Business
Sarvodaya Development Finance IPO oversubscribed on opening day
Sarvodaya Development Finance’s (SDF) Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day. The company secretary issued the announcement of the oversubscription within two hours of the opening.
Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary voting shares at a price of Rs. 22.00 per share. The stake offered was 30.38%. There was active interest from a range of investors, both individuals and institutions alike.
Commenting on the resounding positive conclusion of the IPO, Channa de Silva, Chairman, Sarvodaya Development Finance stated, “We are pleased to receive such overwhelmingly positive feedback to SDF’s initial public offering and would like to offer a sincere note of gratitude to all those who subscribed to our IPO, placing their confidence in our enterprise and its journey. The tremendous success of our IPO will successfully aid the growth in our rural loan portfolio, which will in turn assist in developing many rural villages across the country and is a true reflection of both local and international investors’ faith in the good work that SDF does.”
He emphasized the organization’s commitment to engage the rural and village base public in the mainstream of the capital market and national economy. “We will also bring new thinking and new ideas through our village-based platform to the economy and will be committed to empower rural and village businesses and entrepreneurs.”
Discussing the achievement further, Nilantha Jayanetti, CEO, Sarvodaya Development Finance states, “Today marks a momentous day for all of us at SDF. Not only does the oversubscription of our IPO reflect the confidence that investors have in us as a company, it also strengthens SDF’s goal of continuing to be Sri Lanka’s Fastest Growing Development Finance Company, uplifting and empowering rural masses all across the nation. We at SDF recognise the importance of meeting shareholder expectations and reassure our investors of the attractive valuations and consistent returns they will experience, having subscribed to our IPO. We look to the future with much confidence and believe this milestone will aid in catapulting SDF to the next level of business.”
Sarvodaya Development Finance is a licensed finance company formed in 2010 as the economic arm of the Sarvodaya Movement (est. 1958), one of the oldest NGOs in Sri Lanka. SDF’s extensive portfolio caters to the evolving needs of a diverse clientele and strengthens their commitment to the enhancement of national development, working with 5300 Sarvodhaya village societies. With a track record spanning over 6 decades, Sarvodaya Movement uplifts and empowers rural masses, has a strong brand presence and is a trusted name among Sri Lankans. Today, SDF has transformed into a tech-savvy financial services specialist providing a diverse product range, making affordable financing accessible to all.
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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