Browns Investments expands leisure sector –acquires Serendib Hotels
LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC.
With this investment, BI will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissa along with their management companies to BI’s existing leisure portfolio, The Eden Resort & Spa in Beruwala, The Paradise Resort & Spa in Dambulla, The Calm Resort & Spa in Passikudha and Dickwella Resort & Spa, Sheraton Kosgoda Turtle Beach Resort managed by the Marriott Group and Riverina Resort in Beruwala with 375 keys, which is under construction.
In the Maldives, BI’s leisure properties under construction includes, Nasandhura Palace Hotel in the city of Malé and Bodufinolhu in the Ari Atol. Nasandhura Palace is in the most coveted location in the city, nearing construction and will be ready for occupancy in the year 2021 and is a mixed development consisting of 118 luxury apartments, a five-star hotel with 135 keys and an upscale mall with shopping and entertainment. Bodufinolhu, an international four-star property, once ready for commercial operations in 2021 will have a mix of water villas, beach villas and beach suites accounting for 100 keys.
The Group also has the lease rights to three islands reclaimed in North Malé, Bodufaru, Kaafu Atol which is to be developed as three five star properties with a total of 470 keys. BI entered into a management agreement with Barceló, one of the largest global hotel operator chains to manage The Eden Resort and Spa, The Paradise Resort and Spa, Nasandhura and Bodufinolhu. Further, Barceló is to make an equity investment of 30% into the development of Bodufaru three island project.
The new investment will expand the leisure footprint of BI and the Company is of the view that this will be a strong growth sector post COVID-19, gaining momentum in the latter part of 2021. The company believes that the new investment will complement its long-term leisure strategy of building a diverse leisure portfolio in Sri Lanka and in the Maldives.
Over the years, BI has developed its diverse investment portfolio, expanding its operations into construction and related businesses, Plantations and other strategic investments. The Construction business has seen a significant growth, with Browns Engineering & Construction becoming one of the most sought-after telecom engineering companies in the country.
Pelwatte Dairy-led Chef’s Guild supported Chef Event energises Sri Lanka tourism
Pelwatte Dairy, the leading local dairy brand in Sri Lanka that produces a range of dairy products and saves valuable foreign exchange, recently stepped into promoting a cornerstone in Sri Lanka’s culinary and hospitality sectors, the chefs of Sri Lanka.
The Chef Event held at Amagi Aria Hotel, Negombo, and organized by Pelwatte Dairy in partnership with the Chef’s Guild of Lanka, became a viable networking platform for the culinary experts while also giving a significant boost to their professional and skills development. The other partner of the event was the Amagi Aria Hotel.
SLT-MOBITEL Enterprise becomes SriLankan Airlines’ total communication solutions provider
SLT-MOBITEL Enterprise, the National ICT Solutions Provider, dedicated in their service to delivering best-in-class technology for the enterprise segment has signed a bilateral agreement with SriLankan Airlines with the support of Millennium IT ESP. The Managed Services Excellence event was held recently at the Jetwing Blue Hotel in Negombo.
Under this agreement, SLT-MOBITEL Enterprise will manage Service Solutions for SriLankan Airlines including Data Networking Services, Enterprise Business Internet Services, Wi-Fi Services including equipment and infrastructure, and Voice solutions.
“SLT-MOBITEL is proud to partner with SriLankan Airlines in delivering the best possible communication solutions. This partnership builds upon the strong history of collaboration between our two companies and demonstrates our shared commitment to serving Sri Lanka. By leveraging SLT-MOBITEL’s enterprise-grade services and solutions and Millennium IT ESP’s expertise, SriLankan Airlines will be able to operate more efficiently and better serve our country and its citizens,” said Janaka R. Abeysinghe, CEO of SLT.
Orient Finance earns Great Place to Work Certification for second year
Orient Finance PLC, a member of the Janashakthi Group, has received the prestigious Great Place to Work® Certification™ for the 2nd consecutive year reinforcing their position as a great workplace in Sri Lanka, and reflecting the company’s dedication to fostering a positive work culture for their employees who are considered the organization’s most valuable assets.
Great Place to Work® is an independent analyst that conducts anonymous employee surveys and culture audits to evaluate workplace practices and culture. Based on their analysis, they help organizations develop high-trust, high-performance workplace cultures that promote employee well-being and business success. To become certified, companies undergo a thorough vetting process that includes employee feedback, workplace policies, and practices. The Certification™ is based on a rigorous evaluation of company culture, which includes an assessment of trust, fairness, respect, and camaraderie in the workplace.
Orient Finance, as they celebrate this noteworthy achievement, also highlights the organization’s participation rate of 81% in the Great Place to Work® Trust Index© employee perception survey that indicates the commitment of their employees for engagement, and receptiveness to take action in order to build an exceptional workplace culture.
Orient Finance considers a supportive and optimistic work environment to be crucial to the success of the overall organization. Weighing on this, Director / Chief Executive Officer K.M.M. Jabir shared his thoughts: “Receiving the Great Place to Work® Certification™ for a second year has confirmed that our ongoing efforts to cultivate a thriving workplace culture have been successful. We are proud of this achievement, but we understand the importance of leveraging it to further improve employee experiences, engagement, and retention. We remain committed to fostering a positive and supportive work environment that encourages innovation and creativity, as we believe that this is crucial for any organization to succeed.”
Progressively, Orient Finance PLC has established itself as a customer-focused financial service provider that prioritizes innovation and offers exceptional products and customer service. With 31 branches across Sri Lanka, the company provides an array of tailored financial services which includes mobilization of Deposits, Savings Accounts, Leasing, Hire Purchase, Gold Loans, Alternative Finance Solutions, Corporate Financing and more.
The Company is a member of the Janshakthi Group, which operates in the finance, insurance, and investment sectors. The ‘Janashakthi’ brand embodies a strong culture of unity and collaboration, rooted in the Group’s values of ethics, honesty, transparency, performance, respect, and collaboration. The Group also promotes diversity and merit-based decisions as part of its growth culture initiatives, creating a vibrant and rewarding workplace for all employees.
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