Business
Govt backtracks from its decision to acquire 40% stake in Laugfs Terminal
The government has reached a decision to withdraw from a joint memo presented to the Cabinet of Ministers to acquire 40 percent stake in Laugfs Terminal Limited, a fully owned subsidiary of Laugfs Gas PLC.
The Minister of Finance jointly with the Minister of Trade earlier submitted a Cabinet memo to acquire 40 percent stake in Laugfs Terminal, which owns and operates an LPG storage terminal in Hambantota Port to jointly procure LP Gas with a view to maintaining LPG prices at current levels through possible cost benefits.
Sri Lanka Insurance and Litro Gas were expected to acquire 40 percent stake under this proposed PPP venture. However, several issues were raised against this venture including limitations in achieving cost benefits that would enable the LPG prices to be maintained at current levels.
At the Cabinet meeting held on 17th of last month, the Cabinet of Ministers pointed out that it’s not viable to retain the current LPG prices under the current market environment where LPG prices are on a rising trend.Further, concerns over supply risks in procuring LPG from the same source were also raised.
The State-owned Litro Gas commands over 70 percent share in the country’s duopoly LPG market while Laugfs Gas serves the remainder of the market.
Laugfs Gas commissioned the largest storage terminal in May 2019, with an investment of Rs.11.9 billion mostly financed through borrowings.
However, the facility operated below its capacity of 40 percent in 2019/2020 financial year.
“In consideration of the existing excess storage capacity of the LPG terminal located at the Hambantota International Port, owned by Laugfs Terminals Limited, which is a subsidiary of Laugfs Gas PLC, the government has recognised the possible cost benefits to the country derived from the economies of the scale of operations, by way of joint procurement of LP Gas through the formation of a private public partnership between State owned Litro Gas Lanka Limited and Laugfs Terminal Limited,” Laugfs Gas stated in a stock market disclosure. Although, the operating profit of Laugfs Terminals improved to Rs.58 million in the 2019/2020, the company still remains in red as it made a loss of Rs.162 million due to high finance costs.
Further, it hasn’t been able to increase its LPG market share in the country significantly.
The Cabinet paper also included a proposal to remove Port and Airport Levy to maintain current market price on 12.5 kg LPG cylinder. Accordingly, all seven proposals presented in the Cabinet paper are expected to be withdrawn through a note to the Cabinet of Ministers.
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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