Business
Piramal Glass transfers 22 per cent of shares to Mumbai’s PGP Glass in stock market-boosting transaction
By Hiran H.Senewiratne
Piramal Glass Pvt Ltd, a major shareholder of Piramal Glass Ceylon Plc, transferred 210.9 million or 22 percent of its shares to PGP Glass Pvt Ltd. on July 13, 2021, subject to a mandatory offer made to PGP Glass after the transfer, stock market analysts said, while outlining important CSE developments yesterday.
Piramal Glass Pvt Ltd sold 536,331,880 shares or 56.45 percent of its shares at a price of Rs. 11.60 each in March this year. The total value of this transaction is Rs. 6.22 billion. With this new transfer of shares to PGP Glass, the latter’s stake will increase to 747 million voting shares, which is equivalent to 78.6 per cent out of the total shareholding, analysts said.
PGP Glass Pvt. Ltd. is an unlisted private company in India. It was incorporated on November 6, 2020, and is located in Mumbai City, Maharashtra.
Meanwhile, in the recent right issue that took place at SMB Leasing Plc. on March 31, 2021, a well known business personality, Ravi Wijeratne, had increased his stake in the company to 64 percent from 16.3 percent. Initially he owned 194.9 million shares or 16.3 percent but after purchasing 3.97 billion shares his stakes moved to 64.5 percent. Wijeratne, being the largest shareholder of the company, is liable to make a mandatory offer to shareholders at a share price of 35 cents, stock market analysts said.
Amid those developments, both CSE indices moved upwards. All Share Price Index went up by 48.3 points and S and P SL20 rose by 19.3 points. Turnover stood at Rs 1.94 billion with two major crossings. Those crossings took place in Access Engineering and Lee Hedges. In Access Engineering one million shares crossed for Rs. 23 million, its shares traded at Rs. 23 and Lee Hedges, 300,000 shares crossed for Rs. 21 million, its shares traded at Rs. 70.
In the retail market top five companies that mainly contributed to the turnover were; Sunshine Holdings Rs. 190.5 million (7.58 million shares traded), LOLC Holdings Rs. 141 million (332,000 shares traded), Eden Hotel Rs. 115.7 million (8.2 million shares traded), Expolanka Rs.. 113.4 million (2.1 million shares traded) and Dipped Products Rs 107.2 million (1.9 million shares traded). During the day 114.8 million share volumes changed hands in 23581 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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