Business
Joint committee between SEC and CSE to fast-track new share market products
By Hrian H.Senewiratne
A joint committee between the SEC and the CSE has been set up under the purview of the SEC to fast-track some of the new products to the market and the CSE is also looking to strengthen resources in that area, CSE CEO Rajeeva Bandaranaike said.
“Over the last two years, the number of active investors has tripled and we are continuing to work to broaden the market’s base; we have plans to open more regional branches during the year, Bandaranaike told a media conference last week at the Shangri La Hotel.
Bandaranaike added: “On the capital- raising side, we have expanded the listing criteria and the listing rules to enable separate boards for small and medium companies. As for local companies raising foreign currency-denominated capital for their overseas expansions, we are working with investment banks to encourage those companies to make use of these opportunities.
“Certain regulatory approvals have already been obtained and we are continuing to work on the regulatory front to close any other gaps that exist in potential dollar-denominated capital-raising.
“To accommodate state-owned enterprises in listing, we are amending and changing our rules to facilitate such listing.
“We are also looking at strengthening the governance structure of the CSE through a process of Demutualization of the stock exchange, converting it from a guarantee company to a company limited by shares.
“The primary objective of this is to separate ownership from management. We are working with the 15 member firms to assist the regulator in demutualizing the exchange and we are hopeful that this will be completed during 2023.”
Meanwhile, developments on the share market indicated that, Finco Holdings Ltd. has increased its stake in Renuka Hotels PLC to 10 per cent as of last week.
In a disclosure to the CSE, Finco Director Priyanjith Weerasooriya said that it holds 4.045 million shares or 10.04 percent stake in Renuka Hotels.
As at September 30, 2022, Finco held a 6.13 per cent stake in Renuka Hotel. The controlling stake in the latter is held by leisure sector veteran and senior business leader Ravi Thambiayah and his family. Renuka Hotels owns a 69 per cent stake in Renuka City Hotels as well.
Carson Cumberbatch Group and Acuity Partners sold a 100% stake in Guardian Acuity Asset Management Ltd. (GAAM) for Rs. 101.5 million to CT CLSA Holdings Ltd.
The sale price was based on the Net Asset Value and the assets under management of GAAM as of January 13, 2023.
In business for over the past 10 years, GAAM specialized in a wide range of investment and wealth management services, while offering three Unit Trust Funds (Guardian Acuity Money Market Fund; Guardian Acuity Equity Fund and Guardian Acuity Income Fund) licensed by the Securities and Exchange Commission of Sri Lanka. The company also provides discretionary portfolio management services for high-net worth individuals and institutions.
Carson Group subsidiary Ceylon Guardian Investment Trust PLC and Acuity Partners held a 50 per cent stake each in GAAM. Acuity is an integrated investment banking entity jointly floated by DFCC and HNB.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 360.39 and the selling rate Rs 371.46.
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
