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ACAP to acquire 70 per cent stake in Navara Capital Partners

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By Hiran H.Senewiratne 

Asia Capital PLC (ACAP) recently announced to the CSE that the company had entered into a share purchase agreement to acquire a 70 percent  stake of Navara Capital Partners Ltd. (NCPL).Upon acquisition of NCPL, the latter would re-enter and recommence its stock brokering business at a time when capital markets in the country are performing well due to policy certainty prevailing in the current economic landscape of the country, company sources said. 

The agreement was entered into on Monday. “Navara Capital Partners is currently carrying out business as an investment holding company and the company is having a 95 percent  stake of Navara Securities. The company is also planning to recommence its  stock brokering business shortly, which is part of our expansion plan, sources said.

At the CSE yesterday, developments were as follows: Tokyo Cement voting share price dropped to Rs. 75.20 from Rs. 77.80, which was a Rs. 2.60 or three percent drop and non voting shares witnessed a  drop of Rs 67.10 from Rs. 69.20, which was a Rs. 2.10 or three percent drop.

 Melstacorp, Royal Ceramic and Swissteck share prices declined slightly due to slight profit takings of certain shareholders. 

 Both indices dropped during the day. All Share Price Index went down by 2.6 points and  S and P SL20 went down by 0.09 points. The turnover stood at Rs. 2.72 billion with five crossings. Those crossings were reported in Vallibel One, which crossed 1.6 million; its shares traded at Rs. 25.70, Sampath Bank 250,000 shares crossed for Rs. 32.75 million, its shares traded at Rs. 131, Commercial Bank 400,000 shares crossed for Rs. 31.6 million; its shares traded at Rs79, JKH 167,500 shares crossed for Rs. 24.7 million; shares traded at Rs. 147.50 and Royal Ceramic 133,600 crossed for Rs. 23 million, its shares traded at Rs. 172.

In the retail market top five companies that mainly contributed to the turnover were, JKH Rs. 272 million (1.86 million shares traded), Hayleys Fabrics Rs. 231 million (8.5 million shares traded), Tokyo Cement (Non Voting) Rs. 218 million (3.2 million shares traded), Tokyo (Voting) Rs. 164 million (2.2 million shares traded) and CT Holdings Rs. 159 million (979,000 shares traded). During the day  94 million share volumes changed hands in 19892 transactions.   

On the previous day long standing Director Kamantha Amarasekera  bought a 5 percent  stake in Browns Investments PLC (BIL) for Rs. 3 billion.

The transaction amounting to 750 million shares was done at Rs. 4 each. The share price of BIL increased by Rs. 0.10 (2.56percent ) to close at Rs. 4. The deal accounted for 51 percent  of the turnover at the CSE yesterday while overall BIL saw 877 million of its shares traded for Rs. 3.5 billion, accounting for 60 percent  of total turnover. 

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Sampath Bank continues to partner Central Bank on promoting QR payments

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Sampath Bank PLC joined hands with the Central Bank of Sri Lanka (CBSL) yet again to raise awareness and increase acceptance and usage of LANKAQR, the common Quick Response (QR) code standard for the country that was introduced in 2020.

Encouraging consumers to adopt LANKAQR for their day to day transactions, Sampath Bank held a 2-day promotional drive at one of Colombo’s latest outdoor dining destinations, Dining Capsule at Baladaksha Mawatha, near Galle Face Green on the 23rd and 24th of January.

Dharmasri Kumaratunga, Director – Payments and Settlements, Central Bank of Sri Lanka; Nanda Fernando, Managing Director, Sampath Bank PLC; and Tharaka Ranwala, Head of Operations and Group Chief Marketing Officer, Sampath Bank PLC, took part in the ceremonial launch of this initiative together with other senior representatives.

The Bank offered 25% cash back on payments made with the LANKAQR-enabled Sampath WePay digital payments mobile application at Dunhinda Colombo, Roots, Grand Monarch, Street Wok, Lavinia, Spice Junction, Giovanni’s Pizza al Taglio and BoxBar outlets at the Dining Capsule during this period.

“Offering greater convenience and security, technology continues to transform the way we conduct our day to day transactions. This is becoming increasingly true in Sri Lanka too, where consumers and businesses are actively adopting digital payments,” said Nanda Fernando, Managing Director, Sampath Bank PLC. “At Sampath Bank we have always focused on leveraging emerging technologies and delivering market relevant solutions that add value to our customers around the island. In line with this, we are delighted to partner with the Central Bank of Sri Lanka on driving the acceptance and usage of LANKAQR.”

“Across Sri Lanka, a growing number of merchants and consumers are getting on board the LANKAQR ecosystem and beginning to appreciate the value offered by QR based payments. We are witnessing this phenomenon with Sampath WePay, the secure, one stop digital wallet from Sampath Bank that allows users to store all types of financial instruments from any bank and carry out a wide range of real-time online transactions.

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Taking cashless transactions across the country

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The Central Bank of Sri Lanka in coordination with leading financial institutions and telcos in the country set in motion the ‘Rata Purama LANKAQR’ promotional campaign with a monumental event on January, 23. The ‘Rata Purama LANKAQR’ initiative represents the second phase of an island-wide campaign commenced late last year to introduce LANKAQR as the standard for mobile phone and digital payments countrywide, in moving towards a cashless and digitally-savvy society plus greater financial inclusion across Sri Lanka.

Held at Diyatha Uyana, Battaramulla, the event was graced by the Chief Guest, Ajith Nivard Cabraal, State Minister of Money & Capital Market and State Enterprise Reforms, Ms. Yvette Fernando, Deputy Governor CBSL and the chairperson of the National Payments Council, D. Kumaratunge, Director Payments and Settlements – CBSL, and Thilak Piyadigama, chairman – CBSL appointed LANKAQR Committee/CEO SDB bank, among other distinguished guests.

The Colombo-leg of the LANKAQR national campaign, drawing on the participation of numerous high-profile guests plus the island’s top banks and financial institutions, aimed to advance the program’s overall vision of promoting digital transactions as the new norm and included city-wide promotions, covering major commercial locations in and around the city.

Developed by the Central Bank of Sri Lanka, LANKAQR is a common Quick Response (QR) code standard, and its adoption by most major financial institutions in Sri Lanka is a progressive step on the path to Sri Lankans fully embracing a future that is inevitably digital, gradually leading to an entirely cashless mode of transaction.

The LANKAQR system will allow banks, financial institutions and telcos, through their digital payment apps and platforms, to facilitate fast, secure and low cost digital payments to any merchant or service provider. LANKAQR provides customers with a mechanism for payment for all their needs ranging from groceries, healthcare to utilities, and even the purchase of goods from street-side vendors, directly from their bank account through the use of any LANKAQR-compliant mobile payment app.

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SLT-MOBITEL gives ‘Power to Your Dreams’ with special connectivity offers

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SLT-MOBITEL is all set to launch the ‘Power to Your Dreams – සිහිනයට සවියක්’ campaign to provide the latest connectivity solutions to microbusinesses on the of January, 25 the company announced recently. This program will provide ICT solutions packages encompassing products and services essential for microbusinesses, at maximum affordability.

Understanding the connectivity needs of the microbusiness segment, the promotion provides them solutions that fulfil their requirements. Accordingly, communication, business networking, cloud technology, entertainment & IoT, communications devices and business infrastructure services for various market segments within the microbusiness ecosystem is provided utilising SLT-MOBITEL products and services such as voice & mobile telephony, 4G LTE, SLT Broadband, SLT Fibre and Peo TV services.

Speaking on the planned promotion, Sanjeewa Jayamaha, General Manager – SME Business Development, Sri Lanka Telecom stated, “Microbusinesses are the bedrock of Sri Lanka’s economic activity, supporting day to day transactions for millions of people. It is vitally important that they receive the full benefit of the connectivity solutions offered by the national ICT solutions provider, Sri Lankan Telecom. The brand unification of SLT-MOBITEL means now we can offer a full bouquet of products and services to our clients. This promotion will ensure that microbusinesses from various segments can now access the connectivity solutions most important for their businesses to thrive.”

Microbusinesses operating in entertainment and leisure, fashion and beauty, daily essentials, medical and health care, education, special occasion services, financial services, e-commerce and software development, professional services, construction support and transportation and delivery services will be able to benefit from bespoke packages crafted by SLT-MOBITEL with their specific industry needs taken into consideration.

 

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