Business
Abans Finance rights issue oversubscribed
Abans Finance PLC raised an additional capital by way of a Rights Issue from its existing shareholders, to fund the company’s future growth. With the Rights Issue, the company’s core capital base has now reached beyond Rs 2.5 billion.
A member of the diversified Abans Group, Abans Finance PLC, with a history of 17 years in the financial services sector, despite being the most turbulent business environment has recorded its highest ever profit for last three consecutive years by recording PBT of Rs. 154 million in FY 2019/20, Rs 427 million in FY 2020/21 and Rs 615 million in the last financial year i.e. FY 2021/22. With the successful completion of this rights issue, the momentum of consistent growth of the company will be further strengthened.
Abans Finance PLC’s chairman Cecil Perera said, “this is a proactive move made from a position of obvious strength that allows Abans Finance PLC to secure capital in anticipation of upcoming growth plans in the coming years and strengthening its position as a leading financial services organization.”
Abans Finance PLC is one of the most innovative finance companies in Sri Lanka and the company’s principal lines of business include finance leasing, mortgage loans, educational loans, hire purchase and acceptance of fixed and savings deposits. This product portfolio will be further expanded to products such as consumer durable financing in the future through the company’s strong branch network with extensive presence across the Island. This is further backed by over four hundred outlets island wide of its parent company i.e. Abans PLC.
Based on the business / financial analysis done on the company, FITCH Ratings Lanka Limited has rated Abans Finance PLC with an investment grading with a National Long-Term Rating of ‘A-(lka)’ RWN. As a key finance institution, the raising of its capital base allows Abans Finance PLC the added monetary equilibrium in continuing its strategic support to SMEs and other entrepreneurs who form the backbone of the country’s economy. This sector accounts for over 50% of the nation’s GDP, and addressing their financial needs is not only financially lucrative towards the company but fulfilling a corporate social responsibility as well.
Furthermore, Abans Finance PLC recently reinforced its strength with the joining of Sanjaya Bandara to the Board at the capacity of an Independent Non – Executive Director/chairman Board Audit Committee. With the latest appointment, the Board of Directors of Abans Finance PLC comprises of Chairman Cecil Perera, Rusi Pestonjee, MHiran Embuldeniya, Thulci Aluwihare, Mrs. Srini Ratnayake Choksy and Sanjaya Bandara.
The Company in addition also has a hand-picked a team of top management with a proven consistent track record headed by its Chief Executive Officer Dharshan Silva.
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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