Business and Economics
Work from home period extended till next Monday

The “Work from Home Period” for employees for both public and private sectors has now been extended till April 20th, 2020, the President’s Media Division said.

The schools will re-open for the 2nd term on May 11th. Distance learning facilities will be provided to students to the extent possible, during the time schools remain closed.

The curfew currently in force in the districts of Colombo, Gampaha, Kalutara, Puttalam, Kandy, and Jaffna which have been identified as High-Risk Zones will continue until further notice.

In all other districts, curfew has been extended till 6.00 am on Thursday, the 16th of April. Curfew in these areas will be lifted at 6.00 am on Thursday, the 16th of April and will be re-imposed at 4.00 pm on the same day.

Animal Crossing removed from sale in China amid Hong Kong protests

The Nintendo Switch’s current bestselling game has been removed from Chinese online stores after activists used it to criticise the state.

Animal Crossing: New Horizons lets players customise their own island and invite others to visit.

Some players in Hong Kong have used the platform to stage protests.

Players in mainland China had previously been able to buy foreign editions of the title from online marketplaces.

The country’s censors strictly regulate video games and had yet to approve the title’s formal release in the country.

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LOLC concludes US$603mn sale of PRASAC amidst turbulent global economic conditions

In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms.

Sealing the deal, LOLC confirms that both parties had received the necessary approvals from their respective regulators in both countries, the National Bank of Cambodia (NBC) and The Financial Services Commission (FSC) of Korea to conclude the transaction and the first tranche of US$ 422 Mn was received by LOLC International Pvt Ltd recently. The balance of US$ 181 Mn will be due in 2022 and the post transaction value of PRASAC is valued at US$ 862Mn.

Resulting from the PRASAC sale, the balance sheet of LOLC will strengthen further providing tremendous capacity and stability for the next level of growth that the Group envisages. The stronger balance sheet of LOLC will also provide the necessary impetus for the local financial services companies such as LOLC Finance PLC, LOLC Development Finance PLC and Commercial Leasing & Finance PLC to grow their businesses further.

This transaction is a significant milestone not only for LOLC but also for Sri Lanka, especially as the nation is facing challenging times. For the LOLC Group, the value that this investment has created portrays its long-term vision and proactive business strategy.

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