Business
LOLC Group restructuring viewed as a global strategy to attract investors
Meanwhile ASPI ended sharply higher amid healthy turnover levels
By Hiran H.Senewiratne
Stock market analysts said yesterday that LOLC would set up a new company to dilute its share percentage 90 percent or below in order to comply with the Colombo Stock Exchange (CSE) listing rules.
According to them, the new company would be named as LOLC Ceylon Holdings Limited and would go for an Initial Public Offering (IPO) once it is formed,
The stakes in three companies under LOLC Holdings would be transferred to the new entity. The move is expected to attract large- scale foreign investors to support LOLC companies to grow even further.
Namely these companies would be, LOLC Finance Commercial Leasing and Lanka LOLC Development Finance would be under the new entity. It is said that 44.8 percent stakes belonging to LOLC Finance, 98.9 percent belonging to Commercial Leasings and 55.6 percent of Lanka LOLC Development Finance would be transferred to the new company.
The purpose of this move is to comply with the CSE listing rule where the company could hold only 90 percent or below of any listing company and also minority shareholders to invest in the company. stock market analysts said.
Amid those developments the Colombo Stock Exchange ( CSE) remained buoyant recording above average high turnover and indices on the up thanks to sustained investor interest.
The All Share Price Index (ASPI) gained by 78.61 points and the S&P SL20 Index moved up by 24.80 points. Turnover was an impressive Rs. 8.5 billion seven crossings. Those crossings were reported in Cargills, which crossed in one million shares to the tune of Rs 225 million and its sahre price traded at Rs 225, Dipped Products 325,00 shares crossed for Rs 118 million and its share price traded at Rs 365, NDB 1.5 million shares crossed for Rs 118.5 million and its share price traded at Rs 79, JKH 426,000 shares crossed for Rs 65 million and its sahre price traded at Rs 153, Hayleys 125,000 shares crossed for Rs 55 million and its share price traded at Rs 440, Renuka Holdings three million shares crossed for Rs 51 million and its share price traded at Rs 17 and Royal Ceramic 105,000 shares 21 million aand its share price traded at Rs 17.
In the retail trade top five companies that mainly contributed to the turnover were Browns Investments Rs 2.7 billion (387,000 shares traded), Expolanka Rs 1.06 billion (26.4 million shares traded), Hayleys Rs 417 million (940,000 shares traded), Dipped Products Rs 280 million (776,000 shares traded) and LOLC Rs 230 (1.4 million shares traded). During the day 545 million share volume changed hands in 46391 transactions.
Controlling shareholder, the Malaysia based investor Vijayeswaran S. Vijayaratnam bought out the Japanese investors in Asia Capital PLC for Rs. 160 million on Monday.
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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