Business
Imtiaz Buhardeen increases stake in Sierra Cables to 20 per cent
By Hiran H.Senewiratne
High net worth individual investor Imtiaz Buhardeen on Friday increased his collective stake in Sierra Cables PLC to 20 per cent
Imtiaz’s stakes are via Carlines Holdings Ltd. and Almas Organization Ltd. As at September, the collective stake was 17.5 per cent and since then he has been collecting select quantities to go up to the 20% mark. He said the stake was increased in value, given the upside he sees in the market segments served by Sierra Cables, CSE sources said.
On Friday, Sierra Cables saw 1.73 million shares traded between a high of Rs. 14 and a low of Rs. 13.50 before closing at Rs. 13.80, down by 20 cents. During the week 14.4 million of Sierra shares changed hands via 1,589 trades for Rs. 197 million. An intra-week high of Rs. 14.50 was achieved though it was below the 52-week record of Rs. 14.80.
Sierra Holdings Ltd. owns a 58 per cent stake in Sierra Cables, public float of which is 27.46 per cent; held by 21,388 shareholders as at September 30.
Amid those developments, at the beginning the CSE indicated some negative performance. Later showed some marginal increase and buying interest was witnessed in blue chip companies. Therefore, the All-Share Price Index increased by two per cent. Index heavy Commercial Leasing and Finance share price declined by 19 percent or Rs 7.70. Its shares started trading at Rs 47.70 and at the end of the day they dropped to Rs 32.50, thus dragging the All- Share Price Index by 110 negative points.
However, Expolanka Holdings and Browns Investments have shown acute price escalations. Expolanka shares gained by five percent or Rs 14.74. Its share price shot up to Rs 295 from Rs 280.25, contributing 64 points to the All- Share Price Index and Brown and Company shares shot up to Rs 315 from Rs 281. Its share price appreciated by 10 percent or Rs 28.25, thus contributing positive points to the All- Share Price Index.
Both indices moved upwards. The All- Share Price Index went up by 46.09 points and S and P SL20 rose by 81.8 points. Turnover stood at Rs 6.7 billion sans any crossings. In the retail market, top seven companies that mainly contributed to the turnover were, Commercial Leasing and Finance Rs 2.6 billion (80 million shares traded), Expolanka Holdings Rs 983 million (3.4 million shares traded), Browns Investments Rs 598 million (40.7 million shares traded), Brown and Company Rs 371 million (1.2 million shares traded), Vallibel One Rs 184 million (2.4 million shares traded), Royal Ceramic Rs 146 million (2.1 million shares traded) and LOLC Holdings Rs 145 million (147,000 shares traded). During the day 252 million share volumes changed hands in 39000 transactions.
Yesterday, the US dollar was quoted at Rs 202.26, which was the Central Bank controlled price, to prevent escalations of essential imported items and inflation in the country.
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
