Business
Renuka Holding to raise Rs. 1.031 Bn via Rights Issue on CSE digital platform
Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on December 16 to carry out debt settlements and to fund future investments into Group subsidiaries according to a circular issued to its shareholders.
According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 934,863,56. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting Rs. 96,426,220.
The total proceeds expected to be raised through the Rights Issue is Rs. 1,03 billion.
Renuka Holdings PLC ordinary share price closed on December 7 as at Rs. 15.10 and its net asset value per share as at September 30, 2020 was Rs. 62.87.
For the six months ended September 30, 2020, Renuka Holdings recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.
The group consists of two main verticals – Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness – Renuka Agri Foods PLC and Renuka Agri Organics Ltd; Sri Lanka’s leading coconut based food and beverage manufacturers, Renuka Teas Ceylon Ltd – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd, Sri Lanka’s largest owner of organic certified coconut lands.
The FMCG business is led by Richlife Dairies Ltd; which is within the top five dairy companies, and Shaw Wallace Ceylon; the owner of the leading brands of canned fish, snacks, among other brands.
In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.
Once completed it will be a 32-storey tower situated in the Galle Face district of Colombo 03, consisting of a total construction area of 450,000 sq ft, with vistas over Galle Face Green and the new Port City. The group also draws income from the operating Baseline Business Center and other group lands.
On the investment side, the Group set up a dedicated listed entity in 2016, Renuka Capital PLC, which just sold its maiden significant investment in On’ally Holdings PLC (Unity Plaza) at more than triple its original investment cost.
The Rights Issue is being carried out on a digital platform in light of the impact of Covid on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.
However the Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders). All eligible shareholders of the company, both CDS and Non CDS, are encouraged to follow the procedure set out and uploaded to the website www.cse.lk and www.cds.lk/renuka-holdings-plc-right-issues/ prior to applying to the rights issue. If any shareholder is unsure, they can contact Kasun on 070 4375 236.
The Directors of the Company are Mrs. I.R. Rajiyah, Dr. S.R. Rajiyah, Mr. S.V. Rajiyah, Mr. L.M. Abeywickrama, Mr. S. Dominic, Mr. T.K. Bandaranayake, Mr. J.M. Swaminathan, Mrs. A.L. Rajiyah, Mr. V. Sanmugam and Mrs. J. J. B. A. Rajiyah.
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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