Business
LB Finance acquires 65 per cent stake in loss-incurring Multi Finance for Rs. 400 million
By Hiran H.Senewiratne
Industry giant LB Finance PLC recently acquired a 65 per cent stake in loss- incurring Multi Finance PLC at Rs. 400 million, market analysts said.
It bought 41.11 million shares or a 64.62 per cent stake, with 28.78 million shares being bought at Rs. 9.70 each and 12.32 million shares being purchased at Rs. 9.80 each. Multi Finance’s net asset value per share is Rs. 7.12.
LB Finance will make a mandatory offer under the SEC’s Takeovers and Mergers Code. Multi Finance has a public float of 35 per cent with 904 shareholders.
The acquisition is part of the Central Bank facilitated consolidation within the Non-Bank Financial Institutions (NBFIs) sector, market sources said.
The transaction was structured and executed by Acuity Stockbrokers.
Multi Finance as at December 31, 2021 held assets worth Rs. 773.2 million, while liabilities were Rs. 320 million. It was carrying an accumulated loss of Rs. 462 million.
Amid those developments, stock market activities yesterday were slightly positive with the Sri Lankan government inking a deal with the State Bank of India to get a one billion US dollar credit line for food and medicine, while President Gotabaya Rajapaka’s recent address to the nation too gave some impetus to stock market investors, brokers said.
However, the absence of debt sustainable mechanisms and the shortage of essential items along with the acute financial crisis will aggravate issues in the future, stock market analysts said.
Both indices moved upwards. The All- Share Price Index went up by 153 points and S and P SL20 rose by 64.05 points. Turnover stood at Rs 1.4 billion sans a single crossing.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 323 million (1.25 million shares traded), Browns Investments Rs 188 million (17.4 million shares traded), LOLC Finance Rs 96.3 million (5.7 million shares traded), Dialog Rs 79.6 million (6.9 million shares traded), LOLC Holdings Rs 68.8 million (86000 shares traded), Hayleys PLc Rs 62.4 million (628,000 shares traded) and Commercial Bank Rs 59.7 million (769,000 shares traded). During the day 72 million share volumes changed hands in 18000 transactions.
Hayleys PLC is gearing to raise Rs.5.0 billion in debt through a debenture issue, but it isn’t immediately clear what the exact purposes are, although the Group has a sizable debt pile, some of which may need to be refinanced, market sources said.
Hayleys, one of the most diversified conglomerates in the country, did extremely well for the financial year ended March 2021 and for the nine months ended December 2021 as its subsidiaries generated elevated performances, particularly those that generated export earnings, resulting in higher dividend incomes to the holding company.
Sri Lanka’s rupee was quoted around 270/290 to the US dollar yesterday, market participants said, while bond markets were inactive ahead of the weekend.
Though there were bids, offers were not firm, dealers said. A narrow quote for small volumes was 275/285 to the US dollar.
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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