Business
Two options left for concerned shareholders of Adam investments
By Hiran H.Senewiratne
The shareholder certificate of any listed company is the most important document that every single shareholder possesses in the event of a de-listing of a company from the CSE and that could be used as proof to recover funds invested in the stocks, Head of Marketing of CSE Niroshan Wijesundara told the Island Financial Review recently.
“In the event of a delisting of a company, with the share certificate, such investors have two options i.e. either offer those existing shares to the same company and recover money or sell it to another outside party and recover that money, ” Wijesundera said.
‘He said that three companies namely Adam Investments , Ceylon and Foreign Traders and Adam Capital have applied for delisting. “Therefore, investors could do either one of the two options, which would be considered as private transfers and would have nothing to do with the CSE,” Wijesundera said.
The Island Financial Review spoke to him in the backdrop of Adam investments Plc, one of the oldest listed companies in the CSE has applied to de-list its company along with two other companies namely; Ceylon and Foreign Traders and Adam Capital belongs to the same entity.
Some shareholders are upset over what would happen to their funds that have been invested via the stock exchange in the event of being removed or delisting from the CSE list.
According to shareholders, new management came into being in 2017 and from 2018 onward the company never published/issued nor received a single annual report or a quarterly report, which was mandatory for every listed company in the CSE to publish results of the company .
Further, the last Annual General Meeting was held in 2018. With those developments the company was warned by the CSE. Therefore, the company has applied to move out of the CSE in 2019, but still pending its decision, investors said.
The Company holds shares of privately held companies operating in various industries, such as apparel, metal, network communication and automobile, and in quoted equity shares in the CSE.
Minority shareholder John Abeydeera told the Island Financial Review that he has invested Rs four million from 2018 onwards the company has not published a single annual report nor quarterly results.
Chairman Dr. Ali Asger Shabbir Gulamhusein had promised to put the company in order but so far nothing has been materialised,” he said.
Another shareholder J.S.M Rauff said that he had bought 184,627 shares now it could be valued for Rs two million . Since 2018 the company has been mismanaged by the board of directors and their management is stuck because trading is not happening with the stock market, he said.
When the Island Financial Review tried to contact Chairman Ali Asger Shabbir Gulamhusein he did not respond to queries about the status quo of the company.
Company Secretary Dilusha Gamage said she had already left the company couldn’t comment anything about the company.
Former Director of the company Dr Larry Adams said that he couldn’t comment on the company as he left it many years ago.
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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