Business
Uptick in investor sentiment at CSE
Merchants Bank Plc turns to a rights issue to raise Rs 2.24bn
Hiran H. Senewiratne
Investor sentiment at the Colombo Stock Exchange (CSE) rebounded to a great extent yesterday spurring a bullish session while also attracting a modest net foreign inflow into the market, stock market analysts said.
During the day 107 counters indicated positive gains and only 71 counters negatively contributed to the market. Both stock prices gained considerably whilst turnover touched to Rs 3. billion mark with seven crossings. Both indices moved upwards. All Share Price Index was up by 36.9 points and S&P SL20 up by 29.96 points.
Turnover stood at Rs 3.22 billion while crossings reported in HNB (Non Voting) 5.6 million shares crossed for the tune of Rs 604 million and its share price traded for Rs 107.50, Cargills 350,000 shares crossed for Rs 84.8 million and its share price traded at Rs 242, Pan Asia Power 7.5 million shares crossed for Rs 30.7 million and its share price traded at Rs 4.10, Access Engineering one million shares crossed for Rs 20.8 million and its share price traded at Rs 20.80, Alumex 1.5 million shares crossed for Rs 21.9 million and its share price traded at Rs 13.90, Prime Residencies 1.9 million shares crossed for Rs 21.6 million and its share price traded at Rs 11 and Softlogic Capital 5.2 million shares crossed for Rs 20.2 million and its share price traded at Rs 20.2 million.
In the retail market, the top five companies that mainly contributed to the turnover were Royal Ceramic Rs 181 million (4.6 million shares traded), Alumex Rs 151 million (10.6 million shares traded), LOLC Rs 132 million (348,000 shares crossed), HNB (Non Voting) Rs 112 million (1.07 million shares traded) and Swisstek Rs 89.9 million (2.8 million shares traded).
Amid those developments Merchants Bank Plc announced a rights issue to raise Rs 2.24 billion. The proposition of the rights issue is that nine new shares will be issued to four existing shares at Rs six for a share. The company intends to issue 373 million new shares under the rights issue. The purpose of the issue is to meet the capital adequacy requirement imposed by the Central Bank of Sri Lanka.
During the day 140.8 million share volumes changed hands in 25,786 transactions. High net worth and institutional investor participation remained subdued during the day. Mixed interest was observed in Prime Lands Residencies, HNB and Alumex, whilst retail interest was noted in several counters.
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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