SLPA introduces clearance of import FCL via internet

A programme to introduce clearance of Import Full Containers through the internet was held by Sri Lanka Ports Authority (SLPA) at its Mahapola Training Institute.

Port customers will be able to connect with SLPA through the computer technology under the new programme and will also be able to obtain a better and an efficient service.

The programme has been organised by the Finance and Information Systems Division of SLPA.

Officers of Lanka Shipping Agents Association, representatives of shipping agencies and wharf staff were present at the launch.

Fitch assigns 'BB+(lka)' to PABC's proposed debenture

Fitch Ratings Lanka has assigned a 'BB+(lka)' National Long-term rating to Pan Asia Banking Corporation PLC's (PABC) proposed unsecured, redeemable (five-year) subordinated debenture issue of up to Rs.150m.

Simultaneously, the agency affirmed PABC's National Long-term rating at 'BBB-(lka)' (BBB minus(lka)). The outlook is stable.

The rating factors in the bank's improving capitalisation and profitability, but remains constrained by the need to meet the minimum capital requirement set by Central Bank of Sri Lanka (CBSL) by FYE09, its high net NPL/equity ratios and concentrations in its credit portfolio.

In terms of priority, the debentures will rank below deposits and all senior debt obligations, but will rank above ordinary and preference shares.

In accordance with Fitch's criteria, the rating assigned to PABC's unsecured subordinate debentures is one notch lower than its National Long-term rating.

PABC's loans were extended mainly to small and medium-sized entities, retail customers and to larger corporates.