Business
Shares of Agarapatana Plantations will trade as “AGPL” on the CSE
Subsequent to the successful conclusion of its heavily oversubscribed IPO, Agarapatana Plantations Limited has announced that its shares will begin trading on the Diri Savi Board of the Colombo Stock Exchange, under the ticker symbol, “AGPL”. The announcement comes as the Company, together with the Managers to the Issue, has completed the allotment of shares and fulfilled all of the other listing and regulatory requirements of the Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka. Accordingly, the shares of AGPL are expected to commence trading on the Colombo Stock Exchange with effect from 4th September 2023.
The Issue saw 83,070,111 or 16.61% of the Ordinary Voting Shares of Agarapatana Plantations Limited being offered to the Public at an Issue Price of LKR 9.00 per share, with the Company seeking to raise a total of LKR 747,630,999/-. However, the Company received LKR 1,477,609,200/- worth of total subscriptions, resulting in the offer being oversubscribed.
Thus, special care has been taken to ensure that allotments have been made fairly and in a transparent manner, in accordance with the basis of allotment disclosed in its prospectus. Meanwhile, Agarapatana Plantations Limited now looks forward to utilizing the capital it has raised to fulfil its stated objectives. The Company takes this opportunity to thank its new investors and looks forward to delivering on its commitments.
In its prospectus, the Company disclosed its stated objectives for the capital raised as follows – LKR 672.6 million to develop its factories into “State-of-the-Art Processing Centres” by investing in new technology and gradually replacing old machinery with modern equipment, while allocating LKR 75 million towards reducing financing costs through high-cost debt retirement.
Agarapatana Plantations Limited focuses on growing and producing Ceylon Tea, and holds well-established Garden Marks, under the Western-High and Uva-High elevation categories, at the Colombo Tea Auction. The Company also has extensive access to green leaf from smallholders, allowing for scalability in production. It has developed the Historical Site of Lipton’s Seat for tourism, and is exploring creating value through its other facilities located within proximity to tourist hotspots. The company also prioritizes renewable energy and sustainable practices, and generates its own hydropower with further plans to expand this capacity. Agarapatana Plantation Limited’s recent IPO offered investors a valuable opportunity to invest in Sri Lanka’s tea plantation sector, which is expected to yield sustainable returns and provide insulation from exchange rate risks over the medium to long term.
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
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