Business
Retailers step up their play on Lanka IOC shares
Major transaction announced between James Finlay and Browns Investments
By Hiran H. Senewiratne
Trading activities on the Colombo Stock Exchange (CSE) was positive throughout yesterday with investor sentiment bouncing back pushing both indices by over 1 percent.
Retailers stepped up their play on Lanka IOC shares with over Rs. 1.4 billion traded, pumping its price by over 32 percent, as a result of the fuel hike which made it attractive, stock market analysts said.
Meanwhile, a major transaction was announced between James Finlay’s and Browns Investments. Browns Investments entered into a transactions agreement with James Finlays’ company to purchase 90 percent each shares in two companies; namely Happugasthanna Plantations and Uddupussalawa Plantations. James Finlays being the owner of both entities sold 41.7 million shares in Hapugastenne Plantation at Rs 28.30 per share and 17.4 million shares of Udupussalaawa Plantations at a share price of Rs 42. The total considerations would be Rs 1.9 billion, stock market analysts said.
With these two transactions LOLC group will strengthen its positions in the plantation sectors because Browns Investments is one of the subsidiaries of LOLC group, market analysts said. Following two previous sessions of losses, the indices bounced back strongly with selected front-line counters across sectors gaining further ground as investors re-entered into these stocks capitalizing on recent price declines due to profit-taking.
Amid those developments both indices moved upwards. All Share Price Index up by 136 points and S and P SL20 up by 32 points. Turnover stood at 6.6 billion with three crossings. Those crossings were reported in HNB (Voting) 500,000 shares crossed for Rs 67.5 million and its share price traded at Rs 135, HNB (Non Voting) 182,000 shares crossed for Rs 22.3 million and its share price traded at Rs 123 and Richard Peiris one million shares crossed for Rs 20 million and its share price traded at Rs 20.
In the retail market top seven companies that mainly contributed to the turnover were Lanka IOC Rs 1.4 billion (19.6 million shares traded), Browns Investments Rs 655 million (45.2 million shares traded), Expolanka Hotel Rs 609 million (1.5 million shares traded), Browns Investments Rs 361 million (995,000 shares traded), Kelani Tyres Rs 240 million (2.4 million shares traded), Softlogic Capital Rs 240 million (31.3 million shares traded) and Sunshine Holdings Rs 207.9 million (4.4 million shares traded).
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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