Business
Sanasa Development Bank goes for SPO
By Hiran H.Senewiratne
Sanasa Development Bank will go for a Secondary Public Offering (SPO) soon. This is the first offering in the recent past and the bank will issue 88 million new shares to the public through this secondary offering, stock market analysts said.
Under this SPO the price of a share will be determined three days prior to the Extra General Meeting, based on the one month volume weighted average price, which would mostly be on par with current market prices, market analysts said.
It is said that the purpose of the SPO would be to strengthen the equity position of the company. At present 91.6 million shares are in issue in the CSE, CSE analysts said.
Amid those developments, the CSE was overly positive yesterday selling pressure was noted on the banking sector, especially in Sampath Bank, Commercial Bank and HNB. This has affected the blue chip index, i.e., S and P SL20.
However, manufacturing sector counters attracted some investors. Meanwhile trade counters increased over 18,000 levels after a month, which indicated a positive signal to the market, analysts said.
The All Share Price Index went up by 24.55 points and S and P SL20 rose by 6.58 points. The turnover stood at Rs. 2.1 billion with a single crossing. The crossing was reported in TJ Lanka, which crossed seven million share volumes to the tune of Rs. 241.9 million, its shares traded at Rs. 39.
In the retail market, five companies that mainly contributed to the turnover were; Dipped Products Rs. 198.6 million (four million shares traded), Hayleys Rs. 186.2 million (2.8 million shares traded), Haycarb Rs. 170.5 million (1.7 million shares traded), Expolanka Rs. 137.1 million (2.95 million shares traded) and JKH Rs. 115.8 million (772,000 shares traded). During the day 77.6 million share volumes changed hands in 18845 transactions.
Year to date ASPI is still up 6.19 percent and S&PSL20 is up by 8.7 percent. Market capitalisation on April 1, stood at Rs. 3.14 trillion, down by Rs. 647 billion from the 2021 peak and lower in comparison to Rs. 795 billion dip as of March 19, 2021.
Analysts, however, continue to stress that the CSE remains attractive. The Price Earnings Ratio (PER) as of April 1 was 14.98 times as against 11.25 times end December 2020 and 14.41 times end-January.
Sri Lanka’s rupee quoted weaker at 200.50/201 to the one week US dollar on Monday, while gilt yields were flat on dull trade, dealers said. The markets were closed on Good Friday. The rupee last closed in the one-week forward market at 199.50/200 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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