Business
ComBank’s Rs 6 billion debenture issue to open on December 12
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs 6 billion Debenture Issue, opening on December 12th 2023, a Commercial Bank press release said.
The release adds: ‘The Bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at the par value of Rs 100/= each, to raise Rs 6 billion, with an option to issue up to another 60 million Debentures to raise an additional Rs 6 billion at the discretion of the Bank in the event of an oversubscription of the initial issue.
‘The Bank said the issue will further strengthen its Tier II capital base, raise funds for the expansion of its lending portfolio, and bridge maturity mismatches in the assets and liabilities portfolio of the Bank.
‘The Debentures will be offered in three tenures – Types A and B with a five-year tenure, Types C and D with a seven-year tenure, and Types E and F with a 10-year tenure, the Bank said.
‘Type A will carry a fixed interest rate of 14.50%. p.a. (AER 15.03%) payable semi-annually; Type B 15.00% p.a. (AER 15.00%) payable annually; Type C 13.75% p.a. (AER 14.22%) payable semi-annually; Type D 14.25% (AER 14.25%) payable annually; Type E 13.50% p.a. (AER 13.96%) payable semi-annually; and Type F 14.00% (AER 14.00%) payable annually.
‘The minimum subscription per application for an individual Qualified Investor is set at Rs 5 million, and the minimum subscription per application for other Qualified Investors at Rs 10,000/- or 100 Debentures.
‘The Debentures are rated BBB+ (lka) by Fitch Ratings Lanka Limited. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue.
‘More details of the Debenture Issue can be obtained from the application form and prospectus on the Bank’s website www.combank.lk and the Colombo Stock Exchange’s website www.cse.lk and are available with Trading Participants of the CSE. The Bank said applications can be handed over at any Commercial Bank branch.
‘For the nine months ending September 2023 the Commercial Bank Group reported gross income of Rs 255.963 billion, total operating income of Rs 86.45 billion, profit before tax of Rs 25.031 billion and profit after tax of Rs 14.764 billion, with total assets reaching Rs 2.526 trillion, loans and advances totalling Rs 1.239 trillion and total deposits exceeding Rs 2.038 trillion as at 30th September 2023.’
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
