Business
AMF and AFC in landmark merger; CSE indices up
By Hiran H.Senewiratne
Two of Sri Lanka’s oldest and most respected finance companies, Associated Motor Finance Company PLC (AMF) and Arpico Finance Company PLC(AFC) joined strengths officially at the CSE on April 1.
The months-long process for this landmark merger was officially completed in full compliance with the protocols. The merged entity will forge ahead as AMF, with the combined strengths of the two companies and a clear vision to rise high in Sri Lanka’s financial services industry, stock market analysts said.
CSE gained further momentum yesterday with both indices up, amid improved turnover reaching Rs. 5.16 billion with five crossings. The market witnessed buying interest for several selected stocks, especially manufacturing sectors counters. Both indices moved upwards. All Share Price Index was up by 22.99 points and S and P SL20 up by 22.33 points.
Crossings took place in HNB, which crossed 13.36 million shares to the tune of Rs. 1.73 billion, its shares trading at Rs. 130, Expolanka one million shares crossed for Rs. 47.5 million and its shares traded at Rs. 47.40. Haycarb 300,000 shares crossed for Rs. 34.5 million, its shares traded at Rs. 115, Royal Ceramic 101,000 shares crossed for Rs. 32.3 million, its shares traded at Rs. 320 and LOLC 68000 shares crossed for Rs. 20.4 billion, its shares fetching Rs. 300.
In the retail market, five companies that contributed to the turnover were, Dipped Products Rs. 528 million (9.3 million shares traded). Royal Ceramic Rs. 324 million (1.03 million shares traded), Hayleys Rs. 283 million (3.8 million shares traded), Expolanka Rs. 218 million (4.5 million shares traded), LOLC Rs. 203 million (675,000 shares traded). During the day 97.7 million share volumes changed hands in 25530 transactions.
Manufacturing sector counters witnessed some appreciation of its stocks during the day. Melstacorp contributed the highest points to the All Share Price Index, which was 5.33 points. Its share price moved up by Rs. 2 or 4 percent. Its share started trading at Rs. 47 and at the end of the day it moved to Rs. 49. Royal Ceramic contributed 4.63 points to the All Share Price Index. Its shares appreciated by 6 percent or Rs. 18. Its shares started trading at Rs. 301 and at the end of the day they moved up to Rs. 320 and HNB, contributed four points to the All Share Price Index. Its shares moved up by Rs. 4 or 3 percent. Its shares started trading at Rs. 126 and at the end of the day they moved to Rs. 130.
Even though the current positive movement in the market is encouraging, it is believed that market momentum will gather pace after the Sinhala and Tamil New Year holidays.
Consequently, it is better for investors to start accumulating a well-diversified portfolio of stocks which are cash generative, have strong earnings and revenue growth attributes and possess the ability to outperform over the longer term, market analysts said.
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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