Business

Delisting plans at Aitken Spence Plantation Managements; investor sentiment up

Published

11 months ago

2024/05/31

By Hiran H.Senewiratne

Aitken Spence Plantation Managements PLC will de-list its shares from the official list of the CSE, subject to obtaining shareholder and regulatory approvals, company sources said.The exit offer price is Rs 240 per share, the company reportedly said.

“The Board of Directors of the company has made arrangements for this purpose with Aitken Spence PLC, MJ F Holdings (Private) Limited, and D. A. de S. Wickramanayake, three largest shareholders of the company (the “Major Shareholders”) and the Major Shareholders have indicated their willingness to acquire the shares of the minority shareholders of the company who may wish to divest/sell their shares, company sources said.

Amid those developments the CSE investor sentiment indicated a significant improvement. Of importance in this context is the fact that Zambia, Ghana and Sri Lanka are going through financial and balance of payment crises with similarities. However, Zambia and Ghana bondholders have agreed to conclude their debt restructuring exercise soon. This has created some rays of hopes in the Sri Lanka context, market analysts said.

Meanwhile, the All Share Price Index went up by 67.77 points, while S and P SL 20 rose by 47.86 points. Turnover stood at Rs 1.3 billion with four crossings. Those crossings were reported in Sampath Bank, which crossed 3 million shares to the tune of Rs 231 million; its shares traded at Rs 77, Melstacope 1.3 million shares crossed for Rs 1.3 million; its shares traded at Rs 87, JKH 414,000 shares crossed for Rs 85.5 million and its shares sold at Rs 206.50 and HNB 145,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 193.

In the retail market top seven companies that mainly contributed to the turnover were; Commercial Bank Rs 58.6 million (555,000 shares traded), HNB Rs 40.6 million (209,000 shares traded), CCS Rs 34.1 million (553,000 shares traded), Sampath Bank Rs 33.7 million (432,000 shares traded), CIC (Non- Voting) Rs 32.6 million (216,000 shares traded), NTB Rs 31.6 million (261,000 shares traded) and Dipped Products Rs 28.2 million (847,000 shares traded). During the day 44.8 million share volumes changed hands in 10700 transactions.

Yesterday banking sector counters were active, while manufacturing sector counters also considerably contributed to the turnover.

Yesterday, rupee opened lower at Rs 301.60/75 to the US dollar, from Rs 301.60/302.00 the previous day, dealers said. Bond yields were steady.

A bond maturing on 15.12.2026 was quoted at 9.70/80 percent from 9.70/85 percent. A bond maturing on 15.09.2027 was quoted up at 10.25/35 percent from 10.30/40 percent. A bond maturing on 01.07.2028 was quoted up at 10.75/80 percent from 10.70/80 percent.

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Business

Sri Lanka’s NKAR wins tourism growth with premium strategy, shuns price wars

Published

13 hours ago

2025/04/21

Thilina Walpola

First group arrival in Sri Lanka

In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.

This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.

By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.

The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.

By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.

By Sanath Nanayakkare

Business

LOLC Finance secures 5 Gold Awards at LankaPay Technovation

Published

13 hours ago

2025/04/21

Thilina Walpola

LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.

The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.

Awards won were as follows.

Gold Awards:

Best Digital Payment Strategy (Banks & NBFI)

Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)

Excellence in Customer Convenience (NBFI)

Financial Inclusivity (NBFI)

Overall Excellence in Digital Payments (NBFI)

Merit Award: Most Popular Digital Payment Product (iPay)

CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.

Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.

iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.

Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.

Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.

Business

The Tree House International awarded for evidence-based excellence

Published

13 hours ago

2025/04/21

Thilina Walpola

Dr. Anton James receives the award

Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.

Last semester, 100% of students transitioned to mainstream or vocational training.

The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.

His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.