Business
Myland to debut on CSE today
Real Estate Developer, Myland Developments Limited (MDL) will begin trading on the Colombo Stock Exchange from today.
The Company opened its IPO on December 8, and was oversubscribed in a matter of hours receiving 2,884 applications which resulted in an oversubscription rate of 6.7 times.
The company offered 6,250,000 ordinary voting shares to the general public via the IPO, which amounts to 17% of the company. The remaining 83% of shares are locked in for a period of 1 year from the date of listing ie: until 28th December 2022.
Shares were offered at LKR 12 per share at the IPO. MDL IPO received a large number of retail applications, which caused an oversubscription rate of almost 4 times in the retail category and it also attracted applications from domestic institutions and high-net-worth individuals (HNWIs) which resulted the non-retail category to be oversubscribed nearly 10 times. Applications were also received by Unit Trusts which have minimum 500 unit holders, accordingly 625,000 shares were allotted to this categoory.
The Manager to the Issue was Atarah Capital Partners, which successfully listed Chrissworld PLC and EML Consultants Limited earlier this year.
The successful conclusion of MDL IPO makes it the first ever real estate sector player hailing from Gampaha District to be listed on the Colombo Stock Exchange, allowing the public to invest in companies having regional business presence. The real estate sector which usually has high demand from the domestic clientele, potentially Sri Lanka’s most promising sector for future growth.
Speaking about the conclusion of the IPO, Myland Developments Chairman and Independent Non-Executive Director Premachandra said: “It’s indeed an honour to lead MDL into the arena of raising capital through public equity issuances. This has allowed us to reduce the overdependence on Bank funding. The IPO paved the way for us to maintain a healthy capital structure in the future with both equity and debt capital.
MDL Managing Director Nalin Perera stated “I take this opportunity to thank all our new investors for placing their trust and belief in us and we look forward to having them on board.
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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