Business
JAT Holdings’ IPO oversubscribed on opening day
By Hiran H.Senewiratne
A JAT Holdings Ltd. Initial Public Offering (IPO) was successfully oversubscribed on the opening day, which was a tremendous achievement for the company in a situation where the country is heading for a major foreign reserve crisis, stock market analysts said.
In a CSE filing last morning JAT Holdings noted that they have received applications for over Rs. 2.23 billion for the above issues by it and accordingly the issue has been oversubscribed, market analysts said.
The company will issue 89.9 million shares at a price of Rs. 27 to raise Rs. 2.23 billion. Therefore, the issue was to close at 4.30 pm yesterday as per prospectus.
Amid those developments both indices moved upwards yesterday and CSE activities were up by 3 percent during the day. All Share Price Index went up by 46.48 points and S and P SL20 rose by 11.57 points. Turnover stood at Rs. 4.89 billion with four crossings. Those crossings were reported in Commercial Bank, where 3.5 million share volumes crossed for Rs. 304.5 million, its shares traded at Rs. 87, Expolanka one million shares crossed for Rs. 62.4 million, its shares traded at Rs. 62.80, Alumax 3.5 million shares crossed for Rs. 49 million, its shares traded at Rs. 14 and LOLC Holdings 500,000 shares crossed for Rs. 22.75 million, its shares traded at Rs.455.
In the retail market five companies that mainly contributed to the turnover, were Expolanka Rs 1.18 billion (18.3 million shares traded), LOLC Rs. 402.4 million (901,000 shares traded), Dipped Products Rs. 358 million (6.2 million shares traded),Hayleys Rs. 318.7 million (3.9 million shares traded) and Royal Ceramic Rs. 298.4 million (7.8 million shares traded).
Further, a Sanasa Development Bank Secondary Public Offer was announced this week. The company intends to offer 83 million ordinary shares at a share price of Rs. 51.50 to raise Rs. 4.3 billion. The purpose of this move is to enhance future expansion activities and also meet the capital adequacy ratio directed by the Central Bank.
During the day, topmost contributors to the ASPI were, LOLC 15 pts, Expolanka 8.8 pts and Hayleys 5.2 pts. Besides, banking sector share prices saw a slight decline. During the day, 330 million share volumes changed hands in 34206 transactions.
Business
AHK Sri Lanka champions first-ever Sri Lankan delegation at Drupa 2024
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.
Business
HNB General Insurance recognized as Best General Bancassurance Provider in Sri Lanka 2024
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.”