Business
SEC conducts workshop for CFOs of potential Listed Companies
The Securities and Exchange Commission of Sri Lanka (SEC) recently conducted a forum for the Chief Financial Officers (CFOs) of several private companies with the view of encouraging them to list on the Colombo Stock Exchange (CSE).
The SEC has had a continuous dialog with all stakeholders of the capital market and has emphasized the need to take aggressive measures to develop the market in order to ensure that it is the preferred place to raise capital.
Only a few companies have listed on the CSE during the last several years and that was seen as one of the reasons for inadequate level of liquidity and relatively small size of the market. The SEC recently approved a new framework for listing of companies, granting complete autonomy to the CSE in the listing process and has also relaxed the Listing Rules in order to encourage more listings.
The aim of this forum was to reach out to companies that are not listed in order to make them aware of the benefits of getting listed and to apprise them of the key proposals included in the government’s budget for 2021 which has provided certain tax exemptions to companies who list prior to December 31, 2021.
The chairman of the SEC Viraj Dayaratne PC made the opening remarks and explained the advantages of obtaining a listing, especially during the current positive market environment and stated that the process involved in listing a company was not as cumbersome or expensive as is generally perceived. He requested them to take the message to their respective Boards.
Those present had the benefit of insightful presentations by the Chief Regulatory Officer (CRO) of the CSE Renuke Wijayawardhane and Commission members of the SEC, Manil Jayesinghe and Naresh Abeysekera.
Wijayawardhane outlined the requirements and processes involved in listing and Jayesinghe explained in detail how listing on the CSE was an attractive option for companies to raise funds. He highlighted as to why this method of raising capital was more advantageous than other methods through which a company was able to raise capital.
Naresh Abeysekera pointed out how the digital platform can be used to raise capital in the near future and benefits that listed companies can derive from the CSE mobile application.
Business
AHK Sri Lanka champions first-ever Sri Lankan delegation at Drupa 2024
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.
Business
HNB General Insurance recognized as Best General Bancassurance Provider in Sri Lanka 2024
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.”