Business
Boost for for-ex strapped SL as Malaysian investor buys controlling stake in Ramboda Falls
By Hiran H.Senewiratne
A high net-worth Malaysian investor recently purchased a controlling 52 per cent stake in Ramboda Falls PLC for a consideration of Rs. 279 million giving a boost to forex-strapped Sri Lanka via the CSE, market analysts said.The investor Yeoh Kim Leng bought 10.40 million shares at Rs. 26.80 each via a crossing. Sellers were founder shareholders L.S. Sigera and I.J.A. Karunarathna in equal quantities of 5.2 million shares (26 per cent) each.Post-deal the Ramboda Falls share price gained by 54 per cent or Rs. 8.20 to close at Rs. 23.40. Last week the share figured among top losers, down by 16.5 per cent to Rs. 13.70. The foreign acquisition was carried out at a premium of 76.3 per cent compared to yesterday’s closing price. The buying side was Almas Group’s new subsidiary Assetline Securities, in a major deal under the new ownership, and the selling side advisory was by investment banking firm Atarah Capital Partners.
Amid those developments, stock market indices reversed their early gains after mid- day trading as investors wanted some positive news. But the stock market reacted negatively in relation to high interest rates, imposition of a new tax regime and the anticipated food shortage in the coming months.However, bullish on the prospects for the export apparel sector, Browns Group is investing Rs. 15.3 billion to put up the country’s most modern and the largest textiles plant in the Kurunegala District.The Board of Investment (BOI) agreement to this effect was signed recently between Brown and Company PLC Group CEO T. Sanakan and BOI Director General Renuka Weerakone. This move would not change the mind- set of investors, stock market analysts said
“There is nothing to boost the sentiment. Higher interest rate is the main reason for the market fall,” a stockbroker said. Consequently, the main All- Share Price Index was down 44.74.62 points, while the most liquid S&P SL20 slipped 25.16 points. Turnover stood at Rs 1.31 billion with two crossings. Those crossings were reported in Windforce, which crossed 29.4 million shares to the tune of Rs 462 million and its shares traded at Rs 15.70 and Sampath Bank 3.07 million shares crossed to the tune of Rs 110.5 million; its shares traded at Rs 36.
In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 136.2 million (14.05 million shares traded), Lanka IOC Rs 116.7 million (1.8 million shares traded), Expolanka Rs 106 million (497,000 shares traded), LOLC Finance Rs 37.9 million (4.4 million shares traded), TJLanka Rs 16.2 million (394,000 shares traded), LOLC Holdings Rs 14.3 million (24,100 shares traded) and Tokyo Cement Rs 12.7 million (491,000 shares traded). During the day 80.7 million share volumes changed hands in 11177 transactions.Mixed interest was observed in Expolanka Holdings, Lanka IOC and Hela Apparel Holdings Ltd., while retail interest was noted in Browns Investments, Dialog Axiata and LOLC Finance. Yesterday the US dollar rate was quoted at Rs 365.09, which was the Central Bank announced rate.
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
