Business
George Steuarts makes a Rs. 3.50 per share offer for HVA Foods
George Steuart and Co. (GS), established in 1835, has made a voluntary offer to shareholders of tea exporter, HVA Foods PLC, to acquire all shares of that company at a price of Rs. 3.50 per share under the SEC’s Takeovers and Mergers Code.
This followed a deal between GS and HVA Lanka (Exports) Private Ltd., the controlling shareholder of HVA Foods, to purchase 51.1% of that company at the Rs. 3.50 price in a deal worth Rs. 118.65 million.
The holding company is selling down its 61.1% stake in HVA Exports and the offeror (GS) has offered to buy all shares in that company. They have said their offer is based on the majority shareholder’s agreement to accept the offer in respect of a controlling 51.1% of the company.
HVA shareholders have been told that once controlling interest is acquired the voluntary offer made to all shareholders will convert to a mandatory offer in terms of the SEC’s Code.
HVA has not published its annual report for the year ended Mar. 31, 2020. In a Stock Exchange filing made of Dec. 23, the directors said that the audit for the last financial year was could not be completed in time because of the difficulties that have arisen from of absence of staff unable to attend work on account of Covid 19 restrictions.
There was no disclosure on when the annual report could be expected but the directors drew attention to the fact that previous quarterly statements had been published on time and said that action will be taken to complete the audit as soon as possible.
According to the last published annual report for the year ended Mar. 31, 2019, there were group retained losses of Rs. 511.1 million on the balance sheet and the company incurred a loss of Rs. 367 million in that year.
In the last five years to 2019 a profit was earned only in 2018 when a profit of Rs. 44.1 million was published. The last annual report (for 2019) placed the net asset value of the company’s share at 91 cents.
The directors of HVA are Messrs. Rohan Fernando (chairman), Ms. Varuni Amunugama Fernando (non-executive), BSM de Silva (Independent non-executive) and D. Hettiarachchi (Independent non-executive)
The offeror, George Steuarts, originally an agency house managing plantations, is now into manifold activities including pharmaceutical import and distribution, tea, insurance broking and consultancy services, money broking, financial consultancy, travel, leisure, hotels (operates three hotels) and many more.
Mr. Dilith Jayaweera heads the group. He’s into television (Derana) and newspapers in addition to its other interests.
“The HVA share has move up from a range of three rupees plus to six rupees plus since the takeover news broke. The Rs. 3.50 offer price is below the ruling market price of six rupees plus so that it would be advantageous for shareholders to sell in the market than take up the offer,” 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.”
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