Business
CSE approves Softlogic Finance Rs 1.9 billion rights issue
Softlogic Finance PLC received Colombo Stock Exchange (CSE) approval for its rights issue of Rs 1.9 billion and the extraordinary General Meeting of the company is fixed for November 9, 2020, with the funds expected to be received by the company by end November. The rights issue is fully underwritten by its immediate parent Softlogic Capital PLC and the entire equity infusion is hence guaranteed.
The Softlogic Group has also announced purchasing the shares of Abans Finance PLC consequent to which Abans Finance PLC will be amalgamated with Softlogic Finance PLC with the latter being the surviving entity. The transaction is currently pending approval of the regulator, the Central Bank of Sri Lanka. The combined entity, post-merger, will create a stronger and bigger company that is estimated to have total assets of Rs 32 billion, customer deposits of Rs 22 billion and customer advances of Rs 26 billion, whilst complying with all of the regulatory requirements of the Central Bank of Sri Lanka including the capital adequacy of the company. The capital position of the amalgamated entity is expected to be Rs 4.9 billion by 31st March 2021.
Softlogic Finance is therefore upbeat on its future prospects that will deliver a robust business strategy enhanced by digitalization and delivered by the new management team of the company that is in place since May of this year. Unparalleled customer convenience and ease of doing business are expected to bring about synergies within the Softlogic Group’s large customer base and will follow the tremendous success delivered by its sister company Softlogic Life Insurance PLC that is the country’s fastest growing life insurer having recorded a five-year growth of 30% versus industry growth of 12%.
The Softlogic Group has long viewed Financial Services as an industry with substantial opportunities for growth. This proposed merger compliments Softlogic Finance in its ambition to increase its footprint in the NBFI sector, particularly in the dynamic leasing category, which represents an area of strategic focus for the company.
The Company is currently re-evaluating its product mix and service offering, and work is in progress to streamline its systems and processes to suit a digitized environment, in order to prepare the company to confidently face the constantly changing external landscape and sustainably deliver a distinctive and easily accessible value proposition to its customers.
The Softlogic Group is regarded as one of Sri Lanka’s most dynamic and progressive conglomerates, with industry leadership in key business verticals; with its presence visible across the Healthcare, Retail, Financial Services, ICT, Automobiles and Leisure sectors. Softlogic Finance is a registered finance company under Finance Business Act No. 42 of 2011 as well as a Specialised Leasing Company licensed by the Central Bank of Sri Lanka under Finance Leasing Act No. 56 of 2000.
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
