Business
Both CSE indices dip but turnover exceeds Rs. 12 billion
By Hiran H.Senewiratne
CSE trading activities yesterday started on a bullish note but subsequently showed some selling pressure due to Standard and Poors’, a rating agency, cutting the outlook of Sri Lanka’s CCC+ rating to negative as foreign reserves fell below two months’ imports, market analysts said. However, although both CSE indices slid, turnover was healthy.
“We revised our outlook on Sri Lanka to negative to reflect our views that the government may face an increasingly challenging financing environment over the next 12 months, S&P sources said in its report.
“The negative outlook reflects our expectation that Sri Lanka’s financing environment may get more difficult over the next 12 months. This would affect Sri Lanka’s ability to service its debt. The country’s external position remains a key vulnerability on the rating, S&P sources said.
The rating agency said reserves had fallen below 3 billion US dollars or less than two months of import cover.
All Share Price Index went down by 63.07 points and S and P SL20 declined by 42.16 points. Turnover stood at Rs. 12.85 billion with three crossings. Those crossings were reported in JKH, where 1,000,000 shares crossed to the tune of Rs. 135 million, its shares traded at Rs. 130.50, LB Finance 1,000,000 shares crossed for Rs. 63 million, its shares traded at Rs. 63 and Sanasa Development Bank 725,000 shares crossed for Rs 36.6 million, and its shares traded at Rs. 50.50.
In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 4.79 billion (446 million shares traded), Expolanka Holdings Rs. 1.8 billion (12.6 million shares traded), Dipped Products Rs. 1.28 billion (18.4 million shares traded), LOLC Holdings Rs. 1.15 billion (1.8 million shares traded) and Hayleys PLC Rs. 584 million (5.2 million shares traded). During the day 650 million share volumes changed hands in 6600 transactions.
Sri Lanka’s Expolanka Holdings said it had bought a 100 percent stake in US-based IDEA Logistics LLC, through two overseas units for US $ 97 million.
“EFL Global Logistics (Pte.) Ltd (Singapore) and EFL Global LLC (USA), fully owned subsidiaries of Expolanka Holdings PLC, have acquired 100 percent equity interest in IDEA Logistics LLC and its Group of Companies on the 10th August 2021 for a total purchase consideration of US $ 9.7 million, the firm said in a stock exchange filing.
IDEA Logistics LLC is a Central American logistics company headquartered in the United States, servicing a range of US customers, offering freight forwarding, warehousing and trucking services.
Further, LOLC Holdings PLC, with its robust Micro, Small and Medium Enterprises-based (MSMEs) business model said it is expanding the global footprint with three parallel investments in Tajikistan in Central Asia as well as Malawi and Tanzania in East Africa.
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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