Business
LOLC Holdings concludes largest non-bank debenture issue worth Rs. 10 billion
By Hiran H.Senewiratne
LOLC Holdings PLC concluded the largest non-bank listed debenture issue worth Rs. 10 billion. LOLC issued 75 million listed rated, senior, unsecured, redeemable debentures at Rs. 100 each with an option to offer a further 25 million debentures in the event of over-subscription of the initial amount, stock analysts said.
LOLC said that it received applications for over Rs. 10 billion and the issue was closed the previous day. The original plan was to raise Rs. 6.5 billion but LOLC increased it to Rs. 10 billion.NDB Investment Bank acted as the managers to the issue and as Joint Placement Agents. The other Placement Agent was People’s Bank Investment Banking Unit.The funds generated from the debenture issue are to be utilised for refinancing short term debt facilities as well as to strengthen the company’s short-term maturity buckets.The proceeds of up to Rs. 7.5 billion raised from the initial issue of debentures will be utilised by the company to re-finance an equal amount of short term/money market borrowings obtained from commercial banks in the country.
Meanwhile, CSE activities yesterday were almost flat and LOLC and Browns Investments dominated and contributed mainly to the All Share Price Index which went up by 61.58 points and S and P SL20 by 10.84 points. Browns Investments contributed 16 points to the All Share Price Index and LOLC contributed more than 11 points to the Index.
The turnover stood at Rs. 3.39 billion with a single crossing, reported in Sampath Bank, which crossed 826,000 shares to the tune of Rs. 131 million, its shares trading at Rs. 159.
In the retail market, top five companies that mainly contributed to the turnover were; Browns Investments Rs. 758 million (127 million shares traded), LOLC Rs. 613 million (1.5 million shares traded), Sampath Bank Rs. 213 million (1.3 million shares traded), JKH Rs. 164 million (one million shares traded) and TJLanka Rs. 157 million (3.6 million shares traded). During the day, 200 million share volumes changed hands in 24787 transactions.
It is believed that the market has now largely bottomed out and that it provides a good opportunity for investors to be appropriately positioned in fundamentally strong stocks that will outperform over the longer term. “Investors are advised to carefully revisit their portfolios and start exiting from fundamentally weak and non performing counters, while repositioning themselves in quality stocks with strong growth prospects, analysis said.
The Sri Lanka rupee closed at 196.50/197.00 to the US dollar in the one-week forward market on Thursday, while some bond yields edged up, dealers said. The rupee last closed in the spot market at 195.00/198.00 to the dollar on Wednesday.
‘There is no trading in the spot market with heavy moral suasion not to trade above 195 to the US dollar, market participants said.
Sri Lanka has printed a large volume of money, putting pressure on the rupee and triggering balance of payments deficits and downgrades, market sources said.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
