Business
EPF holds on to its 9.51% of Piramal Glass
Will the new owners continue as a listed company?
The Employees Provident Fund (EPF), the second largest shareholder of Piramal Glass Ceylon PLC (PGC), has not accepted an attractive mandatory offer of Rs. 11.86 per share made by the company’s new controlling shareholder, a unit of the mega Blackstone Group of the U.S, sources familiar with the transaction said last week.
The offeror, Pristine Glass Ltd. based in India which is a unit of Blackstone, has acquired 22.2% (approx.) of the company topping up the 56.45% (approx.) of Piramal it already held before the mandatory offer, to 78.65% (approx.), according to a Stock Exchange filing made by PGC last week.
Some brokers were speculating on the possibility of the controlling shareholder offering a price above Rs. 11.86 per share to increase its stake to 90% or more if it wanted to delist from the CSE.
“The EPF’s 9.51% is key to this. But the EPF has not been selling its investments or actively trading on the CSE in recent months following impropriety allegations. Although it was announced some time ago that the EPF would soon return to the market, this has not happened,” an analyst said.
The expected re-entry fired market sentiments but this did not come to pass.
“The price was not the issue,” one broker said. “If that was the case, a higher offer will not make a difference.”
Even if the EPF block is not being sold, a 90% target can be achieved if the rest of the minority would sell.
“I don’t see why Blackstone would want to delist,” this broker said. “They are dealing in listed companies all over the world so why delist a company here which they control?”
If 90% of a company is owned by an entity and if there’s les that a certain number of shareholders on the register, a court application for compulsory delisting can be made, the broker said. But he was not sure what this number was.
“I remember a couple of companies, including Pure Beverages, being delisted after court application but can’t recall the details,” he said.
Brokers said that Piramal was trading below the offer price while the mandatory offer was pending. They explaine that this was due to some shareholders, many of whom were traders, needed cash and did not want to wait for payment for acceptances.
Piramal closed at Rs. 11.60 (26 cents below the mandatory offer price) on Thursday, up 20 cents from the previous close, with 0.19 million shares done between Rs. 11.40 and 11.70 in 69 transactions.
“You must remember that secondary market trades involves a transaction cost – brokerage, CSE and SEC fees etc. whereas the acceptance of a mandatory offer has no such cost,” a broker said.
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
