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Blackstone Capital acquires controlling stake in Piramel Glass for Rs. 6.2 billion

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By Hiran H.Senewiratne 

US-based Blackstone Capital acquired CSE listed Piramal Glass (Pvt) Ltd. for a consideration of  Rs. 6.2 billion. Blackstone Capital purchased a controlling stake in a transaction by way of a crossing, stock market analysts said.

A mandatory offer is expected to follow with Blackstone getting a 56 percent stake in the firm, through PGP Glass. This transaction was a crossing in the CSE, which contributed more than 88 percent to the turnover, stock analysts  said.  

PGP Glass, a Blackstone unit, purchased India’s Piramal Glass and several affiliated companies including the Sri Lanka firm.

The new owners have the know-how to develop the glass firmly and boost exports, analysts say.”Blackstone is interested in the export potential of Piramal Glass,” they explained.

Meanwhile, Asia Securities said in a press release:’Asia Securities Advisors (Pvt) Ltd. acted as the buy-side advisor and Asia Securities (Pvt) Ltd acted as the executing stockbroker to the Blackstone Group in its landmark acquisition of Piramal Glass Ceylon PLC. This transaction reaffirms Asia Securities’ position as the preferred investment banking and stockbroking partner to the most sophisticated investors for cross-border M&A transactions in Sri Lanka. The acquisition price implies a total enterprise value of LKR 13.9 Billion for the target company.’

Blackstone had acquired Gerresheimer AG, a German glass and plastics packaging maker for pharmaceuticals in 2004, developed it and earned a 7.5 times return in about four years.

Amid those developments the CSE yesterday indicated mixed reactions. The All Share Price Index went down by 12.57 points and S and P SL20 rose by 6.76 points. Turnover stood at Rs. 7.45 billion with three crossings. Main crossings happened in Piramal Glass (Pvt) Ltd, which crossed  6536 million shares to the tune of Rs. 6.2 billion, its shares traded at Rs. 11.60, Hayleys 500,000 shares crossed for Rs. 31 million, its shares traded at Rs. 62 and Kandy Hotel 4.2 million shares crossed for Rs. 23.1 million, its shares trading at Rs. 5.50.

In the retail market, five companies that mainly contributed to the turnover were; Piramal Glass (Pvt) Ltd. Rs. 313 million (28.5 million shares traded), JKH Rs. 181.7 million (1.2 million shares traded), Commercial Bank Rs. 82.2 million (910,000 shares traded), Sampath Bank Rs. 78 million (1.37 million shares traded) and HNB Rs. 67.6 million (319,000 shares traded), During day 619 million share volumes traded in 10730 transactions.

With the recording of foreign selling mainly in Commercial Bank, HNB and Sampath Bank on the previous day, investors were a bit careful in purchasing those stocks.  However, Commercial Bank, Sampath Bank and HNB have announced exclusive  dividend schemes, where the shareholders are entitled to a certain number of shares who have made share purchases before March 30. Since  Piramal Glass (Pvt) Ltd contributed more than 88 percent to the turnover all other companies contributed only Rs. 916 million.   

Sri Lanka’s rupee quoted weaker at 199.50/201 to the one week US dollar on Tuesday, while yields remained unchanged in dull market trade, dealers said. The rupee last closed in the one-week forward market at 199.25/75 to the US dollar on Monday.



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Seylan Bank offers amazing discounts for Avurudu

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With Avurudu just around the corner, Seylan Bank PLC is offering amazing discounts to customers purchasing daily essentials, electronics, clothing, gifts, and more. The bank with a heart will celebrate the New Year with “Ratatama Super, Avurudu Offers with Seylan Cards” and “Seylan Tikiri – Season of Gifts and Laughter”.

The bank with a heart, commenced these exciting offers and promotions to provide the best Avurudu experience to its customers young and old, and to reward them for their continued loyalty to the bank, in the spirit of festivity.

“At Seylan Bank, we want to make your Avurudu an unforgettable experience,” said Gamika De Silva, Assistant General Manager, Marketing and Sales at Seylan Bank. “These two promotions underscore our customer-centric approach which focuses on providing products and services that enhance the overall customer experience and convenience, adding value to your experience with the Bank with a Heart.”

The Bank has partnered with leading supermarket chains on selected promotions; with Keells offering 30% off on fresh meat during the weekends, Cargills providing 20% off on total bills during selected weekends, Glomark offering 20% off on the total bill on every Sunday for a limited time, Laugfs Super providing 20% off on a range of goods on every Monday for a limited time, and Premasiri Supermarket offering 20% off on vegetables & 10% off on fruits on every Wednesday & Thursday during the promotion period.

 

 

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OPPO launches Avurudu song to spread seasonal cheer

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OPPO recently launched an Avurudu jingle ahead of the Sinhalese & Tamil New year. Sung by OPPO brand ambassador & The Voice coach Umaria Sinhawamsa, the song also features popular personalities including actor& singer Gayan Gunawardena and choreographer Ramod Malaka& his dance troupe, Cool Steps.

The visual for the song has been shot in a scenic village atmosphere & features a host of New Year traditions of great cultural significance. The video also features the newly launched fan-favorite OPPO F19 Pro which is on offer during the season. On the first day of sales alone, the F19 Pro recorded a 200% increase in sales compared to its predecessor F17 Pro.

CEO of OPPO Sri Lanka Bob Li said: “This project helped us to immerse into Sri Lankan culture better. In keeping with the spirit of the season, evolving & upgrading, OPPO has launched two concurrent promotions: ERABADU WASI from 2-13 April & OPPO SERVICE WASI from 5 – 18 April.”

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SLIM elects new president and EXCO at 51st AGM

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The Sri Lanka Institute of Marketing (SLIM) held its 51st AGM, which saw the induction of its new President Thilanka Abeywardena, who will spearhead the Institute as its 43rd president. This appointment is a milestone in the history of the Institute as Ms. Abeywardena became the first ever female to hold the position of President.

The AGM was held on 7th April, 2021 at Marino Beach Hotel, Colombo. Both a new Council of Management as well as an Executive Committee were appointed during the meeting.

Thilanka currently holds the position of the CMO Lead, South East Asia Emerging Markets at Microsoft Sri Lanka (Pvt) Ltd. and leads marketing and communications across nine Asian countries; Bangladesh, Bhutan, Brunei, Cambodia, Laos, the Maldives, Myanmar, Nepal and Sri Lanka.

The newly appointed Executive Committee comprises ten experienced marketing professionals:

SLIM is the apex body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970.

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