Business
Agarapatana Plantations IPO opens today with active interest expected
The much-awaited Initial Public Offering (IPO) of Ordinary Voting Shares of Agarapatana Plantations Limited will open today, 10th of August, at 9.00 a.m. Being one of the leading plantation companies in Sri Lanka with a strong foundation in sustainable agriculture and operations, supported by renewable energy and numerous ethical trade partnerships, the Issue is expected to see active interest from across a wide spectrum of local and global, individual and institutional investors. 83,070,111 or 16.61% of the Ordinary Voting Shares of Agarapatana Plantations Limited will be on offer to the Public today at an Issue Price of LKR 9.00 per share, with the Company seeking to raise a total of LKR 747,630,999/- through public investment, and a listing on the Diri Savi Board of the Colombo Stock Exchange.
In its prospectus, the Company has outlined its intended objectives for the capital it hopes to raise today. Accordingly, Agarapatana Plantations Limited intends to utilize LKR 672.6 million to develop its factories into “State-of-the-Art Processing Centres” investing in new technology by gradually replacing old machinery with modern equipment, while LKR 75 million has been allotted for utilization towards the retirement of selected high-cost term loans, enabling the Company to drastically reduce its financing costs, freeing up capital and cash flows that can be more productively utilized elsewhere.
The company has clearly communicated with the investor community about the exceptional value proposition of this Issue, and has received a very positive response. Therefore, it is anticipated that the Issue will attract broad-based active interest, and result in a successful, oversubscribed issue. In terms of value, the Issue presents a compelling valuation discount based on P/E and EV/Hectare metrics. This combined with the company’s commitment to sustainability and ethical practices will likely enable considerable growth in the coming years.”
Agarapatana Plantations Limited is mainly focused on the growing and production of Ceylon Tea, and maintains well-established Garden Marks at the Colombo Tea Auction, in the coveted Western-High and Uva-High elevation categories. The Company is also able to scale production further through access to green leaf from smallholders in the regions it operates. There is also significant potential for the Company to generate value through tourism, with it already having developed the Historical Site of Lipton’s Seat, which presently accommodates many visitors. With a number of its plantations in close proximity to other tourist attractions and hotspots, including Haputale, the 9-Arches Bridge, Ella, Ravana Ella and Horton Plains, amongst others, the Company is well-positioned to take advantage of the emerging boom in tourism.
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
