Business
Banking sector shares suffer decline in the wake of Combank’s morn setback
By Hiran H.Senewiratne
Commercial Bank of Sri Lanka stocks were trading down last morning, a day after the bank announced a rights issue. Non- voting shares were down at Rs. 84.00. This negatively impacted other banking stocks yesterday, market analysts said.
The bank made a capital call from shareholders of Rs 22 billion, offering voting shares at Rs 85 and non-voting at Rs. 69. Commercial Bank will offer 252,082,449 shares in the proportion of 1 for every existing 5, to raise Rs 21.42 billion.
Amid those developments selling pressure noted in all sectors, especially banking sector stocks. Both indices moved downwards. All Share Price Index went down by 125.76 points while S and P SL20 declined by 69.18 points. Turnover stood at Rs 1.05 billion with three crossings. Those crossings were reported in Lanka Milk Food, which crossed 1.12 million shares to the tune of Rs 34.2 million and its shares traded at Rs 29, NTB 175,000 shares crossed for Rs 21.35 million; its shares traded at Rs 122 and Sampath Bank 2.3 million shares crossed for Rs 179 million; its shares sold at Rs 77.
In the retail market top seven companies that mainly contributed to the turnover were; Commercial Bank Rs 221 million (2.1 million shares traded), JKH Rs 39.5 million (192,000 shares traded), Sampath Bank Rs 28.4 million (368,000 shares traded), Commercial Bank Rs 24.9 million 9,299,000 shares traded), Royal Ceramic Rs 24.6 million (695,000 shares traded), LOLC Holdings Rs 23.1 million (50000 shares traded), Browns Investments Rs 22.3 million (3.5 million shares traded). During the day 55.6 million share volumes changed hands in 10800 transactions.
The rupee strengthened to open at 301.00/20 to the US dollar on Wednesday, from 301.70/302.30 the previous day, dealers said. Bond yields were broadly steady. A bond maturing on 15.12.2026 was quoted up at 9.90/10.00 percent from 9.90/10.05 percent. A bond maturing on 15.09.2027 was quoted at 10.35/45 percent from 10.30/55 percent. A bond maturing on 01.07.2028 was quoted stable at 10.90/11.00 percent.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
