Business
Regulator notices JKH and Central Finance to reduce their NTB stakes
The Monetary Board has noticed both John Keells Holdings and Central Finance that they should reduce their group holdings in the Nations Trust Bank to a maximum of 20% by the end of next year and 15% a year after.
This requirement is to conform with the law that individual and aggregate related party holdings in commercial banks be restricted to a maximum of 15% although time-bound extensions, some granted as long as 10 years ago, have been allowed.
At Hatton National Bank for example, Harry Jayawardena related parties including Stassen, Milford and Distilleries, have been restrained from exercising voting rights in excess of the 15% cap by the non-registration of shares they continue to own. This is regularly reported in the HNB Annual Report.
In Stock Exchange filings last week, both JKH and Central Finance said that the Director of Bank Supervision of the Central Bank had conveyed to them that in terms of a Monetary Board decision both the JKH and Central Finance Groups “have been granted further time to reduce their shareholdings in NTB to 15% each.”
JKH has been granted further time till Dec. 31, 2021, and Dec. 31, 2022 to reduce its shareholdings in NTB to 20% and 15% respectively. The previous requirement was to meet the 20% cap by the end of this year.
Central Finance too has been granted further time till Dec. 31, 2021, to come down to 15%, JKH’s Stock Exchange filing said.
JKH currently holds 29.52% of the voting shares of NTB and 51.76% of its non-voting shares. Factoring non-voting shares, it currently holds an economic interest of 32.5% of the bank, it disclosed.
Central Finance’s group holding of NTB voting shares is 19.74% and together with its non-voting shares it has an economic interest of 21.38% in the bank, the company disclosed.
Analysts said that the options before shareholders holding more than the permitted cap would be to sell down or seek further extensions of the time limits granted to acheive permissible levels.
There was no clear indication whether they will be permitted to continue holding their present stakes enjoying dividends and other shareholder rights except voting rights.
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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