Business
Two major acquisitions at CSE
By Hiran H. Senewiratne
Two major acquisitions took place at the CSE this week. One was Vidul Lanka, which acquired 50 percent of shares in Solar Universe Pvt Limited. The company generates 10 megawatts for the national grid and operates a ground mounted solar power plant, stock market analysts said.
Accordingly, total investment for its acquisition and development of the project would cost around Rs 1.4 billion. Meanwhile, Aitken Spence PLC acquired energy company Waltrim Energy Limited for a financial consideration of Rs 900 million. The company generates 6.6 megawatts for the national grid, operating three plants in Nuwara Eliya. Waltrim was a subsidiary of Sunshine Holdings which owned a 60 percent stake while Mouldex owned the balance shares.
Amid those developments, CSE was bullish throughout the day and financial sector counters witnessed gains. Both indices moved upwards. All Share Price Index went up by 117.8 points and S and P SL20 rose by 48.10 points. Turnover stood at Rs 3.92 billion with four crossings.
Those crossings were reported in HNB, which crossed 3.9 million shares to the tune of Rs 516.7 million, its shares traded at Rs 132, JKH 200,000 shares crossed for Rs 29.8 million and its shares traded at Rs 148.75, Sampath Bank 500,000 shares crossed for Rs 27 million, its shares traded at Rs 54 and Lanka Walltiles 500,000 shares crossed for Rs 24.25 million, its shares traded at Rs 48.50.
In the retail market, top companies that mainly contributed to the turnover were; Browns Investments Rs 500.7 million (87.2 million shares traded), Expolanka Rs. 361.2 million (7.4 million shares traded), Dipped Products Rs 285.5 million (5.1 million shares traded), Sampath Bank Rs 233.8 million (4.3 million shares traded), LOLC Rs 216 million (685,000 shares traded), and Royal Ceramic Rs 165.7 million (517,000 shares traded). During the day 150.6 million share volumes changed hands in 21700 transactions.
LOLC and Browns Investments were the main contributors to the All Share Price Index and their share prices also appreciated during the day. LOLC contributed 22 points. Its share price moved up by seven percent or Rs 20.25. Its shares started trading at Rs 304.50 and at the end of the day they moved up to Rs 324.75. Browns Investments contributed 13 points. Its shares moved up by seven percent or 40 cent. Its shares traded at Rs 5.60 and at the end of the day they moved to Rs 6.
The Sri Lankan rupee has come once again under pressure. According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US dollar on April 8 stood at Rs.199.21 and selling rate of the US dollar stood at Rs.203.50.This is the highest buying and selling rate recorded for the US dollar in history.
The decline of the rupee vis-à-vis the US dollar is likely to have a mixed impact on listed companies. Rupee will have a negative impact for companies, such as, Dialog Axiata, Hemas Holdings, Lanka Lubricants while the slightly negative counters are, Sunshine Holdings, Tokyo Cement (Lanka), Acccess Engineering, Cargills (Ceylon) and Ceylon Cold Stores.
Those which will benefit from a depreciation include, JKH, banks, TeeJay, Hayleys Fabric, Dipped Products and hotels; though at present tourist arrivals are very low.
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.”
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