Business
Rs. 8 billion NDB right issue seen as market stimulant
By Hiran H.Senewiratne
An NDB right issue worth Rs. 8 billion will provide an impetus to the CSE in the present highly volatile market situation, stock market analysts said.
In the foregoing context, it is said that 17.1 million rights (allotments) were traded between a high of Rs. 2.10 and a low of Rs. 1.60 before closing at the latter level. This was on top of five million traded the previous day.The NDB rights issue involves selling 106.78 million shares on the basis of 28 new shares for 61 held at Rs. 75 each. Analysts said that investors were willing to pay a premium in order to qualify for the upcoming rights. It reflects their keenness and confidence. Last date for renunciation of rights is May 4.The purpose of the rights issue is to strengthen the bank’s Tier 1 capital base to facilitate its asset book growth.NDB is also offering 37.67 million new shares (9.9% stake) by way of a private placement at Rs. 85 per share to Norwegian development finance entity Norfund, boosting the Lankan bank’s growth and expertise to empower the private sector.
Norfund, under the deal, will be making its maiden equity investment in Sri Lanka. It will be also the first investment in Asia in 2021. It is NDB’s first foreign equity placement agreement.
Amid those developments the CSE was highly volatile yesterday, swinging between positive and negative territories. Consequently, both indices moved downwards. All Share Price Index went down by 23.24 points and S and P SL20 declined by 12.13 points.
Turnover stood at Rs 2.52 billion with a single crossing. The crossing was reported in HNB, which crossed 205,000 shares to the tune of Rs 26.7 billion; its shares traded at Rs 130.
In the retail market, five companies that contributed to the turnover were, HNB Rs 884 million (6.5 million shares traded), Royal Ceramic Rs 282.2 million (8.06 million shares traded), Browns Investments Rs 241.4 million (38.1 million shares traded), Expolanka Rs 239 million (five million shares traded) and Dipped Products Rs 105 million (1.9 million shares traded). During the day, 100 million share volumes changed hands in 15043 transactions.
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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