Business
Dialog-Airtel Lanka merger comes centre stage
By Hiran H. Senewiratne
Sri Lanka’s premier mobile phone company, Dialog Axiata, will issue 952 million shares by way of a share swap to Bharti Airtel to acquire the latter organization. The deal was finalized yesterday, CSE market analysts said.
Bharti Airtel and Dialog Axiata entered into a Binding Agreement to merge their operations in May 2023. Dialog is the largest telecom service provider in Sri Lanka with more than 17 million subscribers as of 2021, representing around 51 percent of the market. Airtel Lanka has about 5 million subscribers. The 952 million Dialog shares amount to 10.4 percent of the total shares issued by the company.
However, the stock market was sluggish because profit takings came to the fore due to continued uncertainty in the external debt restructuring exercise. Both indices moved downwards. The All Share Price Index went down by 33.1 points, while the S and P SL20 declined by 8.81 points. Turnover stood at Rs 2.22 billion with 3 crossings.
Those crossings were reported in National Developments Bank, where 1.26 million shares, each worth Rs 72, crossed to the tune of Rs 90.6 million, DFCC 300,000 shares crossed for Rs 23.4 million; its shares traded at Rs 78 and Central Finance 205,000 shares crossed for Rs 22.5 million; its shares traded at Rs 110.
In the retail market top seven companies that mainly contributed to the turnover were; Capital Alliance Rs 481 million (7.2 million share traded), Lanka Milk Food Rs 318 million (10.7 million shares traded), Hemas Holdings Rs 100 million (1.2 million shares traded), JKH Rs 87.4 million (429,000 shares traded), Commercial Bank Rs 75 million (708,000 shares traded), HNB Rs 66 million (343,000 shares traded) and Sampath Bank Rs 64.3 million (827,000 shares traded). During the day 71 million share volumes changed hands in 20125 transactions.
It is said high net worth and institutional investor participation was noted in Hatton National Bank, Dialog Axiata and Teejay Lanka. Mixed interest was observed in Lanka IOC, Ambeon Capital and Capital Alliance, while retail interest was noted in Browns Investments, SMB Leasing and LOLC Finance.
The Banking sector was the top contributor to the market turnover (due to HNB), while the sector index gained 0.30 percent. The share price of Hatton National Bank decreased.
The Diversified Financials sector was the second highest contributor to the market turnover (due to Capital Alliance), while the sector index increased by 0.90 percent. The share price of Capital Alliance appreciated by Rs. 4.40 to Rs. 63.40.
Yesterday rupee opened at Rs 301.00/302.05 to the US dollar in the spot forex market from 301.00/302.05 previous day, dealers said. Bond yields were steady. A bond maturing on 15.12.2026 was quoted at 11.32/34 percent from 11.30/35 percent. A bond maturing on 15.12.2028 was quoted stable at 12.10/20 percent.
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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