Business
LOLC General Insurance IPO oversubscribed on opening day
The Initial Public Offering (IPO) of LOLC General Insurance Limited was oversubscribed within minutes of opening on the 16th of December 2021.
120,000,000 shares were offered for sale at a price of LKR7.90 per share. The offer size was LKR 948,000,000. Over 12,200 applications were received for the value of LKR11.6 bn which resulted in the issue being oversubscribed by 12.23 times. This reflects the significant investor confidence in the Company, its growth prospects and attractive valuation at the offer price. No preferential allocation was made to any investor.
LOLC General Insurance Limited is one of the fastest growing General Insurance Companies in Sri Lanka. The Company has been operating in the insurance industry for over 10 years and has established itself as a key player within the industry.
The Company is backed by the LOLC Group which enables LOLC General Insurance to benefit from synergies within the Group. LOLC General Insurance has a steady stream of business from captive channels within the LOLC Group’s finance and leasing operations. In addition, the Company has strong partnerships and tie ups with non-captive channels that contribute to the growth in Gross Written Premiums.
Leveraging on the LOLC Group’s global synergies and expansions, LOLC General Insurance has expanded its operation into Cambodia. The Company currently owns a 45% stake in Serendib Micro Insurance PLC in Cambodia. Furthermore, the Company is well placed to replicate its strategy in Sri Lanka in the future and in other markets across Asia and Africa where the LOLC Group already has an established presence.
LOLG General Insurance Chief Executive Officer, Kithsiri Gunawardena stated, “We are honoured to have received an oversubscription by 12.23 times. This expression of confidence by the investing public is a reflection of the trust placed on the LOLC Group and our exceptional performance during one of the most challenging periods in history for business. We wish to thank the public for subscribing to our IPO and assure them of even better performance leading to creation of even greater shareholder wealth”
Capital Trust Partners (Pvt) Ltd and P W Secretarial (Pvt) Ltd were the Managers to the issue. (LOLG Insurance)
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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