Business
Talks ongoing on several mergers and acquisition deals in the finance company sector
Cabraal welcomes Softlogic-Abans deal saying “that’s the way to go”
Former Central Bank Governor, Ajith Nivard Cabraal, now State Minister for Money, Capital Markets and State Enterprise Reform Friday welcomed the announcement earlier in the week that the Softlogic Group was acquiring a controlling interest of Abans Finance acquiring approx 33.06 million shares at a price of Rs. 30.10 per share.
Concurrently Abans announced that the transaction, which will be followed by a mandatory offer of the same price to minority shareholders, would earn it a capital gain which was not quantified. Abans Finance has been in business since Aug. 2007 as a registered finance and leasing company and later listed on the CSE in 2011.
“This is a good way to go,” said Cabraal, who as Governor of the Central Bank long advocated the merger of smaller finance companies with the bigger entities. “I am happy to see this happening and would encourage other companies too to follow the example.”
Cabraal said that such mergers and acquisitions would strengthen the entire finance industry where many companies are in distress and others have failed. It would also be a way for the smaller companies, required by the regulator to infuse substantial capital into their businesses, to be able to meet the requirement.
The Central Bank, both during Cabraal’s tenure and later, has been urging this strategy. CBSL initiated a Financial Sector Consolidation Plan in 2014.
Well informed sources said that many companies are in talks to make deals similar to the Softlogic – Abans arrangement but they could not say how soon they would materialize.
“I know of one example for sure and have heard of many other parties that are in talks,” this source said.
Following the acquisition, Softlogic which is also in the finance company business through Softlogic Finance PLC will amalgamate this company with Abans Finance and will remain the surviving entity.
Minority shareholders of Abans Finance will also have the option of swapping their holdings with every six Abans Finance shares qualifying for 11 ordinary Softlogic Finance shares.
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
