GOSI investments in 68 companies hit SR54bn

Updated 24 December 2014
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GOSI investments in 68 companies hit SR54bn

Domestic investments of the General Organization for Social Insurance (GOSI) exceeded SR54 billion in 1434 covering nearly 68 companies, local media said quoting a report released by GOSI.
The investments were distributed in six sectors including banking, industry, retail and real estate, telecommunications, cement, and insurance sectors, the report said.
The banking sector captured the biggest portion of the GOSI investments valued at SR19.51 billion, or 35.9 percent of the overall investments, in over 10 banks. The GOSI retains more than 840 million shares of the banks with their market capitalization reaching SR41.70 billion, the report said.
The industrial sector captured the second largest GOSI investments at SR19.09 billion, or 35.1 percent, which are distributed in 14 industrial projects with shares over 673 million shares with their market capitalization estimated at SR42.96 billion, the report said.
Meanwhile, investments of the GOSI in the cement sector were estimated at SR 3.50 billion, or 6.5 percent, in six cement plants with 91 million shares with their market capitalization estimated at SR 8.42 billion.
The telecom sector captured 12.9 percent of the GOSI domestic investments valued at SR 7.03 billion in two companies having 231.3 million shares with their market capitalization valued at SR 14.52 billion, the report said.
Retail and real estate sector took 8.7 percent of the GOSI investments valued at SR 4.75 billion while their market capitalization hit SR 6.37 billion, the report said.
On the other hand, the insurance sector captured 9 percent of the GOSI investments valued at SR493.42 million in 22 million shares with their market capitalization reaching SR 489.43 million, according to the report.
In the meantime, the market capitalization of the GOSI investments (SR 54bn) grew by 111 percent to hit SR 114.48 billion, the report said.


Sri Lanka calls for global coalition to tackle rising dollar

Updated 23 October 2018
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Sri Lanka calls for global coalition to tackle rising dollar

  • The island’s currency bottomed out at a record-low 174.12 rupees to the dollar
  • The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further

COLOMBO: Sri Lanka on Tuesday called for a “coalition of the willing” to help stabilize free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows.
The island’s currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline.
The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further as US sanctions squeeze Iran, the island’s chief source of oil.
A stronger dollar has made it difficult for emerging markets to repay debts and battered global currencies from Turkey to India and Argentina.
Finance Minister Mangala Samaraweera invited those nations experiencing currency crises to visit Colombo and hash out a strategy.
“The rise of the dollar is having a serious impact on our currencies. We are not the only one affected,” he told reporters in the Sri Lankan capital.
“I want to build a coalition of the willing to deal with this problem. I don’t see the global situation improving any time soon.”
Washington pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting in particular its financial system.
Iran not only supplies Sri Lanka with most of its oil, but is one of its chief buyers of the island’s celebrated tea.
Samaraweera has warned that blockading Iran will have ripple on effects on Sri Lanka, which has been unable to stop the rupee from nose diving.
Last month, Colombo curbed its state institutions and public servants from importing cars to reduce the outflow of foreign capital.
Banks were also ordered to restrict lending for purchasing overseas and consumer goods, but the rupee has continued its decline.
In August, the government substantially increased taxes on small cars to discourage imports, but officials said there was still pressure on foreign exchange reserves to finance big-ticket imports.