Business
Chrissworld rings the bell to celebrate their achievement after being listed on the CSE Empower Board
Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) on the 30th August 2022 to celebrate their remarkable achievement after being listed on the Empower Board of the CSE.
Representing Chrissworld PLC, the Chairman Christopher A. M. Perera, the CEO/Managing Director, Suraj Suraweera, Executive Director Sithira Wickramasekera, and the Manager to the Issue and Sponsor, Atarah Capital Partners Managing Director, Rohan Senewiratne, were present at the event. The CSE was represented by the Chairman, Dilshan Wirasekara, the CEO, Rajeeva Bandaranaike, and its senior management.
While congratulating Chrissworld PLC for the Company’s milestone, the Chairman of the CSE, Mr. Dilshan Wirasekara stated, “Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE; accessing the capital and scaling up the business and growing, which is the dire need of the economy in Sri Lanka today.”
In terms of the company’s overseas business expansion plans. Mr. Wirasekara added, “Export companies are really the backbone that keeps this economy growing today and that CSE could also play a part in that growing path and assist in the capital raising needs of the company.”
Speaking at the ceremony, Chrissworld PLC Chairman, Mr. Christopher A.M. Perera, thanked and appreciated the CSE for the opportunity given to list their company on the Empower Board of the CSE.
“Before the listing took place, we had a lot of concerns, but after much deliberation, we were convinced this is a good move.” Mr. Perera added, “The biggest challenge we had was funding; the financial cost was a huge challenge. Divesting shares to the public tremendously helped us to reduce our interest cost. Had we not gone for listing, we may have been severely impacted by the current interest rates. We have doubled our profits from 2021 to 2022 even though the economic conditions in the country are not very conducive for growth.”
“Further because of the PLC status we gained a lot of recognition and admiration, locally as well as internationally; We have got opportunities where companies want to invest with us.” He also mentioned that countries like China and India are interested in Sri Lanka’s logistics industry and that Sri Lankans must put their hand up to grab potential opportunities.
He further added that Sri Lanka needs revolutionary innovations in logistics and Chrissworld PLC is committed to be a part of that revolutionary change. He expressed his confidence in Mr. Suraj Suraweera, the Managing Director and his team to take the company on a rapid growth path.
Commenting on the company’s milestone, the Manager to the Issue of the IPO, Atarah Capital Partners Managing Director, Mr. Rohan Senewiratne, said, “Chrissworld PLC successfully outperformed our valuation forecasts that were depicted in the Research Report of the Prospectus. The topline forecast for FY 20/21 was LKR 237 million whereas Chrissworld PLC ended up with LKR 264 million turnover, whilst the net profit forecast was outperformed by 40%. This was amidst COVID-19 related lengthy lockdown in the country. In FY 21/22, yet again the topline forecast was outperformed by 80% and the net bottom line forecast was outperformed by 32%.”
While congratulating on the company’s achievement, Mr. Senewiratne also added that Chrissworld answered the critics very well; that SMEs should not be listed in the CSE and they should depend only on banks for funding. He further said “following the path of Chrissworld PLC, three more SMEs successfully listed on the “Empower Board” during FY 21/22. I believe more SMEs will take this path in the future, to raise equity capital rather than solely depend on debt capital.”
He also mentioned that it was a great privilege for Atarah Capital Partners to list the first company on the Empower Board of the CSE and also emphasized the importance of Sri Lanka recommencing State Development Banking to support the SME sector which accounts for over 60% of the GDP.
Chrissworld PlC is a member of the Chartered Institute of Logistics & Transport, Sri Lanka, managing over half a million square feet of space. The company is renowned in the industry for its dynamism and above-par warehouse management processes.
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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