Switzerland ranked the highest inthe survey known as the International Geographic Salary Dierential which covered 75 countries.

that ended in 2009. Within emerging Asia,Malaysia and China recorded the largestgrowth in urbanisation during the sameperiod.

Public policy promoting infrastructuredevelopment as the country is trying to turninto a transport hub

Petroleum industry may provide an extraboost to the countrys inrastructure. In Mar13 Si Lanka oered bids or licences on 13blocks in the Cauvery and Mannar Basins,which have high petroleum potential.

Sri Lanka may need to implement structuralreorms to ensure the sustainability o strong

inrastructure growth over the coming years

Inlation in May 13 rose to 7.3% YoY (+90bpsMoM) on higher electricity taris.According to the Statistics Departmentination increased as housing and utilities segment rose 9.9% MoM.

The rupee ended the month at 124.99/128.04vs. the USD (rupee stronger ~0.2% MoM).

Source: CBSLSource: CBSL


7/137

ADVERTISEMENT


8/138


In Business news:

Tea production in April reaches all-time high.According to Forbes and Walker Tea Brokers tea production in Apr 13reached an industry high o 33.5mkgs. Favourable weather conditionsappear to have benetted the industry as it beat the previous high o32.2mkgs recorded in Apr 05. Production o high growns tea recordedthe largest increase o 18.1% YoY with medium growns also increasing.However production o low growns were lower YoY.

On a separate note an Iraqi trade delegation visiting Sri Lanka raisedserious concerns o the quality o Sri Lankan tea being imported toIraq. Mr. Sabah Azeez Hasan, deputy director general at the Ministryo Science speaking at a meeting with Commerce minister Mr. RishadBathiudeen placed several stringent regulations or the export o tea toIraq among them;

Bulk tea packaging to be sealed and stamped with 3D holograms on

packs above 10kgs

Product certication by the Ceylon Tea Board

Testing of exported teas to be done at government labs and not atprivate labs.

Tourist arrivals maintain positive momentum.Touristarrivals in Apr 13 were 79,829 up 14.7% YoY with signicant growth romChina (98.5%YoY), the Maldives (82.3%) and U.S.A. (68.9%). The touristseason draws to a close around April as European tourist numbersdecline and ocus shits to Middle Eastern and other Asian markets.However, worryingly in April, Middle Eastern and Indian arrivals declined14.2% YoY and 7.1% YoY. The drop in the Indian tourist numbers is thethird consecutive monthly reduction. India remains Sri Lankas largestindividual market with 14,333 visitors in the month.

As a counter measure the Sri Lanka Tourism Development Authorityconducted its second Get Sri Lankan-ed promotional campaign inMumbai, India and participated in the Asian Travel Mart 2013 in Dubai,UAE. The authorities are planning to secure 400,000 Indian tourists by2016 and 200,000 arrivals rom the Middle East by 2015. This is also toreduce dependence on the European market segment which coulddecline in the uture due to recurring nancial crises. According tothe Ipsos-Europ Assistance Holiday Barometer a lesser number o

Europeans are planning a summer vacation this year.

With eyes rmly set on uture prospects the industry continues with itsdevelopment plans;

Anilana Resorts received approval for a Rs.960m IPO, the funds to beutilised to add to its existing portolio o properties

Singapore based Banyan Tree leisure group announced theredevelopment o i ts Beruwala Walk Inn.

Serendib Leisure closed Club Hotel Dolphinand Sigiriya Hotel forreurbishment, to be reopened in Sep or Oct13

Source: Forbes & Walker Tea broker

Source: Sri Lanka Tourist Board

In 2012 tea amounting to $86m was exported to Iraq making it the th

largest importer o Sri Lankan tea. The eorts against reuse and illegaltea exports are an important actor in maintaining Sri Lankas quality andprice which has been subject to much volatility in the recent past.


9/139

In Business news:


Bank experience challenging rst quarter. Keyhighlights;

Commercial Bank, Hatton National Bank, Sampath Bank andUnion bank registered lower prot ater tax

National Development Bank grew net prots by 387.0% toRs.6.2bn due to income o Rs.6.1bn rom the divestment oAviva NDB Insurance Company

Average net interest margin was down to 4.50% from lastyears 4.78% while average gross non-perorming loans was up to5.06% rom 4.55% at the same period last year

Demand for credit has been low due to higher interest rates

Foreign exchange operations registered losses due to an appreciatingrupee

Vehicle Registrations reach 11 month high butdown YoY. Vehicle registrations in Apr 13 were down 23.6%YoYbut reached an 11th month high o 28,845 registrations or new andpre-owned vehicles.

Largest drop in trucks registrations (-43.3% YoY) but demand for3-wheelers strong at 8,280 units (+36.2% YoY)

However month over month most main categories grew, with largetractors increasing the most (+31.3%.YoY)

Total motor car registrations were 1,974, up from 1,589 in Mar 13

Since April 2012 the vehicle industry has been reeling rom higher

import taris. Prior to this about 40,000-45,000 new and pre-ownedvehicle registrations were recorded a month. Diesel and Motor EngineeringPLC (DIMO), agents or Mercedes and Tata in Sri Lanka reported a 52.8%YoY drop in revenue to Rs.5.4bn in 1Q13 and a Rs.36.1m net loss (vs.Rs.427.6m prot or the same period last year). In spite o a diversiedproduct portolio DIMO has also elt the crunch o high import tax.

To overcome the current situation several large motor car retailers areventuring into Myanmar. The country is oering tax concessions orvehicle importers and the countrys ageing car eet provides manyopportunities. Moreover the Sri Lankan government is also considering areduction in taxes to stem the drop in government revenues due to thelack o imports.

In a separate development the Vehicle Importers Association o Lankaalong with the Sri Lanka Customs unveiled the development o astandardised valuation system or brand new and reconditioned vehicles.The product is available on the web and is expected to streamline thevehicle importation process and curb illegal activities such undervaluationo vehicles.

Source: JB Securities

Source: www.dailyft.lk

Moreover one o Sri Lankas largest non-bank nancial institutions, PeoplesLeasing & Finance PLC raised $10m rom a large undisclosed Middle Eastern

bank at a rate o LIBOR+3.25%. The loan was made possible by new acilitiesprovided or in the governments 2013 budget allowing corporates toborrow up to $10m rom oreign sources. According to Peoples Leasingunds would be used to strengthen working capital and source lendingrequirements or 2013 and 2014.

Source: Company Reports


10/1310

In Business news:


Sri Lankan Airlines to turn a prot in FY17. Mr. KapilaChandrasena, CEO, Sri Lankan Airlines speaking to the DailyFT statedthat he believes the airline would be able to generate a prot romFY17 rom the recent eet modernisation, repositioning itsel to takeadvantage o the growing tourism sector and recent improvements inseveral perormance indicators.

He stated that the estimated loss or FY13 o $190m was mainly due

to the high cost o uel. Moreover, passenger loads and revenues hadincreased about 16% YoY while cabin actor had been maintained at

Source: CBSL

LMD Nielsen Business Condence Index downto 140. Nielsen Business Consumer Index in April ell to Feb 13 level o 140,losing seven points in the month. Mr. Shaheen Cader, managing director, Nielsenin Sri Lanka, states that the all is due to ination concerns and continued socialdisharmony. Further businesses have not perormed as well as expected in thenormally high growth month o April.

39% of respondents said business was better than the same time last year (51%in Mar 13). Many vendors cited cautious consumer trends ollowing electricity tarifhikes in late April

Source: lmd.lk

Sentiment also seems to be dampening as the view that the economy will getbetter was held by only 46% (vs. 48% in Mar 13)

Companies are also less optimistic about future growth with only 52% believingsales volumes will increase over the next 12 months (vs. 60% in Mar 13)

around 82% (79% in FY12). The company increased its cargo carriageby 15% YoY to 101,000 tonnes in FY13.


11/1311

For your fresh fruit requirements:

Mangoes (Karuthakolumban), Cashew Nuts, Pineapples

free delivery within city limits

Coconuts free weekly delivery to

restaurants/caterers/hotels

+94777508323

[email protected]

www.facebook.com/fruitmarketlk

ADVERTISEMENT

In Business news:


Rocell acquires Lanka Ceramics. Royal Ceramics PLC (RCL)acquired an 80% controlling stake in Lanka Ceramics (LCL) group at acost o about Rs.3.2bn. The main trade took place on Monday 6th May

Singer Sri Lanka prots down on highinterest costs. Singer Sri Lanka PLCs, net prots inthe rst quarter o 2013 reduced to Rs.128.6m (-57.3%YoY) as interest cost rose to Rs.284m (+99.4% YoY).Group revenue was at at Rs.6.2bn but the companywas said to have been aected by the imposition oVAT on retail items.

The company also reported that their communicationssegment, transport segment and urniture segmentsexperienced growth. However agro products segmentdeclined 19.8% YoY, sewing machines declined14.9%YoY and electronics declined 6.2% YoY.

Dialog Axiata continues 4GExpansion. Dialog Axiata increased its2.3GHz spectrum through the purchase o100% o Sky Television and Radio Network(Pvt.) Ltd. Sky is a pay-TV operator with alicense or the 2.3GHz bandwidth whichDialog hopes to re-assign or use in expanding

its LTE services with approval rom the regulatory commission.

Dialog is also in partnership with several Asian telecom giants including Etisalat,Omantel, Reliance Industries and Telekom Malaysia to lay an 8,000km undersea cablesystem which would boost bandwidth accessibility.

The Dialog group turned a Rs.540m loss o 1Q12 due to oreign exchange losses to aRs.1.6bn net prot in 1Q13 as revenues grew 18.5% YoY to Rs.15.2bn

and LCL shares closed the day at Rs.120 gaining Rs.40. The purchase wasmainly rom the shareholding o CT Holdings PLC.

The acquisition strengthens RCLs position in the domestic oor tile,wall tile and bath ware markets. The two companies held about 60% o

the oor tile market in 2012. The acquisition also gives the RCL groupand its controlling parties including Mr. Dhammika Perera and Mr.NImal Perera signicant shareholdings in companies such as HoranaPlantations, Swisstek Aluminium and Parquet Ceylon.


12/1312

In Consumer news:

Colombo Pharmacy to discontinue City Dispensary chain. One o the leading pharmacistsin the country, The Colombo Pharmacy Company PLC, is to discontinue its chain o City Dispensary Pharmacies. Thecompanys protability rom core activities has been declining in recent years and the new management believes it ismore viable to pursue avenues such as property development in the uture. The company is a subsidiary o EnvironmentalResource Investments PLC which was last month taken over by Taprobane Holdings.

Dabur to celebrate lie in Sri Lanka. Leading Indianconsumer goods maker Dabur India Ltd ventured into the Sri Lankanmarket with the establishment o its packaged ruit-based beveragemanuacturing acility in Mirigama, Sri Lanka.

To be known as Dabur Lanka (Pvt.) Ltd it was set up with an initial costo $16m. The company expects to produce 280,000 cases o ruit-basedbeverages every month under the brand name Real and employee upto 75 people initially.


Abans to build 5 star Mega Mall. TheAbans group in collaboration with Silver NeedleHospitality is to build a $100m liestyle shoppingmall opposite the Beira Lake in Colombo. The DailyFTreports that the 5 star mega mall to be dubbed theColombo City Centre is expected to be a rst o itskind in line with those in Singapore and Dubai. Themall would have a 3D cinema, shopping outlets andood courts along with a 200 room ve star hotel. Thedevelopment is aiming to exploit the expected touristarrivals and also reinvent the Sri Lankan consumersconcept o shopping.


13/13

Gradient AllianceHelping to shape your Business

We are a management consultancy and fnancial advisory services provider.

Combining experience and comprehensive capabilities across many industries andbusiness unctions, we work with clients to achieve a higher level o excellence.

We carry out company and market research, developing company fnancial

models, valuations and competitor analysis. Moreover we perorm market surveys,

easibility & due diligences studies and construct business plans.

MonthlyBulletin:May2013

4A, Deal Place A,

Colombo 03

Sri Lanka

M: + 94 773 619800

P: + 94 11 5786787

[email protected]

[email protected]

www.gradientalliance.com

news bulletin - may 2013

Documents