Business
Agarapathana Plantations goes for much delayed IPO with hope of hitting 10 million kilogram tea production
By Hiran H.Senewiratne
One of Sri Lanka’s leading plantation companies, and one focused on innovation and growth, Agarapathana Plantations Ltd., officially announced its Initial Public Offering of Ordinary Voting Shares recently.
“This IPO was delayed by 15 years due to certain conditions stemming from specific requirements. It is a good investment for prospective shareholders of the company, because we are using modern technology to increase the yield and face labour problems, chairman of the company S.D. R. Arudpragasam said at the event, which was held at the Cinnamon Grand.
“Over the last three years the company underwent major transformative changes to enhance the efficiency and effectiveness of the company to reach the entity’s maximum potential of 10 million kilograms of tea production. Now it has reached 7.5 to 8 million kilograms of tea production, Arudpragasam said.
Arudpragasam added: “The IPO involves 83,070,111 Ordinary Voting Shares at Rs. 9 each. The quantity of shares amounts to 16.61 percent of the post-issue Ordinary Voting Shares of the Company. The
Net Asset Value per share of the Equity (NAV) is Rs. 8.43 and the Offer Price is 1.07 times the NAV. Capital Alliance Partners Ltd., is the manager of the IPO.
“Funds raised via the IPO are for investment in modern equipment to develop APL factories into ‘State of the Art – Processing Centres’ (Rs. 672.6 million) and settlement of high-cost term loans worth Rs. 75 million.
“As per Rule 2.4(c) (i) of the CSE Listing Rules, the company is permitted to open the subscription list within a period of 6 months from the date of receiving approval from the CSE. Accordingly, the company will determine the said date of opening (within the aforesaid time period) and notify the same in due course.”
Lankem Developments PLC is the Parent Company of Agarapatana Plantations, holding 67.45 percent of the issued share capital, while related parties are also shareholders.
Agarapathana Plantations Executive Director Kowdu Mohideen said: “We’re pleased to present investors with an excellent value proposition and a compelling discount to the valuation based on the price to earnings and EV/Hectare metrics.
“The funds raised by the issue will go towards factory modernization while also helping reduce borrowing costs. The investor forum will provide an excellent opportunity for the media, and all interested potential stakeholders, and the public, to witness our value proposition first-hand, make any clarifications. We look forward to a lively and engaging event, and heavy interest in our Issue thereafter.”
Informed sources said: “The Company specializes in the cultivation, manufacture and sale of high-quality tea. APL is one of the few mono-crop companies in the plantation sector, with all of the tea extent located in the High Grown districts of Nuwara Eliya and Badulla, which fall within the Western and Uva High elevation categories.
“The Company has plantations located in the Agras valley and Uva regions in Sri Lanka. Properties held by APL include historical properties like Dambatenne Estate, situated in the Badulla district in the Uva Province of Sri Lanka and ranges in elevation from 1509m to 1936m above sea level. Dambatenne is intrinsically linked to the history of Ceylon Tea. It was instrumental in the building of the Lipton Tea Empire and, by association, the legacy of Ceylon Tea.”
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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