Business
LOLC General Insurance debuts trading on CSE
The shares of LOLC General Insurance (CODE: LGIL-N-0000) commenced trading on the Colombo Stock Exchange (CSE). The shares have been listed on the Diri Savi Board of the CSE under the “Property & Casualty Insurance” sector. The occasion was marked with a special Bell Ringing Ceremony.
Representing LOLC General Insurance Limited (LGIL), Chief Executive Office Mr. Kithsiri Gunawardena, Deputy General Manager Mr. Imaz Iqbal, Head of Underwriting Mr. Karthigun Silva and Head of Corporate Sales Mr. Sanjaya Attanayake attended the event. Financial advisors and joint managers to the issue, PW Corporate Secretarial (Pvt) Ltd Director Ms. Lasanthi Abeykoon, Capital Trust Securities (Pvt) Ltd Head of Research Mr. Hasitha Leanage and Head of Corporate Finance Ms. Divya Casie Chetty Alles represented the event.
The CSE was represented at the event by Chief Executive Officer, Mr. Rajeeva Bandaranaike and Chief Regulatory Officer, Mr. Renuke Wijayawardhane.
Speaking at the ceremony, the CEO of the CSE, Mr. Rajeeva Bandaranaike, congratulated LGIL on its initiative to go public. “2021 is a record year for the CSE’s primary market, and over Rs. 118 billion in terms of capital has been raised from debt equity, rights issues, and private placements. We have had 13 equity issues this year, raising nearly Rs. 12 billion. The CSE is seeing a healthy appetite among local investors for equity IPOs, and the demand for LGIL was no different. LGIF had a very successful IPO and was oversubscribed on the opening day itself. The CSE believes that it is important to have companies in the insurance industry with a strong track record, with a commitment to excellence in our listed portfolios so that they can offer more diversified opportunities for the growing base of investors.
Commenting on the listing history of 2021, Mr. Bandaranaike added, “As we close the year, December has been a record month where we are seeing seven equity IPOs. This not only shows the confidence that investors have in our listed companies, but also, increasingly, we are seeing listed companies coming into and making use of the capital market for their funding requirements. We are happy to welcome LGIF as our 296th listed company.”
Speaking at the event, the Chief Executive Officer of LOLC General Insurance Limited, Mr. Kithsiri Gunawardena, commented, “LGIL, in the recent past, has seen tremendous growth despite the severe challenges faced by the company and the industry at large due to the pandemic. The remarkable results over the past couple of years stand witness to the company’s grit towards challenges faced then, now and in the future. The insurance industry in Sri Lanka in 2020 had a negative growth of 2.24% whereas LGIL witnessed a growth of 13%. This statement says it all in terms of the kind of team that we have, the kind of culture that we have instilled as being part of LOLC Group, and the kind of growth strategy that we are looking at. This is not only in Sri Lanka, but outside as well, as LOLC group already has business presence in 17 countries and plans to expand into three more countries in the near future including Rwanda. From an insurance perspective, we believe there is great opportunity for global expansion. As a company, we already own 45% of Serendib insurance company in Cambodia and we aspire to expand further. The motto in general insurance has always been “It’s not the price that we compete with, but it’s the service.” There is absolutely no compromise when it comes to serving our customers. “
Commenting on the event, Mr. Gunawardena thanked the CSE, PW Corporate Secretarial (Pvt) Ltd, Capital Trust Securities (Pvt) Ltd and the colleagues at LGIL for the support extended during the IPO.
LOLC General Insurance is a subsidiary of one of Sri Lanka’s largest diversified conglomerates namely LOLC Holdings PLC.
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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