Business
Sri Lankan govt. seen as mulling Singapore’s Temasek Holdings’ model on SOE listing
By Ifham Nizam
The Sri Lankan government might be thinking of Singapore’s Temasek Holdings’ model on State Owned Enterprises (SOE), when it comes to listing individual companies or pooling companies in the future, a stock market expert said.
Responding to queries at an Awareness Session on Regulatory Initiatives, New Products, and Sustainability Initiatives, recently at Taj Samudra, Colombo, Colombo Stock Exchange’s Chief Regulatory Officer, Renuke Wijayawardhane said that they have no idea about what the government’s decision is on this matter: `Which company they pick as model is not our call; it’s the government’s call’.
‘The Central Bank of Sri Lanka (CBSL) decides on the role models and decisions, he explained.
Wijayawardhane added: ‘The CSE’s daily turnover of Rs. 1.7 billion is low in comparison to that of last year.’ However, he agreed there was a positive cash flow.
The CSE’s expert team pointed out that their dedication to sustainability is motivated by commercial considerations.
Plans are in the pipeline to attract institutional investors. CSE will shortly launch an Environmental, Social, and Governance (ESG) index and grading system for listed companies that place a high priority on sustainable development, they explained.
CSE Senior Vice President of Research and Strategy Nishantha Hewavithana said that the organization is dedicated to advancing sustainability among listed firms.
Responding to queries, he said that there is more than USD120 trillion in assets under management by participants in the UN’s Principles for Responsible Investment (PRI) program.
PRI is an international organization whose mission it is to advance sustainable investment by incorporating environmental, social and governance (ESG) factors into the process of making investment decisions.
Hewavithana added: ‘By the first quarter of 2024, the CSE would be bringing an ESG rating system and an ESG index with about fifteen to twenty-five businesses to the Colombo Exchange.
‘The CSE would cover all expenses associated with this endeavor since it had teamed up with an international rating organization to evaluate the ESG score of every listed firm.
`The ESG index is not always about the companies who do the best in terms of ESG. They must be sizable and profitable because they must be liquid. The index will thus be subject to the following four requirements: size, liquidity, profitability, and ESG performance as determined by the ESG rating.
‘There are 49 stock exchanges worldwide that publish ESG indices and 34 stock exchanges that have made ESG reporting mandatory in their listing rules.’
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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