Business
CSE and USAID’s SME forum draws considerable interest
“USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Program, businesses can unlock fresh pathways for growth, capitalize on capital market opportunities, and contribute to the nation’s economic prosperity.” – Mark Peters- Economic Growth Advisor, USAID.
“A listing will not only strengthen your company’s capital and corporate image, but it will also have a significant impact on the company’s growth prospects.” – Rajeeva Bandaranaike, CSE CEO
“Fundraising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME, as well as creating a platform for future funding and growth.” – Ms. Amani Ranaweera, Acuity Partners (PVT) Ltd.
“Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs; hence, listing on the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure, and thereby successfully face challenges in the business environment.” – Rohan Senewiratne, Atarah Capital (Pvt) Limited
The Colombo Stock Exchange (CSE) conducted an Issuer Relations Forum titled “Unlocking funding opportunities for SMEs through the Colombo Stock Exchange”, in association with the U.S. Agency for International Development (USAID) in Sri Lanka on 15th August 2023 at the Mövenpick Hotel Colombo.
The forum provided insights for small- and medium-sized enterprises in key sectors, such as Agribusiness and Information, Communication & Technology (ICT), to discover capital-raising opportunities available at the CSE via listing on the Empower and Dirisavi Boards of the Exchange.
The forum was attended by the USAID Economic Growth Advisor, Mark Peters, USAID CATALYZE PSD Activity Team Lead Juan Forero, CSE Chief Executive Officer (CEO) Rajeeva Bandaranaike, Chief Regulatory Officer (CRO) Renuke Wijayawardhane, Senior Vice President, Commercial Ms. Punyamali Saparamadu, Atarah Capital (Pvt) Limited Managing Director Rohan Senewiratne, Acuity Partners (Pvt) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera and representatives from investment banks, SMEs interested in raising capital, USAID, and CSE.
Delivering the opening remarks, USAID Economic Growth Advisor, Mark Peters, said “Sri Lanka’s sustainable development and recovery hinge on bolstering capital markets while creating additional funding avenues for SMEs across the nation. USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Programme, businesses can unlock fresh pathways for growth, capitalise on capital market opportunities, and contribute to the nation’s economic prosperity.”
Through the USAID CATALYZE Private Sector Development (PSD) Activity, USAID Sri Lanka boosts private capital in vital Sri Lankan sectors. Such programs support the private sector in fostering inclusive economic growth and facilitating affordable financing access.
CSE CEO Rajeeva Bandaranaike, in his remarks, stated, “We are pleased to have received a positive response for this initiative today. Over the years we have seen numerous companies listing on the Colombo Stock Exchange, with both the company and its shareholders benefitting in the process.”
“We have witnessed a dynamic growth in the capital market of Sri Lanka. The Government’s recent Domestic Debt Optimization (DDO) process also had a positive impact on the CSE. We are actively looking at new products to be introduced to the market,” Bandaranaike added.
Encouraging the participants to list on the CSE, he further said, “A listing will not only strengthen your company’s capital and corporate image, but it will have a significant impact on the company’s growth prospects. Therefore, we encourage companies to make use of this opportunity.”
Addressing the gathering, Acuity Partners (PVT) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera said “We are seeing tangible signs of an economic revival. After several challenging years, now is the time for SMEs to put the appropriate framework and processes in place to take advantage of capital raising opportunities.”
“Fund raising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME as well as creating a platform for future funding and growth. With USAID’s CATALYZE project gaining access to funding is now more affordable to SMEs,” she added.
Speaking at the forum, under the subject of “Listing on the CSE as a Game Changer”, Mr. Rohan Senewiratne, Managing Director of Atarah Capital (Pvt) Limited stated “SMEs comprise more than 75% of enterprises, account for more than 20% of Sri Lankan exports, 45% of employment and 52% of the GDP.”
“SMEs can play a vital role in the economic recovery of Sri Lanka if they are able to gain access to raise equity capital. Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs hence listing in the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure and thereby successfully face challenges in the business environment,” Mr. Senewiratne added.
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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