Business
Expolanka Holdings reportedly looking for more acquisitions
By Hiran H.Senewiratne
CSE’s most valuable listed entity Expolanka Holdings PLC yesterday disclosed that it is looking for more acquisitions.Expolanka said the company has submitted proposals in response to calls for expressions of interest for the acquisition of certain logistic companies in international markets in pursuance of its overall policy to expand its global business, CSE sources said.
“The Board wishes to emphasize, however, that such expressions of interest have not been accepted to date. Moreover, any finality to such transactions, if they are proceeded with, will be dependent on standard pre-acquisition procedures such as due diligence as well as corporate and regulatory approvals,” Expolanka said.
“The Board will ensure that the public will be kept duly informed of any progress,” it added.
During the last financial year, Expolanka made three strategic acquisitions investing $ 18 million in expanding its operations in the Americas.Amid those developments, CSE activities were bullish throughout the day and its shares gained on mid- market trade, pushed up by Expolanka shares following its corporate disclosure on acquiring a logistics company, brokers said.
“The market was mainly pushed up by Expolanka following its disclosure on acquisitions. However, the overall market is on muted sentiments,” top market analyst said. The All Share Price Index went up by 148.6 points and S and P S20 rose by 92.2 points. Turnover stood at Rs 1.6 billion sans a single crossing.
During the day, Expolanka shares contributed almost 50 per cent of the turnover and also 40 indices to the All Share Price Index. The Expolanka share price appreciated by 16 per cent or Rs 22.75. Its share price started at Rs 140.50 and at the end of the day it shot up to Rs 163.76. Due to these developments investor sentiment also improved remarkably during the day, stock market analysts said.
In the retail market top seven companies that contributed to the stock market/turnover were, Expolanka Holdings Rs 648 million (4.1 million shares traded), Lanka IOC Rs 205.1 million (1.1 million shares traded), Lankem Development Rs 68.9 million (2.3 million shares traded), ACL Cables Rs 67.6 million (925,000 shares traded), Sampath Bank Rs 61.7 million (1.9 million shares traded), LOLC Holdings Rs 39.4 million (116,000 shares traded) and Browns Investments Rs 37 million (7.2 million shares traded). During the day 43.6 million share volumes changed hands in 15000 transactions.Yesterday the Central Bank- announced US dollar buying rate was Rs 360.29 and the selling rate Rs 371.29. The inflation rate continues at around 70 per cent.
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
