Business
Blue Ocean Group acquires 60 per cent stake in Kelsey Development
By Hiran H.Senewiratne
Leading real estate company, Blue Ocean Group, yesterday acquired a 60 per cent stake in Kelsey Development PLC for Rs. 257 million, on Tuesday, stock market analysts said.
The stake amounting to 10.457 million shares was done at Rs. 24.60. The sellers were the Schaffter brothers, Praksah and Ramesh, who held 30% each.
With the acquisition of control, Kelsey will be a member of the Blue Ocean Group, a pre-eminent real estate conglomerate with a well-balanced portfolio, founded by top professional cum business leader Sivarajah Thumilan who is also the chairman and CEO.
Control of Kelsey was held by Janashakthi Ltd. and related parties. In September the parent, Janashakthi Ltd., sold its entire stake of 85.24 per cent or 14.85 million shares to Kelsey, to its ultimate shareholders Prakash and Ramesh with a view of restructuring the internal balance sheet of the Janashakthi Group. The transaction was done at Rs. 24.60 per share.
Yesterday, CSE witnessed panic- selling of shares mainly in blue chip counters due to worries on margin call in spite of overall positive sentiment following the Central Bank Governor Dr Nandalal Weerasinghe’s comments at a post budget panel discussion.
Dr Weerasinghe said that the current situation in the country is now getting better and manageable.
The turnover level was quite satisfactory; however, shares slipped over 2.5 per cent in mid-day trade dragged down by index heavy shares, market analysts said.
“Earnings reports of big counters are not so impressive this time and that’s bringing the market down,” market analysts said.
Both indices moved downwards. The All Share Price Index went down by 155.9 points and S and P SL20 went down by 62.2 points. Turnover stood at Rs 1.6 billion with a single crossing. The crossing took place in Central Finance, which crossed 2.2 million shares to the tune of Rs 140.8 million and its shares traded at Rs 64.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 452 million (3.4 million shares traded), Lanka IOC Rs 183 million (1.1 million shares traded), Browns Investments Rs 64.7 million (12.5 million shares traded), LOLC Holdings Rs 63.6 million (181,000 shares traded), ACL Cables Rs 54.3 million (779,000 shares traded), JKH Rs 47.2 million (336,000 shares traded) and LOLC Finance Rs 46.8 million (7.21 million shares traded). During the day 69.8 million share volumes changed hands in 20000 transactions.
It said high net worth and institutional investor participation was noted in Central Finance and Browns Investments. Mixed interest was observed in Sunshine Holdings and Sri Lanka Telecom, whilst retail interest was noted in LOLC Finance, First Capital Holdings and Prime Lands Residencies.
The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings) while the sector index lost 0.71 per cent. The share price of Hemas Holdings recorded a gain of 50 cents to close at Rs. 56.
The Telecommunication Services sector was the second highest contributor to the market turnover (due to Sri Lanka Telecom and Dialog Axiata), while the sector index increased by 5.51 per cent. The share price of Sri Lanka Telecom gained Rs. 8.20 (12.83 per cent) to close at Rs. 72.10. The share price of Dialog Axiata appreciated by 10 cents to close at Rs. 8.50.
Yesterday, the Central Bank- announced US dollar rate buying rate was Rs 360.98 and the selling rate Rs 371.77.
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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