Business
Plans to sell controlling stake in Dankotuwa Porcelain boost market; Lanka IOC shares up as well
By Hiran H.Senewiratne
CSE trading was slightly volatile yesterday but in mid- session the market received a boost when plans were announced for the sale of the controlling stake in Dankotuwa Porcelain, market analysts said.It is said that a share purchase agreement was announced between Ambeon Holdings and Ceyline Investments. Ambeon Holdings plans to sell a 50.1 percent stake in Dankotuwa Porcelain to Ceyline Investments, running into Rs 2.3 billion.
The overall market is moving up on domestic debt optimization assurances, picking up several stock counters in the market, analysts said. According to Ambeon, the transaction is subject to completion on conditions precedents identified in the said share sales and purchase agreement.
The Lanka IOC share price also moved up with the announcement that Sri Lanka is in talks with India to build an oil pipeline to transport fuel to the Eastern Port of Trincomalee.
‘There are on-going discussions on bringing an oil pipeline from India to Trincomalee, President Ranil Wickremesinghe told energy investors, according to a statement from his media office.
Trincomalee has a World War II-era 99 tank farm. A part of the tank farm is under the control of Lanka Indian Oil Corporation. The rest is under the joint control of IOC and the Ceylon Petroleum Corporation.
Further, the banking and diversified financial sectors are picking up on domestic debt optimization assurances, while investors are seeking alternative investments, bringing up the market on green, an analyst said. The consumer durables and apparel sector drew in 2.3 billion rupees in revenue in mid- day trade.
Amid those developments both indices moved upwards marginally. The All- Share Price Index was up by 1.5 points and S and P SL20 rose by 8.2 points. Turnover stood at Rs 5 billion with eight crossings. Those crossings were reported in Dankotuwa Porcelain, where 81.4 million shares crossed to the tune of Rs 2.3 billion and its shares traded at Rs 28.30, Distilleries 1.5 million shares crossed for Rs 33.7 million; its shares traded at Rs 32.50, HNB’s 200,000 shares crossed to the tune of Rs 32.8 million; its shares traded at Rs 164.
Sunshine Holdings 602,000 shares crossed to the tune of Rs 30.1 million; its shares traded at Rs 50, Hayleys 300,000 shares crossed for Rs 27 million; its shares traded at Rs 90, JKH 145,000 shares crossed for Rs 23 million and its shares fetched Rs 159m, Bahira Farms 125,000 shares crossed to the tune of Rs 21.2 million and its shares traded at Rs 170 and Expolanka Holdings 150,000 shares crossed for Rs 21.15 million; its shares traded at Rs 141.
In the retail market top seven companies in the market that contributed to the turnover were Lanka IOC, Rs 409.7 million (2.9 million shares traded), Sunshine Holdings Rs 371 million (7.4 million shares traded), Hemas Holdings Rs 109.7 million (1.4 million shares traded), Sampath Bank Rs 98.2 million (1.5 million shares traded), JKH Rs 74.6 million (469,000 shares traded), Commercial Bank Rs 70.1 million (874,000 shares traded) and Aitken Spence Rs 69.6 million (512,000 shares traded). During the day 172 million share volumes changed hands in 13000 transactions.
Lankem Group’s Agarapatana Plantations Ltd. is to list on the Colombo Stock Exchange via an Initial Public Offering worth Rs. 747.6 million.The CSE has approved, in-principle, an application by the company to list on the Diri Savi Board.
The IPO involves 83,070,111 Ordinary Voting Shares at Rs. 9 each. The quantity of shares amount to 16.61% of the post-issue Ordinary Voting Shares of the company.Net Asset Value per share of the Equity (NAV) is Rs. 8.43 and the Offer Price is 1.07 times the NAV. Capital Alliance Partners Ltd. is the manager of the IPO.
Funds raised via the IPO are for investment in modern equipment to develop APL factories to “State of the Art – Processing Centres” (Rs. 672.6 million) and settlement of high-cost term loans worth Rs. 75 million.Yesterday the Central Bank’s US dollar buying rate was Rs 308.16 and selling rate Rs 321.87.
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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