Business
James Finlay divests control of Hapugastenne and Udapussellawa Plantations to Browns
Mandatory offer to minority shareholders pending
James Finlays, a Scottish Company with a 127-year long presence in Ceylon/Sri Lanka has divested two listed Regional Plantation Companies (RPCs), Hapugasgtenne and Udapusselawa, to Browns Investments PLC which has acquired 89.96% of Hapugastenne at Rs. 28.30 a share and 90% of Udapussellawa at Rs. 42 a share on the Colombo Stock Exchange.
The transactions were worth Rs. 1.9 billion.
A mandatory offer to minority shareholders is pending at these prices.
In an announcement made in London, Finlays said that the two RPCs managed 30 tea estates and 20 factories in six of the country’s seven agro-climatic regions. The properties were leased from the Janatha Estates Development Board (JEDB) and State Plantations Corporation (SLSPC) since 1992.
The Finlays announcement described the buyer, Browns Investments PLC, as “a highly successful diversified conglomerate and part of the LOLC Holdings PLC group companies.”
“Headquartered in Sri Lanka, Browns Investments has a successful track record in operating plantation businesses in Sri Lanka. Browns owns Maturata Plantations, one of the largest tea producing companies in Sri Lanka consisting of 19 individual estates that stretch across an area of over 12,000 hectares and employ a workforce of over 5,000 individuals.
“There will be no immediate change for any of the employees of either Hapugastenne Plantations PLC and Udapussellawa Plantations PLC and Browns intends to continue to run the business as it has been operated until now, the Finlay announcement said.
Finlays will continue to be represented in Sri Lanka by Finlays Colombo Ltd., its tea blending and packing operation which sources teas from multiple origins including Hapugastenne and Udapussellawa via the Colombo auction. This means that Finlays is able to continue to provide an uninterrupted service to customers, it added.
Kamantha Amarasekera, Director of Browns Investments PLC said. “Hapugastenne Plantations and Udapussellawa Plantations are two of the best managed and productive plantation companies in Sri Lanka and we are proud to be associated in their future journey. We will work with Finlays to ensure a smooth transition between the two groups. We warmly welcome the management and staff of Hapugastenne Plantations and Udapussellawa Plantations to the Browns family, which has a business heritage dating back to 1875.”
Guy Chambers, Group Managing Director of Finlays said: “After careful consideration and a rigorous selection process, we have agreed to transfer ownership of our Sri Lankan Tea Estates to Browns Investments PLC. As a Sri Lanka based investment firm with a strong track record in agriculture, Browns Investments PLC is ideally placed to unlock the long-term value of Hapugastenne Plantations PLC and Udapussellawa Plantations PLC.
“These Sri Lankan farms (plantations) have played an important role in Finlays’ history, and we are sure that they will continue to flourish under the ownership of Browns Investments PLC. I would like to thank our tea farm colleagues in Sri Lanka for their passion and commitment, and wish them well for the future.”
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
