Connect with us

Business

Piramel Glass deal energises CSE

Published

on

By Hiran H.Senewiratne 

Piramal Glass Ceylon PLC ‘s largest shareholder, Piramal Glass Pvt Ltd, entered into a share purchase agreement to sell its entire stake of 56.45 percent  in the company to Pristine Glass Pvt Ltd for Indian Rs. 5.166 billion.

In a CSE filing the company noted that the Board of Directors of Piramal Glass Ceylon has entered into a sale and purchase agreement with, inter alia,  Piramal Glass Pvt Ltd (seller) and Pristine Glass Pvt Ltd ( purchaser), a company duly incorporated under the laws of India, for the sale and purchase of 536,331,880 shares (56.45 percent) being the entire equity held by the seller in the company.

The consideration for the transaction is to be calculated based on the enterprise value of the company of Indian Rs. 5.166 billion, the indebtedness of the company, the net debt of the company and a working capital adjustment to be computed, as agreed, as of the date of transfer of the glass manufacturing business of the seller in India.

Amid those developments, CSE activities were of a negative kind most of the time yesterday but in the latter part of the day they turned positive following the Piramal Glass deal, which accounted for more than 33 percent of the turnover yesterday, stock market analysts said. 

Melstacorp PLC share prices also moved up, thus enabling the market to perform in a positive manner. Both indices moved upwards. All Share Price Index went up by 14.84 points and S and P SL20 went up by 12.04 points. The turnover stood at Rs.  2.93 billion with a crossing. The crossing was reported in JKH, which crossed 300,000 shares to the tune of Rs. 45.6 million; its shares trading at Rs. 152.

In the retail market, top five contributors to the turnover were;  Piramal Glass Rs. 1.07 billion (108.5 million shares traded), Browns Investments Rs. 399 million (118 million shares traded), Melstacorp Rs. 212.8 million (212.8 million shares traded), JKH Rs. 228.4 million (844,000 shares traded) and Hemas Holdings Rs. 80.2 million (846,000 shares traded). During the day  305.9 million share volumes changed hands in 25463 transactions.

During the day investment holdings companies and diversified business conglomerates contributed and were active on the market floor yesterday. Piramal Glass share prices appreciated by 10 percent or 90 cents, following the sale and share purchase agreement. Its shares started trading at Rs. 8.70 and at the end of the day they moved up by Rs. 9.60. Melstacorp share prices moved up by 14 percent or Rs. 6. Its shares started trading at Rs. 42.50 and at the end of the day it moved up to Rs. 48.50. It is said , Carson Cumberbatch  announced an interim dividend of Rs. 0.75 per share.    

Sri Lanka rupee quoted weaker at 186.05/40 to the US dollar on Friday in the spot market while yields remained unchanged in dull market trade ahead of the bond auction, dealers said. The rupee closed at 185.80/186.00 to the US dollar on Thursday.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Sampath Bank continues to partner Central Bank on promoting QR payments

Published

on

 

Sampath Bank PLC joined hands with the Central Bank of Sri Lanka (CBSL) yet again to raise awareness and increase acceptance and usage of LANKAQR, the common Quick Response (QR) code standard for the country that was introduced in 2020.

Encouraging consumers to adopt LANKAQR for their day to day transactions, Sampath Bank held a 2-day promotional drive at one of Colombo’s latest outdoor dining destinations, Dining Capsule at Baladaksha Mawatha, near Galle Face Green on the 23rd and 24th of January.

Dharmasri Kumaratunga, Director – Payments and Settlements, Central Bank of Sri Lanka; Nanda Fernando, Managing Director, Sampath Bank PLC; and Tharaka Ranwala, Head of Operations and Group Chief Marketing Officer, Sampath Bank PLC, took part in the ceremonial launch of this initiative together with other senior representatives.

The Bank offered 25% cash back on payments made with the LANKAQR-enabled Sampath WePay digital payments mobile application at Dunhinda Colombo, Roots, Grand Monarch, Street Wok, Lavinia, Spice Junction, Giovanni’s Pizza al Taglio and BoxBar outlets at the Dining Capsule during this period.

“Offering greater convenience and security, technology continues to transform the way we conduct our day to day transactions. This is becoming increasingly true in Sri Lanka too, where consumers and businesses are actively adopting digital payments,” said Nanda Fernando, Managing Director, Sampath Bank PLC. “At Sampath Bank we have always focused on leveraging emerging technologies and delivering market relevant solutions that add value to our customers around the island. In line with this, we are delighted to partner with the Central Bank of Sri Lanka on driving the acceptance and usage of LANKAQR.”

“Across Sri Lanka, a growing number of merchants and consumers are getting on board the LANKAQR ecosystem and beginning to appreciate the value offered by QR based payments. We are witnessing this phenomenon with Sampath WePay, the secure, one stop digital wallet from Sampath Bank that allows users to store all types of financial instruments from any bank and carry out a wide range of real-time online transactions.

Continue Reading

Business

Taking cashless transactions across the country

Published

on

 

The Central Bank of Sri Lanka in coordination with leading financial institutions and telcos in the country set in motion the ‘Rata Purama LANKAQR’ promotional campaign with a monumental event on January, 23. The ‘Rata Purama LANKAQR’ initiative represents the second phase of an island-wide campaign commenced late last year to introduce LANKAQR as the standard for mobile phone and digital payments countrywide, in moving towards a cashless and digitally-savvy society plus greater financial inclusion across Sri Lanka.

Held at Diyatha Uyana, Battaramulla, the event was graced by the Chief Guest, Ajith Nivard Cabraal, State Minister of Money & Capital Market and State Enterprise Reforms, Ms. Yvette Fernando, Deputy Governor CBSL and the chairperson of the National Payments Council, D. Kumaratunge, Director Payments and Settlements – CBSL, and Thilak Piyadigama, chairman – CBSL appointed LANKAQR Committee/CEO SDB bank, among other distinguished guests.

The Colombo-leg of the LANKAQR national campaign, drawing on the participation of numerous high-profile guests plus the island’s top banks and financial institutions, aimed to advance the program’s overall vision of promoting digital transactions as the new norm and included city-wide promotions, covering major commercial locations in and around the city.

Developed by the Central Bank of Sri Lanka, LANKAQR is a common Quick Response (QR) code standard, and its adoption by most major financial institutions in Sri Lanka is a progressive step on the path to Sri Lankans fully embracing a future that is inevitably digital, gradually leading to an entirely cashless mode of transaction.

The LANKAQR system will allow banks, financial institutions and telcos, through their digital payment apps and platforms, to facilitate fast, secure and low cost digital payments to any merchant or service provider. LANKAQR provides customers with a mechanism for payment for all their needs ranging from groceries, healthcare to utilities, and even the purchase of goods from street-side vendors, directly from their bank account through the use of any LANKAQR-compliant mobile payment app.

Continue Reading

Business

SLT-MOBITEL gives ‘Power to Your Dreams’ with special connectivity offers

Published

on

SLT-MOBITEL is all set to launch the ‘Power to Your Dreams – සිහිනයට සවියක්’ campaign to provide the latest connectivity solutions to microbusinesses on the of January, 25 the company announced recently. This program will provide ICT solutions packages encompassing products and services essential for microbusinesses, at maximum affordability.

Understanding the connectivity needs of the microbusiness segment, the promotion provides them solutions that fulfil their requirements. Accordingly, communication, business networking, cloud technology, entertainment & IoT, communications devices and business infrastructure services for various market segments within the microbusiness ecosystem is provided utilising SLT-MOBITEL products and services such as voice & mobile telephony, 4G LTE, SLT Broadband, SLT Fibre and Peo TV services.

Speaking on the planned promotion, Sanjeewa Jayamaha, General Manager – SME Business Development, Sri Lanka Telecom stated, “Microbusinesses are the bedrock of Sri Lanka’s economic activity, supporting day to day transactions for millions of people. It is vitally important that they receive the full benefit of the connectivity solutions offered by the national ICT solutions provider, Sri Lankan Telecom. The brand unification of SLT-MOBITEL means now we can offer a full bouquet of products and services to our clients. This promotion will ensure that microbusinesses from various segments can now access the connectivity solutions most important for their businesses to thrive.”

Microbusinesses operating in entertainment and leisure, fashion and beauty, daily essentials, medical and health care, education, special occasion services, financial services, e-commerce and software development, professional services, construction support and transportation and delivery services will be able to benefit from bespoke packages crafted by SLT-MOBITEL with their specific industry needs taken into consideration.

 

Continue Reading

Trending