Commercial Leasing on ‘Rating Watch’ – Fitch

Commercial Leasing Company Ltd (CLC) which saw a new majority shareholder after Lanka Orix Leasing Co (LOLC) bought 67% of its equity has been placed on ‘Rating Watch Evolving (RWE)’, by Fitch Ratings.

Fitch said the RWE action indicates that CLC's rating and outlook could be maintained, or changed, as a result of LOLC's acquisition. LOLC acquired the 67% stake from Commercial Bank of Ceylon and Chemanex.

While CLC's operations are in line with LOLC's core business, Fitch in a press release said it was of the view that the credit profile of CLC will not materially alter the key credit ratios of LOLC's consolidated financial profile. Both companies derive synergies on funding and market segments.

Ceylinco Development Bank passes Rs 1bln in revenue

Ceylinco Development Bank (CDB) has reported all round good results in asset growth, revenue, profitability, asset quality and productivity for the year ended 31st December 2007, the company said.

Its Chairman Dr J. L. B. Kotelawala said in the report that apart from the good financial results, CDB has also strengthened its reach by adding eight new outlets during the period under review bringing the total number of outlets to 26, covering major cties in the country. CDB has successfully concluded an issue of 7.5 million ordinary shares in early 2008 which were launched in December 2007 infusing Rs 75 million in fresh capital, strengthening its balance sheet and keeping in line with regulatory commitments.

UNDP Resident Rep to discuss 'responsible business'

Resident Representative of UNDP Neil Buhne will deliver a public lecture on the "United Nations and the Private sector- a compact for responsible business and responsible development" at HNB Towers in Colombo on Tuesday May 27.

Partnerships and alliances between the UN and the private sector and foundations in furtherance of the UN Millennium Development Goals are to be highlighted at this public lecture. This talk is the latest in the ongoing series of public lectures organized by the United Nations Associations. The Hatton National Bank is the sponsor of Tuesday's lecture.