Chrissworld to raise Rs. 56.25 million through IPO
By Hiran H.Senewiratne
Chrissworld Ltd. (CWL), an SME company engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.
The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.
Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.
The company, starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.
Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.
Amid those developments the CSE started on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and Distilleries.
Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.
In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded), Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.
Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90
Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.
The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.
Share investors worried over Wealth and Heritage tax
By Hiran H Senewiratne
CSE trading kicked off on a positive note yesterday but the momentum could not be sustained for long owing to investor worries that the government is planning domestic debt restructuring involving the imposition of a wealth and heritage tax on citizens, market sources said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 131 points and S and P SL-20 declined by 46.8 points. Turnover stood at Rs 3.4 billion with four crossings. Those crossings were reported in Agalawattte Plantations, which crossed 45.3 million shares to the tune of Rs 1.5 billion, its shares traded at Rs 35, CTC 420,000 shares crossed for Rs 269 million and its shares traded at Rs 640, Cargills 100,000 shares crossed to the tune of Rs 24.5 million; its shares traded at Rs 245 and Hayleys 300,000 shares crossed for Rs 24 million; its shares traded at Rs 80.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 234 million (two million shares traded), Hayleys RS 121 million (1.5 million shares traded), Lanka IOC Rs 106 million (115,000 shares traded), Softlogic Capital Rs 69 million (5.6 million shares traded), CTC Rs 65.3 million (101,000 shares traded), Sampath Bank RS 54.7 million (one million shares traded) and Commercial Bank RS 52.5 million (801,000 shares traded).During the day 164 million share volumes changed hands in 20000 transactions.
Brandix ‘RightToRead’ initiative gains momentum enriching Sri Lanka students and transforming learning
Inspired by the challenge to provide Sri Lankan children with better access to learning materials and the transformative power to read and comprehend English, Brandix launched the ‘RightToRead’ project in 2018 in collaboration with the Ministry of Education.
Accordingly, Brandix introduced the ‘ReadToMe’ English learning tool, created by English Helper – India, to improve reading and comprehension skills of Sri Lankan students. Last Monday, Julie Chung, the US Ambassador to Sri Lanka, visited Susamayawardhana Vidyalaya in Borella, to observe progress of the project and experience how children and educators in Sri Lanka engage with educational technology.
Brandix Lanka Limited, Director, Ajit Johnpillai, said: “Education is the most powerful tool to enrich communities and futures, and Brandix is committed to build a strong foundation for transformational learning for students across Sri Lanka. The progress we have made with RiteToRead over the past two years is promising, and the potential for change in the education sector harnessing such digital technologies is immeasurable. Brandix will continue its commitment to deliver Inspired Solutions for the people of Sri Lanka.”
Dialog TV Boosts Resilience and Capacity with Norsat Satellite Earth Station
Hytera, a leading global provider of professional communications technologies and solutions, is proud to announce the successful deployment of a new backup satellite station for Dialog TV, Sri Lanka’s No.1 satellite Pay TV service provider. The project was fulfilled in 2022 by Hytera and its subsidiary specialized in Satellite Communications (SatCom), Norsat International Inc. The new station enhances the resilience and capacity of Dialog TV’s existing system and ensures continuity of service in the event of damage due to natural disasters.
Dialog TV provides coverage over the entirety of Sri Lanka through the Intelsat 38 Ku-band satellite. As the business expanded, it opted for a backup solution to support its existing satellite station and to strengthen the network’s disaster tolerance.
Hytera and Norsat provided an end-to-end satellite earth station solution that includes the installation, integration, and setup of satellite antennas, a transmission and receiving system, a new network management system (NMS), and a carrier monitoring system (CMS). The NMS makes routine work easier and simpler for on-duty staff, as equipment status, parameter monitoring and configuration, and remote control of the devices can be viewed and accomplished via a single interface. The CMS monitors the carrier spectrum status of satellite signals in real-time and ensures stable signal transmission and receiving.
“We are excited to have been able to work with Dialog TV on this important project,” said Kevin Sun, Sales Director for Hytera South Asia, “Our ability to seamlessly integrate our new equipment and software with Dialog TV’s existing systems has helped to ensure a stable and reliable service for their millions of customers across Sri Lanka.”
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