Business
LOLC seeking opportunities in local and international leisure sectors
By Hiran H.Senewiratne
CSE activities were positive yesterday and manufacturing sector shares appreciated for the third consecutive day caused by rumours that a Chinese loan is being granted to the country to revive the local manufacturing sector, stock market analysts said.
Apart from that, LOLC is now in the process of entering the local and international leisure sectors in a significant manner. A fully owned subsidiary of Browns Investments, BI Leisure Holdings, has been incorporated in the United Arab Emirates and it has entered into a share sales and purchase agreement to acquire PL Resort Limited, which is a private company established in Mauritius. The company’s value is US $ 12 million and the purchase consideration would be US $ 3.7 million, company sources said.
According to PL Resort Limited, the company owns a 100 room capacity luxury beach resort in Mauritius. Meanwhile, another one of LOLC’s fully owned subsidiaries, Palm Garden Hotel PLC, is in discussions with the owners of some local and foreign leisure companies to acquire them. However, no finality has been reached thus far, stock market analysts said.
With these developments the CSE acquired more positive momentum. Accordingly, both indices moved upwards. All Share Price Index was up by 45.95 points and S and P SL20 up by 16.07 points. Turnover stood at Rs. 1.93 billion with two crossings. These crossings were reported in JKH, which crossed 563,000 shares to the tune of Rs. 76.1 million, its shares traded at Rs. 135.25 and Tokyo Cement (Non Voting) 485,000 shares crossed for Rs. 27.9 million, its shares traded at Rs. 57.50.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Rs. 308 million (5.82 million shares traded), LOLC Rs. 160 million (388,000 shares traded), Dipped Products Rs. 87.7 million (1,81 million shares traded), Hayleys Fabrics Rs. 95 million (4.32 million shares traded) and People’s Leasing Rs. 62.1 million (4.7 million shares traded). During the day122.8 million share volumes changed hands in 20826 transactions.
The Sri Lankan rupee was last quoted at Rs. 198.5 against the U.S. dollar. The equity market’s turnover was Rs. 2.26 billion ($11.37 million), according to exchange data.
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
