12-01-2009

Sri Lanka’s fifth cellular operator Airtel launched their service today with simple and competitive tariff structure. They charge Rs 2.00 per minute to any network including to their own network.

The listed market leader Dialog shares fell 12.73% or 70 cents & closed at Rs 4.70.
Market started positive but came down with Dialog drop. However All Share index closed marginally higher at 1533.79 (+1.54 points) while Milanka index closed the day 28.57 points lower at 1606.78.

Turnover was Rs 45.4 million.

Announcements

BROWN AND COMPANY PLC

Brown and Company PLC entered into an agreement with Environment Resources Investment PLC to purchase Walker & Greig (Pvt) Ltd (including all business dealings, assets and liabilities) a Company owned by Environment Resources Investment PLC.

ACL CABLES

The Board of Directors of ACL Cables PLC wishes to keep its shareholders and investors informed that it anticipates a significant decline in the company’s profitability following exposure from Hedging-contracts entered into by the company. Although these contracts, which are entered into by the company as a part of its routine business risk management operations for stabilizing prices of its base raw material, copper, have resulted in “hedging-gains” in the past, the steep and unexpected decline in Global copper prices at the London Metal Exchange over the past few months has resulted in the significant financial exposures to the company. An exact overall quantification of the exposure is not possible since it would depend on fluctuations of the Global copper prices over the next few months.

ENVIRONMENT RESOURCES INVESTMENT PLC

Environment Resources Investment PLC has entered into an agreement with Brown & Company PLC to sell “Walker & Greig (Pvt) Ltd” which company was incorporated on 31st October 2008 and owned by Environment Resources Investment PLC.The company further informed that all business dealings, assets and liabilities of Environment Resources Investment PLC have been transferred to Walker & Greig (Pvt) Ltd and the sale was concluded on 8th January 2009.

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