Business
People’s Merchant Finance PLC’s turnaround strategy proving effective
People’s Merchant Finance PLC (PMF) has been navigating the challenges of Sri Lanka’s banking, finance, and leasing industries for the past 35 years. Increasing challenges due to operating environment complexities, rapid advances in technology and changing consumer needs and market conditions emphasised the need to renew, revitalise, and reposition PMF’s business paradigm to fulfil the uncharted potential of the Company.
The new journey began in May 2019, when Sterling Capital Investments (Private) Limited (SCIL), a part of Sterling Japan Co. Ltd, obtained the major shareholding of PMF. As the largest exporter of Japanese vehicles to Sri Lanka, SCIL brings the required capital base and strong backing for PMF to pursue innovative and lucrative business opportunities and make the Company future ready.
Accordingly, PMF embarked on strengthening its governance and risk management frameworks by appointing a new Board of Directors and augmenting risk and governance procedures to meet increasing industry compliance requirements while safeguarding stakeholder interests. PMF also appointed leading professionals with extensive expertise in their fields to lead all its service offerings.
Nalin Wijekoon, the CEO, commented; “our company has gained many strengths and synergies from the Sterling Group leading to a turnaround situation. The new leadership and the openness to embracing digital technology will help redefine our business processes, help us stay ahead of competitors while we surmount external shocks. I am confident we will be successful in delivering value to all stakeholders as we progress in our new journey”.
Commenting on the new transformational journey, Chandula Abeywickrema, the Chairman and a well-respected senior banker, reflected on the Company’s below-par past performance which resulted in a continuously underperforming entity. Considering the new developments, he said, “We are indeed now very delighted with some of the key changes we have made so far. The new direction together with the mobilisation of internal and external strengths at our disposal is now beginning to show results. All financial indications point toward greater and better times ahead for our Company. The Board of Directors and the management team should be commended for the Company’s turnaround”.
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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