Business
Subdivision of Lanka Milk Foods shares peps-up stock market
By Hiran H.Senewiratne
The stock market kicked off on a positive note early yesterday due to the majority shareholder in Lanka Milk Foods (CWE), the Stassen Group of companies, announcing a sub-division of shares, one share into ten equal shares, but later the market turned negative, stock market analysts said.
“The Board of Directors of Lanka Milk Foods (CWE) resolved through a circular resolution to recommend to its shareholders to increase the number of ordinary shares in issue of the company by way of subdivision. With that announcement the share price moved up to Rs 212.50 from Rs 185, which was a 16 percent or Rs 29.50 increase, market analysts said.
Under the sub-division, every existing ordinary share will be subdivided into ten ordinary shares. Consequent to the subdivision, the number of issued ordinary shares will be increased from 39,998,000 ordinary shares to 399,980,000 ordinary shares.
There will be no change to the stated capital of the company subsequent to the aforesaid sub-division of shares, and it will remain at Rs 999,950,000. The shares, subdivided as aforesaid, will rank equally and pari passu in all respects with the existing shares of the company. The increase in the number of ordinary shares by way of a sub-division as referred to above, is subject to shareholder approval at an Extraordinary General Meeting and on approval of the CSE, analysts said.
Amid those developments both indices moved downwards. The All Share Price Index down by 51.78 points, while S and P SL20 swent down by 5.97 points. Turnover stood at Rs 787 million without any crossings. In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 240 million (1.8 million shares traded), Lanka Milk Foods Rs 87 million (409,000 shares traded), Grain Elevators Rs 43.6 million (243,000 shares traded), Hayleys Rs 31 million (400,000 shares traded), Sampath Bank Rs 23.2 million (337,000 shares traded), Distilleries Rs 21 million (788,000 shares traded) and TJ Lanka Rs 18 million (516,000 shares traded). During the day 19.6 million share volumes changed hands in 8900 transactions.
It is said that high net worth and institutional investor participation was noted in Sampath Bank, CTC and Central Finance Company. Mixed interest was observed in Dialog Axiata, Nations Trust Bank and Hayleys, while retail interest was noted in Capital Alliance, First Capital Holdings and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings), while the sector index lost 0.98 percent. The shares of John Keells Holdings decreased by Rs. 2.25 to Rs. 192.50.
The Diversified Financials sector was the second highest contributor to the market turnover. Dialog Axiata, Sampath Bank and Nations Trust Bank were also included among the top turnover contributors.
Yesterday, the rupee opened at Rs 327.40/80 to the US dollar from Rs 327.70/328.00 previous, dealers said.
Bond yields were broadly stable. A bond maturing on 01.08.2026 was quoted at 14.60/80 percent from 14.75/80 percent. A bond maturing on 15.01.2027 was quoted at 14.70/75 percent from 14.60/75 percent. A bond maturing on 01.07.2028 was quoted at 14.65/85 percent from 14.60/80 percent.
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
