Business
Piramel Glass deal energises CSE
By Hiran H.Senewiratne
Piramal Glass Ceylon PLC ‘s largest shareholder, Piramal Glass Pvt Ltd, entered into a share purchase agreement to sell its entire stake of 56.45 percent in the company to Pristine Glass Pvt Ltd for Indian Rs. 5.166 billion.
In a CSE filing the company noted that the Board of Directors of Piramal Glass Ceylon has entered into a sale and purchase agreement with, inter alia, Piramal Glass Pvt Ltd (seller) and Pristine Glass Pvt Ltd ( purchaser), a company duly incorporated under the laws of India, for the sale and purchase of 536,331,880 shares (56.45 percent) being the entire equity held by the seller in the company.
The consideration for the transaction is to be calculated based on the enterprise value of the company of Indian Rs. 5.166 billion, the indebtedness of the company, the net debt of the company and a working capital adjustment to be computed, as agreed, as of the date of transfer of the glass manufacturing business of the seller in India.
Amid those developments, CSE activities were of a negative kind most of the time yesterday but in the latter part of the day they turned positive following the Piramal Glass deal, which accounted for more than 33 percent of the turnover yesterday, stock market analysts said.
Melstacorp PLC share prices also moved up, thus enabling the market to perform in a positive manner. Both indices moved upwards. All Share Price Index went up by 14.84 points and S and P SL20 went up by 12.04 points. The turnover stood at Rs. 2.93 billion with a crossing. The crossing was reported in JKH, which crossed 300,000 shares to the tune of Rs. 45.6 million; its shares trading at Rs. 152.
In the retail market, top five contributors to the turnover were; Piramal Glass Rs. 1.07 billion (108.5 million shares traded), Browns Investments Rs. 399 million (118 million shares traded), Melstacorp Rs. 212.8 million (212.8 million shares traded), JKH Rs. 228.4 million (844,000 shares traded) and Hemas Holdings Rs. 80.2 million (846,000 shares traded). During the day 305.9 million share volumes changed hands in 25463 transactions.
During the day investment holdings companies and diversified business conglomerates contributed and were active on the market floor yesterday. Piramal Glass share prices appreciated by 10 percent or 90 cents, following the sale and share purchase agreement. Its shares started trading at Rs. 8.70 and at the end of the day they moved up by Rs. 9.60. Melstacorp share prices moved up by 14 percent or Rs. 6. Its shares started trading at Rs. 42.50 and at the end of the day it moved up to Rs. 48.50. It is said , Carson Cumberbatch announced an interim dividend of Rs. 0.75 per share.
Sri Lanka rupee quoted weaker at 186.05/40 to the US dollar on Friday in the spot market while yields remained unchanged in dull market trade ahead of the bond auction, dealers said. The rupee closed at 185.80/186.00 to the US dollar on Thursday.
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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