Business
Three contenders shortlisted for acquisition of ailing SriLankan Airlines
Sri Lanka’s Hayleys PLC makes the shortlist
Strong international partner from Qatar is also in the ring
By Sanath Nanayakkare
The Cabinet of Ministers has announced a significant advancement in the privatisation process of Sri Lankan Airlines, a press release issued by Kanchana Kodituwakku, Director-Group Communications at Supreme Global Holdings indicates.
The press release indicates that the Cabinet has narrowed down the field of potential acquirers to three contenders from the initial six bidders. They are namely; Sherisha/Supreme Global Consortium, Air Asia Consulting and Hayleys PLC.
According to the press release, Sherisha/Supreme Global Consortium is a ‘strong’ alliance between Supreme Global Holdings and Sherisha Technologies Pvt Ltd, with substantial backing from MBS Investments, the investment arm of the private office of Sheikh Nayef Bin Eid Al Thani of Qatar.
The shortlisting marks a pivotal step towards the revitalization of the ailing airline as many had argued that SriLankan Airlines wouldn’t get a credible buyer in the foreseeable future as it was not attractive to any aviation investors.
Brief accounts of the three companies shortlisted to further engage in the acquisition process are as follows.
Sherisha/Supreme Global Consortium: This consortium is an alliance between Supreme Global Holdings and SHERISHA TECHNOLOGIES PRIVATE LIMITED, with substantial backing from MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar. Supreme Global Holdings, led by R.M. Manivannan, is known for its substantial contributions to Sri Lanka’s economic stability, including extending of credit during the recent energy crisis. The consortium’s strategic and financial potential is aimed at redefining the future trajectory of Sri Lankan Airlines, enhancing its international competitiveness.
Air Asia Consulting: A well-established name in aviation consulting, known for its expertise in airline operations, strategic planning, and turnaround strategies. Their involvement suggests a focus on operational efficiencies and expansion into new markets, promising a fresh perspective on the management and growth of Sri Lankan Airlines.
Hayleys PLC: One of Sri Lanka’s largest diversified conglomerates, with interests spanning from agriculture to transportation and logistics. Their inclusion in the shortlist brings a deep understanding of the local business landscape potentially enhancing the operational logistics and domestic connectivity of the airline.
The engagement with these shortlisted entities will be aimed at accelerating the privatization process, ensuring that the future of Sri Lankan Airlines aligns with strategic, financial, and operational enhancements. This initiative is part of a broader effort to stabilize and grow one of Sri Lanka’s most vital economic assets.
The Cabinet’s decision reflects a commitment to a transparent and strategic approach to privatization, ensuring the best possible outcome for the airline and its stakeholders. As the process moves forward, the implications for regional cooperation, particularly in light of the involvement of international partners like Qatar, indicate a promising horizon for Sri Lankan Airlines and its role in South Asian aviation,” Supreme Global Holdings stated.
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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