Business
Govt. publishes invitation to pre-qualify and bid for 51.34 percent stake in LHCL
By Hiran H. Senewiratne
The government has published the invitation to pre-qualify and bid for a 51.34 percent stake in Lanka Hospitals Corporation (LHCL). The divestiture will be completed through a two-stage competitive bidding process.
International Finance Corporation (IFC), a member of the World Bank Group, is advising the government on the sale of LHCL and several state owned entities as a part of the SOE reforms process. This has resulted in an appreciation of its shares in the CSE, market analysts said.
It is said that the share price gained on the previous day by 7 percent or Rs. 8 to close at Rs. 120.50, following the calling for Expression of Interests from interested parties for the government stake in the entity.
The gain was on thin volumes of 209,777 shares changing hands via 392 trades for Rs. 25 million.LHCL’s highest share price in the past 52 weeks was Rs. 139 and the lowest was Rs. 86. Last week it declined by Rs. 7.25 to close at Rs. 106.50.
Amid those developments, stock market activities were positive yesterday with a healthy turnover. Both indices moved upwards after experiencing a dip in the last few days. The stock market has suffered a Rs. 254 billion loss of value so far in October due to negative investor sentiments over the lack of credible progress in resolving some major macroeconomic issues.
Both indices moved upwards. The All- Share Price Index was up by 33.26 points and S and P SL-20 up by 18.32 points. Turnover stood at Rs 1.1 billion with two crossings. Those crossings were reported in RIL Properties, which crossed 20 million shares to the tune of Rs 130 million; its shares traded at Rs 6.50 and NTB 200,000 shares crossed for Rs 20 million; its shares traded at Rs 100.
In the retail market top seven companies that mainly contributed to the turnover were; First Capital Holdings Rs 158 million (three million shares traded), First Capital Treasuries Rs 113 million (2.7 million shares traded), JKH Rs 85.5 million (448,000 shares traded), Lanka IOC Rs 81.3 million (820,000 shares traded), LB Finance Rs 54.9 million (899,000 shares traded), Capital Alliance Rs 38.6 million (656,0000 shares traded) and Expolanka Holdings Rs 36.7 million (294,000 shares traded). During the day 50.2 million share volumes changed hands in 12000 transactions.
It is said high net worth and institutional investor participation was noted in C T Holdings, JKH and LB Finance.Mixed interest was observed in First Capital Treasuries, Lanka IOC and First Capital Holdings, while retail interest was noted in Browns Investments, Eden Hotel Lanka rights and UB Finance Company.
The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Treasuries and LB Finance), while the sector index lost 0.70 percent. The share price of First Capital Treasuries moved down by 30 cents to Rs. 40.70. The share price of LB Finance appreciated by 30 cents to close at Rs. 61.30.
The Capital Goods sector was the second highest contributor to the market turnover (due to JKH), while the sector index decreased by 0.48%. The share price of JKH gained 25 cents to reach Rs. 190.25.Yesterday, the US dollar buying rate was Rs 319.29 and selling rate Rs 329.81.
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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