Business
SDB bank to issue 10% shares to Belgian investment company
The Belgian Investment Company for Developing Countries (BIO) agreed with SDB bank, pioneering provider of financial services, to take up a 10% share of the bank, amounting to Rs. 925 million at Rs. 51.50 a share, via SDB bank’s Secondary Public Offering (SPO).
The agreement was made on 9 July and was a milestone achievement for BIO and for SDB bank in its journey towards becoming a leading national development partner with a global focus.
“To liaise with BIO is a proud accomplishment for SDB bank, and we are encouraged by this partnership, which empowers us to fuel and support small and medium-sized enterprises (SMEs) and other national-level initiatives, which will contribute to socio-economic growth in Sri Lanka,” says SDB bank CEO Thilak Piyadigama.
This achievement rides upon the previous investment made by BIO in SDB bank in 2019, which amounted to US 8 million in unlisted subordinated term debt under Tier 2 Capital of the bank.
BIO will subscribe to 17,957,700 new shares at 51.50 rupees to invest Rs. 924,821,550, subjected to Sri Lanka’s Banking Act No. 30 of 1988. This proposed investment would result in the foreign firm subscribing to approximately 20% of the SPO to be issued by SDB bank, assuming full subscription of the total issue.
BIO supports developing and emerging countries to gain access to growth and sustainable development within the framework of the Sustainable Development Goals. BIO is known for investing in developing countries to fuel SMEs in order to empower them to structurally contribute to their nation’s socio-economic growth.
“We are pleased to enter into an agreement with SDB bank in Sri Lanka, which has showcased its commitment to uplifting the lives of the Sri Lankan people, facilitating and promoting SMEs, and ensuring the holistic development of the society,” stated Luuk Zonneveld, CEO of BIO.
With BIO as a cornerstone investor under the identified investor category of the SPO, SDB bank enjoys heightened leverage and accessibility to investors, powering the bank’s growth momentum.
SDB bank will be issuing information on the opening date of the SPO as well as how to access its Prospectus and Application Forms to the public in due course. The bank will offer a total of 68 million shares at Rs. 51.50 and a further 20 million shares at the discretion of the Board of Directors, totally the SPO’s complete offering to 88 million shares to raise Rs. 4.5 billion.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
