Business
Melstacorp state capital reduction positively impacts shares of three major companies
By Hiran H.Senewiratne
Melstacorp PLC, a highly diversified tenth largest CSE listed conglomerate that is headed by Sri Lankan business magnate Harry Jayawardena has announced to reduce its state capital from Rs. 89.1 billion to Rs. 70 billion. The reduced Rs. 19.1 billion will be transferred to the capital reserve of the company, which will act as a buffer to face market volatility, stock market analysts said.
The company being a holding company with listed subsidiaries and other companies will not have any liquidity issue at any cost for the payment of dividend for shareholders. Further, this will be held as a buffer for solvency calculations and hence that fund will not be used for any other distribution, stock market analysts said.
Melstacorp PLC is engaged in managing a portfolio of holdings consisting of a range of business operations and provides function-based services to its subsidiaries and associates. The subsidiaries are involved in a wide range of industries, such as liquor manufacture and distribution, leasing, insurance, logistics, ICT, telecommunications, energy, tea and rubber plantations, hospitality, property development, brand management, and advertising. The company was founded in 1996 and is based in Colombo.
Meanwhile, the activities at the CSE were positive and both indices moved upwards. All Share Price Index went up by 47.07 points and S and P SL20 rose by 24.92. Turnover stood at Rs 2.49 billion with three crossings. Those crossings were reported in Printcare where 4.15 million shares crossed for Rs. 137 million, its shares traded at Rs. 33, Asiri Hospital Holdings 1.47 million shares crossed for Rs. 41.1 million, its shares traded at Rs. 28 and Asia Siyake Commodities 9.5 million shares crossed for Rs. 32.3 million, its shares fetching Rs. 340.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Rs. 294.5 million (4.41 million shares traded), Ambeon Holdings Rs. 115.4 million (3.9 million shares traded), Dialog Rs. 112.9 million (1.27 million traded), Bogala Graphite Rs. 105.7 million (1.27 million shares traded) and LOLC Rs. 94.2 million (201,000 shares traded).
One finds that due to Melstacorp state capital reduction, share prices in three major groups of companies moved up. Melstacorp shares moved up by Rs. 3.50 or four percent. Its shares moved up to Rs. 52.80 from Rs. 51. Distilleries shares appreciated by three percent of 80 cents. Its share price moved up to Rs. 19.80 from Rs. 19.20. Aitken Spence shares also appreciated. Its shares moved up by Rs. 5 or 8 percent, which appreciated to Rs. 69.80 from Rs. 64.80. During the day 142.3 million share volumes changed hands in 27153 transactions.
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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