JKH in major business tie-up to launch casino in Colombo

By Hirna H.Senewiratne

JKH, which is a top company with high market capitalization in the CSE, said it is tying up with Melco Resorts and Entertainments Ltd. to run a casino at its billion dollar integrated resort in Colombo.

Melco will also invest US $125 million in equipping the gaming space, JKH said in a stock exchange filing. The JKH project, earlier named Cinnamon Life Integrated Resort, will be rebranded as ‘City of Dreams Sri Lanka’.

‘City of Dreams’ is a brand of Melco, which operates resorts in Macau, the Philippines and Cypress, JKH said. A wholly-owned Sri Lanka subsidiary of Melco has been awarded a 20-year casino license by the government.

Amid those developments the CSE did not perform well yesterday due to some profit- takings. Both indices moved downwards. The All Share Price Index went down by 9.27 points, while S and P SL20 declined by 8.56 points.

Turnover stood at Rs 3billion with seven crossings. Those crossings were reported in Hayleys, where 2.6 million shares crossed to the tune of Rs 242 million; its shares traded at Rs 94, Janashakthi Insurance 1 million shares crossed for Rs 53 million; its shares traded at Rs 53, Hayelys Fabrics 1.17 million shares crossed to the tune of Rs 48.8 million; its shares sold at Rs 41.50, NDB 450,000 shares crossed for Rs 35.7 million; its shares traded at Rs 79.50, Royal Ceramic 1 million shares crossed for Rs 34 and its shares traded at Rs 34, Vallible One 500,000 shares for Rs 21.5 million; its shares sold at Rs 43 and LB Finance 293,000 shares crossed for Rs 21.1million; its shares traded at Rs 72.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 243 million (1.15 million shares traded), Hayleys Rs 174 million (1.8 million shares traded), Royal Ceramic Rs 123 million (3.5 million shares traded), Central Finance Rs 111 million (886,000 shares traded), CIC Holdings (Non- Voting) Rs 107 million (1.7 million shares traded), Lanka IOC Rs 97.1 million (740,000 shares traded) and CIC Holdings (Voting ) Rs 90.6 million (1.1 million shares traded). During the day 272 million share volumes changed hands in 21200 transactions.

Yesterday, the rupee opened stronger at Rs 296.50/80 to the US dollar from 297.50/298.50 on Tuesday, dealers said. Bond yields were broadly steady, dealers added. A bond maturing on 15.12.2026 was quoted at 10.80/90 percent, up from 10.80/85 percent. A bond maturing on 15.09.2027 was quoted at 11.15/30 percent, up from 11.15/25 percent. A bond maturing on 15.03.2028 was quoted at 11.55/65 percent down from 11.55/70 percent. A bond maturing on 15.05.2030 was quoted at 12.20/25 percent from 12.10/20 percent.