Connect with us

Business

Abans to divest stake in Abans Finance to Softlogic Capital

Published

on

In meeting the aspirations of the government of Sri Lanka and the Central Bank of Sri Lanka to develop a stronger financial system, Abans PLC, the controlling shareholder of Abans Finance PLC, will be selling its stake in the finance company to Softlogic Capital PLC, the holding company of Softlogic Finance PLC, with a capital gain. The Boards of both Abans PLC and Softlogic Capital PLC approved the proposed transaction on the 29th of September 2020.

Abans Finance PLC was established as a registered Finance Leasing company in 2006. The principal lines of business include finance leasing, mortgage loans, personal loans, and acceptance of time and savings deposits. The company currently operates across island through a network of branches and customer service centres. Softlogic Finance PLC was established as a registered Finance Leasing company in 1999. The company operates through a branch network of 36 locations and offers leasing, mortgage loans, personal loans, gold loans and acceptance of time and savings deposits.

Shareholders of Abans Finance PLC will have the option to accept cash at a price of LKR 30.1 through the mandatory offer for every share held in Abans Finance PLC, which reflects a premium of 47% to the recently traded price of LKR 20.50 as of 28th September 2020 or accept 11 shares in Softlogic Finance PLC for every 6 shares held at Abans Finance PLC on the subsequent amalgamation. This transaction is subject to obtaining all necessary shareholder approvals and regulatory approvals from Central Bank of Sri Lanka, Colombo Stock Exchange, and the Securities and Exchange Commission of Sri Lanka.

(Abans PLC)



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

AHK Sri Lanka champions first-ever Sri Lankan delegation at Drupa 2024

Published

on

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.

Continue Reading

Business

Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness

Published

on

Kotaro Katsuki, Ambassador for the Embassy of Japan

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.

Continue Reading

Business

HNB General Insurance recognized as Best General Bancassurance Provider in Sri Lanka 2024

Published

on

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.”

Continue Reading

Trending