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Monday September 25th, 2023

Sri Lanka in talks for investments from global logistics firms

ECONOMYNEXT- Sri Lanka is having talks with some of the world’s biggest logistics firms like Germany’s DB Schenker and Switzerland’s Kuehne & Nagel to try to get them to invest in the island, a senior port official said.

Kavan Ratnayake, chairman of Sri Lanka Ports Authority, said logistics was a key part of the newly developed national ports master plan which will help attract investors, needed to expand and modernise the sector. 

Minister of Ports & Shipping Sagala Ratnayake held talks with top European-based global logistics firms during a visit to Germany this week.

“The Minister was in Munich with representatives from 26 logistics companies. He’s talking to world-class companies like DB Schenker and Kuehne & Nagel to try to get them to invest here,” Ratnayake said.

Germany’s DB Schenker, the transport and logistics division of the Deutsche Bahn Group,  already has a partnership with Aitken Spence group through which it is represented in Sri Lanka and the Maldive Islands.

Swiss freight-forwarding group Kuehne & Nagel International, whose sea freight is the largest part of the business, has offices in Colombo and Katunayake, where the  international airport is located.

Sri Lanka is trying to attract global logistics firms to set up headquarters and operations in the island which has newly developed port and airport infrastructure that remains underutilised.
(COLOMBO, 07 June 2019)


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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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