Business
Reservations among investors over April deadline in restructuring effort
By Hiran H.Senewiratne
The stock market yesterday kicked off on a positive note but the positives were short lived.
This was on account of local and foreign investors having reservations over the possibility of concluding the external debt restructuring process, especially with commercial creditors, before the IMF’s next review meeting in April, market analysts said.’
Last week the IMF team was in Sri Lanka to review the process and commended Sri Lanka’s progress, but emphasized that the external debt restructuring, especially with commercial creditors, needs to be completed before April.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 61.2 points and S and P SL20 declined by 27.8 points. Turnover stood at Rs 978 million with two crossings. Those crossings were reported in Wind Force, which crossed 25 million shares to the tune of Rs 482 million; its shares traded at Rs 19.70 and Renuka Foods 6 million shares crossed for Rs 120 million and its shares sold at Rs 20.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 39 million (214,000 shares traded), Commercial Bank Rs 23.6 million (268,000 shares traded), Melstacope Rs 20.4 million (276,000 shares traded), Capital Alliance Rs 21.9 million (447,000 shares traded), Lanka IOC Rs 18.8 million (190.000 shares traded), Expolanka Rs 16.5 million (120,000 shares traded) and Ceylon Grain Elevators Rs 15.6 million (95000 shares traded). During the day 54.5 million share volumes changed hands in 6300 transactions.
Softlogic Finance PLC, a publicly traded unit of Sri Lanka’s Softlogic Capital PLC, said it was seeking shareholder approval to raise Rs 2.5 billion in equity to boost capital by offering 380 million shares at Rs. 6.60 a share to existing shareholders.
“In order to infuse fresh capital to increase the total capital base of the Company to address the serious loss of the capital situation, to improve the Capital Adequacy Requirements and to improve the Core Capital Requirement, the company planned to increase the issued capital by Rs 2.5 billion by way of a Rights Issue to the existing shareholders, the company said.
Yesterday, the rupee opened at Rs 320.00/25 to the US dollar, from Rs 320.20/40, dealers said. Bond yields were broadly steady. A bond maturing on 01.02.2026 was quoted stable at 13.60/65 percent. A bond maturing on 15.09.2027 was quoted at 13.80/85 percent. A bond maturing on 15.03.2028 was quoted at 14.02/14.05 percent from 14.00/14.05 percent.
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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