Business
Blackstone Capital acquires controlling stake in Piramel Glass for Rs. 6.2 billion
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.
Business
Microsoft hosts ‘Scaling AI at Work’ to drive AI-first innovation for Sri Lankan businesses
Microsoft ignited the ‘Scaling AI at Work’ event in Sri Lanka on 26 November 2024, providing a dynamic platform for key customers and partners to delve into the transformative potential of AI. The event showed how Microsoft AI is sparking success among its customers, effectively enriching employee experience and driving business processes with the use of an AI platform that is secure, safe, and private.
Dr. Rohini Srivathsa, Chief Technology Officer for Microsoft India and South Asia, led a power track on ‘The Art of Possible with AI for Productivity’. In her session, Dr. Srivathsa discussed the extensive suite of AI models accessible through the Microsoft platform, emphasizing that unlocking its true potential hinges not only on the prompts customers use, but also the context of one’s work. She elaborated on how AI is reshaping business transformation and the critical importance of responsible AI practices, reaffirming Microsoft’s stance on protecting customer data.
Speaking on the efficacy of AI in driving value, Dr. Srivathsa said, “Microsoft runs on trust. We aim to empower our customers to bend the curve on innovation with AI Copilots, driving efficiency through comprehensive cutting-edge systems. We’re changing the way innovation is done, effectively helping our customers accelerate their transformation in the age of AI with a platform that is secure by design to reshape collaborative businesses, processes and decision making.”
A key highlight was how Microsoft 365 Copilot enhances productivity by saving time, automating routine work, thereby freeing workforces to pursue higher priority goals with the potential of creating significant impact.
The event explored how Copilot is actively helping organizations create new business opportunities, optimize capital management, and improve profitability while reducing operational costs by eliminating the need for external support and third-party AI tools. Copilot users reported saving 30 minutes a day, equating to 10 hours per month, highlighting the value of AI in everyday business operations.
Trust and security were central themes throughout the event. Speakers underscored the importance of implementing robust security measures alongside AI adoption. In line with this, a panel discussion titled ‘Creating Customer Delight by Optimizing Processes with Utmost Security’, moderated by Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives, explored real-world success stories of businesses achieving operational efficiency through AI-powered solutions.
Business
The George Keyt Foundation unveils a distinguished line-up of Sri Lankan artists for upcoming auction conducted by Sotheby’s
Sotheby’s conducts its first ever Auction celebrating contemporary and modern Sri Lankan artists
The eagerly anticipated first-ever art auction conducted by Sotheby’s in Sri Lanka, presented by the George Keyt Foundation, continues to generate excitement with the unveiling of the distinguished line-up of artists.
The landmark event aims to bring together an extraordinary constellation of Sri Lanka’s most celebrated contemporary and modern artists whose works will be showcased and sold in an unprecedented charity auction.
The artworks will be available for viewing at Cinnamon Life on December 8th from 10.00 a.m. to 6.00 p.m and on December 9th from 10.00 a.m to 5.00 p.m. On December 8th, Ishrat Kanga – Director, Specialist, and Co-Worldwide Head of Modern and Contemporary South Asian Art at Sotheby’s will lead a panel discussion titled ‘Indian Ocean Affiliations in the Making of Modern and Contemporary Sri Lankan Art’. The Panel will be moderated by Mariah Lookman and will include Professor Jagath Weerasinghe and Anoma Wijewardene. This is a free event and registration is available on Eventbrite on the following link: https://www.eventbrite.com/e/indian-ocean-affiliations-in-the-making-of-modern-contemporary-sri-lanka-tickets-1094936778379
The Charity Auction,conducted by Ishrat Kanga of Sotheby’s, featuring 46 Lots by 35 leading Sri Lankan artists will take place on December 9th 2024 at 6.30 p.m. at The Forum, Cinnamon Life. Pre-registration to participate in the Auction is required. For more information, please visit www.georgekeytfoundation.com/auction
The prestigious exhibition receives support from generous sponsors including Cinnamon Life as the Principal Sponsor and Nations Trust Bank serving as Co-Sponsor. Other Official Partners include Lynear Wealth for Wealth Management, Wine World for Beverages, MA Lanka for Logistics, Colombo Jewelers for Gem & Jewellery, Calcey for Technology, Printcare for Print Services, and Chatham Luxury as Watch Partner.
The exhibition provides a valuable opportunity for art enthusiasts, collectors, patrons and the public to immerse themselves in contemporary creative expressions, celebrating Sri Lanka’s artistic legacy. For more information visit our website www.georgekeytfoundation.com/auction and pre-registration details, contact: info@georgekeytfoundation.com
Business
NDB Kotahena branch sets a new benchmark with record-breaking CEO’s Club achievement
NDB Bank proudly celebrates the exceptional performance of its Kotahena Branch, which has achieved a monumental milestone in the bank’s history. The branch has become the first in NDB’s history to produce an unprecedented all 12 branch staff members qualify for the elite CEO’s Club members in a single year 2024 with a remarkable YTD achievement of Rs.37 million, cementing its position as the highest performer across the entire network.
This historic achievement is a testament to the Kotahena Branch team’s relentless dedication, exceptional teamwork, and commitment to delivering customer-centric solutions. By placing the needs of customers at the forefront, the team has demonstrated the true spirit of excellence that NDB strives for.
NDB Bank’s CEO’s Club, a hallmark of bancassurance excellence, has grown exponentially since the partnership with AIA Insurance began in 2006. As a pioneer in integrating banking and insurance services, NDB has consistently enhanced its suite of bancassurance solutions to provide comprehensive financial security for its customers. In 2023, the bank recorded a landmark achievement with 210 CEO’s Club members, showcasing the growing importance of bancassurance in NDB’s customer-focused offerings.
The 12 exemplary staff members who contributed to this outstanding achievement were Balasubramaniam Aingaran – Branch Manager, Shivanthan Jayaranjit – Privilege Relationship Manager, Jeyasekaram Kuganthan – Assistant Manager, Gagan Hiniduma – Credit officer, Navodya Nagodavithana – Credit Associate, Chamara Udayanga – Pawning officer, Sharmin James – Cash Officer. Amirthalingam Kirushikan – Previous cash officer, Mohammed Nafeel – Junior Executive, Nishan Madushanka Leonard – Senior Business Development Associate, Nidhursha Yogaraj – Banking Assistant and Sesadi Jeyasekara – Banking Assistant.
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