Business
LOLC General Insurance IPO oversubscribed on opening day
The Initial Public Offering (IPO) of LOLC General Insurance Limited was oversubscribed within minutes of opening on the 16th of December 2021.
120,000,000 shares were offered for sale at a price of LKR7.90 per share. The offer size was LKR 948,000,000. Over 12,200 applications were received for the value of LKR11.6 bn which resulted in the issue being oversubscribed by 12.23 times. This reflects the significant investor confidence in the Company, its growth prospects and attractive valuation at the offer price. No preferential allocation was made to any investor.
LOLC General Insurance Limited is one of the fastest growing General Insurance Companies in Sri Lanka. The Company has been operating in the insurance industry for over 10 years and has established itself as a key player within the industry.
The Company is backed by the LOLC Group which enables LOLC General Insurance to benefit from synergies within the Group. LOLC General Insurance has a steady stream of business from captive channels within the LOLC Group’s finance and leasing operations. In addition, the Company has strong partnerships and tie ups with non-captive channels that contribute to the growth in Gross Written Premiums.
Leveraging on the LOLC Group’s global synergies and expansions, LOLC General Insurance has expanded its operation into Cambodia. The Company currently owns a 45% stake in Serendib Micro Insurance PLC in Cambodia. Furthermore, the Company is well placed to replicate its strategy in Sri Lanka in the future and in other markets across Asia and Africa where the LOLC Group already has an established presence.
LOLG General Insurance Chief Executive Officer, Kithsiri Gunawardena stated, “We are honoured to have received an oversubscription by 12.23 times. This expression of confidence by the investing public is a reflection of the trust placed on the LOLC Group and our exceptional performance during one of the most challenging periods in history for business. We wish to thank the public for subscribing to our IPO and assure them of even better performance leading to creation of even greater shareholder wealth”
Capital Trust Partners (Pvt) Ltd and P W Secretarial (Pvt) Ltd were the Managers to the issue. (LOLG Insurance)
Business
APHNH aims to make Sri Lanka more competitive for healthcare investment
Sri Lanka private healthcare leaders recently pledged an action plan with timelines to address the practical priorities of Sri Lanka’s healthcare sector while making it more viable for local and foreign investments.
The Association of Private Hospitals and Nursing Homes (APHNH) has committed to converting recommendations from its first Healthcare Leadership Summit into a trackable outcome document with defined actions, responsibilities, and timelines, marking a shift from discussion to implementation in sector reform efforts.
The summit held on March 9 at Waters Edge, Colombo, brought together hospital leaders, policymakers, regulators, insurers, and international experts to address practical priorities for Sri Lanka’s healthcare sector.
A key outcome of the summit was APHNH’s plan to consolidate recommendations into a single, trackable charter that will outline specific actions, assign responsibilities, establish timelines, and provide periodic progress updates.
“Our objective is to bring the right decision-makers into one room and focus on what can be implemented, not only what can be discussed, ” said Raveen Wickremesinghe, President of APHNH. “We are committed to taking the inputs from today and converting them into a clear, trackable set of actions that strengthens quality, transparency and public confidence, while supporting national health priorities. “
The summit featured insights from Dr. Hafeez Rahman Padiyath, Dr. Hamdani Anver, and Chandana L. Aluthgama on scaling quality and operational discipline. A keynote and fireside discussion with Dr. Paiboon Eksangsri, President of the Private Hospital Association of Thailand, explored lessons from Thailand’s private healthcare development and conditions for making Sri Lanka more competitive for healthcare investment.
By Sanath Nanayakkare
Business
Atlas SipSavi Naththal Poronduwa records positive public participation, benefiting 10,000 students
Atlas, Sri Lanka’s No. 1 learning brand, successfully concluded Atlas SipSavi Naththal Poronduwa, a national initiative that saw strong public participation in supporting children at risk of dropping out of school due to financial hardship. At a time when more than 22,000 Sri Lankan children leave school each year due to rising economic challenges, the initiative reinforced Atlas Sipsavi’s long-standing ‘No Child Left Behind’ promise by turning seasonal generosity into meaningful educational support.
The initiative reached 10,000 students, with beneficiary schools carefully selected to ensure support reached those most in need. The collected books were distributed to children at risk of dropping out, including those whose education had been disrupted by recent adverse weather, ensuring students had essential learning resources at the start of the new school term. Through its flagship Atlas SipSavi programme, the brand focused on improving access to education by providing essential learning tools, scholarships, and infrastructure to create better learning environments, bringing its purpose of ‘making learning fun’ to life in a meaningful way. As part of the initiative, the public was invited to donate schoolbooks, with each contribution matched one-for-one by Atlas. Donation boxes were placed at all Keells outlets island-wide and at Sarvodaya District Offices, making it easy for communities to take part.
Business
John Keells Logistics expands strategic engagement with CWIT through inter-terminal transport operations
John Keells Logistics (Pvt) Ltd (JKLL), one of Sri Lanka’s leading third-party logistics solutions providers, has successfully expanded its operational engagement with Colombo West International Terminal (Private) Limited (CWIT), through inter-terminal transport services within the Port of Colombo. This enhanced engagement further strengthens CWIT’s efforts to improve operational efficiency, reliability, and scalability across terminal activities.
Inter-terminal transport plays a critical role in modern port operations, requiring high levels of coordination, precision, and operational discipline. JKLL’s appointment for ITT operations reflects CWIT’s confidence in the company’s demonstrated capabilities in managing complex transport operations within a high-throughput port environment.
The ITT operations are underpinned by JKLL’s technology-enabled logistics framework, incorporating real-time fleet tracking, performance monitoring systems, and data-driven operational planning. These capabilities provide enhanced visibility and control over transport movements, while ensuring compliance with established safety, productivity, and service quality standards.
The awarding of this engagement to JKLL is a testament to the successful implementation of the Inter-Terminal Vehicle (ITV) operations undertaken by John Keells Logistics at CWIT during the previous year. The ITV assignment was executed through structured operating procedures and disciplined service delivery, contributing to improved cargo movement, operational coordination, and service continuity within the terminal. The performance outcomes of the ITV operations provided the basis for the subsequent expansion of the partnership into ITT services.
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