Consumer electronics giant Abans Group has taken a decisive step in its strategy of diversification by setting up of the country's latest finance company, Abans Finance. Managing Director of Abans Finance, Mano Alles told The Sunday Times FT that the Central Bank (CB) approved its license application in part, due to the company's unique position in terms of penetration, owing to the wide network of Abans showrooms and dealer networks that exist across the country. She said that the CB recognized that there is a market for another finance company and with over 200 showrooms and over 400 dealer networks Abans already has access to rural areas to mobilize deposits and work with small and medium enterprises. Abans has received approval to open 10 branches across Sri Lanka.

Sri Lanka may have been duped into taking concessionary loans in the past when there was nothing ‘concessional’ about it, according to a top Central Bank official. “The Central Bank is currently concluding a study where concessional loans are analysed in detail. There is nothing concessional about some of them,” Nivard Cabraal, Governor Central Bank told The Sunday Times FT on the sidelines of an event on the bond market development in Sri Lanka recently.

Confifi Hotels said it will carry on as usual after the Keells Hotel Plc’s (KHP) share swap deal to take a majority stake in Confifi this week failed. “KHL made an offer but the shareholders’ response was very poor and they virtually rejected the offer. But we will carry on as usual,” Professor M.T.A. Furkhan, Chairman Confifi Management Services, the management company of Riverina Hotel, Eden Hotel and Club Palm Garden Hotel, told The Sunday Times FT.

Sri Lanka’s highway network is to undergo major changes with four flyovers being built at many intersections in Colombo and the suburbs. Construction work on the flyover at Pannipitiya is nearing completion while work at Orugodawatte and Gampaha level crossings are in progress. Director Planning of the Road Development Authority (RDA) S.M.K.G.G. Bandara told The Sunday Times FT that work on two flyovers at Rajagiriya and Nawala Junctions will commence with foreign funding.