Financial Times brief

Rusi Captain, a director of John Keells Holdings (JKH), has resigned from the board with immediate effect, the company announced on Tuesday. JKH Chairman Susantha Ratnayake quoted Captain as saying that the resignation was due to his (Captain’s) greater involvement in his varied business interests.

"Being a part of the JKH Board has been an enjoyable and enlightening experience for me and I wish to place on record that I am most confident in you (Ratnayake) and your team and hence it is our intention to remain significant shareholders," the JKH statement quoted Captain as saying. Rusi and his father, Sohli, are well known investors in the stockmarket and own or are involved in a string of companies.

Manilal joins Aitken Spence Board

Manilal Fernando, Chairman of Holcim (Lanka) Ltd, has joined the Board of Aitken Spence & Co. PLC with effect from May 2008, Aitken Spence said. Aitken Spence, a leading diversified conglomerate, has interests in Hotels, Services, Logistic Solutions and Strategic Investments with operations in India, Bangladesh, the Maldives, Oman, the UAE and South Africa.

The Aitken Spence board consists of Harry Jayawardena (Chairman), J M.S.Brito (Dep. Chairman/MD), R.M. Fernand0, G.C. Wickramasinghe, R Sivaratnam, C. H. Gomez, N. J. de Silva Deva Aditya and V. M. Fernando.

Ceybank Unit Trust, Sri Lanka’s largest equity linked Unit Trust Fund with net assets over Rs. 2,350 million as at end March 2008, has distributed Rs. 150 million as a tax free dividend to its unit-holders for fiscal year 2007-08. The Fund has beaten the All Share Index (ASI) by 17% margin during the financial year ending 31st March 2008, the company said.

The Fund Managers have capitalized on the volatility of the Colombo Stock Market to realize Rs. 147 million as capital gains from share trading on top of its highest-ever capital gains of Rs. 262 million realized last year.

Dubai -- Qatar Airways kicked off its biggest ever presence at the Middle East’s leading travel trade show this week with a huge promotion of its new routes to Houston, Guangzhou and the southern Indian city of Kozhikode.

The route expansion is the highlight of Qatar Airways’ attendance at Arabian Travel Market, a four-day event in Dubai, where the airline’s new-look exhibition stand is also making its debut, the airline said. His Highness Sheikh Ahmad bin Saeed Al Maktoum, President of the Department Of Civil Aviation Dubai and Chairman of Emirates Airline Group officially opened the show, taking place at the Dubai International Convention and Exhibition Centre.

During a walkabout on the opening day, Sheikh Ahmad visited Qatar Airways’ stand, where he was given a short tour by Chief Executive Officer Akbar Al Baker.

SriLankan fares up 15 % from June

SriLankan Airlines is to increase its air fares by 15 percent to major destinations with effect from June 1, officials said. These market fares and IATA fares to Middle East, Africa, South East Asia, Japan, Korea, South West Pacific, Area 1 via Atlantic and Pacific will be also increased. Current IATA fares will be valid for ticketing on or before May 31 and travelling on or before June 14, senior airline official said.

He said this hike is due to rising fuel prices and heavy maintenance cost of the airline. However he said that there will not be an increase in fares to Europe and South Asian Sub Continent.

SEC hunting price manipulators

The Securities and Exchange Commission (SEC) is probing a stock brokering firm for price pushing allegations, according to stock market sources. They said that during the past few months the SEC has got wind of some brokers and a brokering company which have allegedly indulged in market manipulation of undervalued shares.

"The SEC does routine checks and they are following up on a lead relating to a particular stock brokering firm which is allegedly to have indulged in pushing up prices of undervalued shares," one source said. SEC officials were unavailable for comment.

Rusi resigns from JKH board