Business
Blackstone Capital acquires controlling stake in Piramel Glass for Rs. 6.2 billion
By Hiran H.Senewiratne
US-based Blackstone Capital acquired CSE listed Piramal Glass (Pvt) Ltd. for a consideration of Rs. 6.2 billion. Blackstone Capital purchased a controlling stake in a transaction by way of a crossing, stock market analysts said.
A mandatory offer is expected to follow with Blackstone getting a 56 percent stake in the firm, through PGP Glass. This transaction was a crossing in the CSE, which contributed more than 88 percent to the turnover, stock analysts said.
PGP Glass, a Blackstone unit, purchased India’s Piramal Glass and several affiliated companies including the Sri Lanka firm.
The new owners have the know-how to develop the glass firmly and boost exports, analysts say.”Blackstone is interested in the export potential of Piramal Glass,” they explained.
Meanwhile, Asia Securities said in a press release:’Asia Securities Advisors (Pvt) Ltd. acted as the buy-side advisor and Asia Securities (Pvt) Ltd acted as the executing stockbroker to the Blackstone Group in its landmark acquisition of Piramal Glass Ceylon PLC. This transaction reaffirms Asia Securities’ position as the preferred investment banking and stockbroking partner to the most sophisticated investors for cross-border M&A transactions in Sri Lanka. The acquisition price implies a total enterprise value of LKR 13.9 Billion for the target company.’
Blackstone had acquired Gerresheimer AG, a German glass and plastics packaging maker for pharmaceuticals in 2004, developed it and earned a 7.5 times return in about four years.
Amid those developments the CSE yesterday indicated mixed reactions. The All Share Price Index went down by 12.57 points and S and P SL20 rose by 6.76 points. Turnover stood at Rs. 7.45 billion with three crossings. Main crossings happened in Piramal Glass (Pvt) Ltd, which crossed 6536 million shares to the tune of Rs. 6.2 billion, its shares traded at Rs. 11.60, Hayleys 500,000 shares crossed for Rs. 31 million, its shares traded at Rs. 62 and Kandy Hotel 4.2 million shares crossed for Rs. 23.1 million, its shares trading at Rs. 5.50.
In the retail market, five companies that mainly contributed to the turnover were; Piramal Glass (Pvt) Ltd. Rs. 313 million (28.5 million shares traded), JKH Rs. 181.7 million (1.2 million shares traded), Commercial Bank Rs. 82.2 million (910,000 shares traded), Sampath Bank Rs. 78 million (1.37 million shares traded) and HNB Rs. 67.6 million (319,000 shares traded), During day 619 million share volumes traded in 10730 transactions.
With the recording of foreign selling mainly in Commercial Bank, HNB and Sampath Bank on the previous day, investors were a bit careful in purchasing those stocks. However, Commercial Bank, Sampath Bank and HNB have announced exclusive dividend schemes, where the shareholders are entitled to a certain number of shares who have made share purchases before March 30. Since Piramal Glass (Pvt) Ltd contributed more than 88 percent to the turnover all other companies contributed only Rs. 916 million.
Sri Lanka’s rupee quoted weaker at 199.50/201 to the one week US dollar on Tuesday, while yields remained unchanged in dull market trade, dealers said. The rupee last closed in the one-week forward market at 199.25/75 to the US dollar on Monday.
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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