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Prime Residencies announces basis of share allotment, stocks end higher

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By Hiran H. Senewiratne

Leading real estate company Prime Residencies whose Initial Public Offering (IPO) was oversubscribed recently, has announced the basis of share allotment to the public, stock market analysts said yesterday.

“Prime Residencies’ IPO was intended to issue 187.5 million shares at Rs 10.40 per share to  raise Rs 1.95 billion however, it was oversubscribed and 216 million shares were issued to the public. In this backdrop, investors who applied up to 10 million shares would be allotted in full and other prospective shareholders who applied more than 10 million shares would be allotted 14% on top of the 10 million shares.”

“Hence the company would be able to raise Rs 2.25 billion. Amid this development, trading activities at CSE were retarded till 12.00pm as two index heavy companies mainly; Brown Investments and LOLC witnessed some dip in trading, but nevertheless, in the later part of the day buying interest was noted. As a result, market turned positive and investors  were  attracted  to  other  stocks  as well”, stock market analysts said.

During the day  both indices showed upward trend. All Share Price Index was up by 9.69 points and S and P SL 20 up by 1.41 points.

Turnover stood at Rs 1.33 billion without a single crossing. In the retail market the  companies that mainly contributed to the turnover were Browns Investments Rs 249.5 million (39.6 million shares traded ),Royal Ceramics Rs 121.6 million (3.3 million shares traded),Lanka Walltiles Rs 76.1 million (1.5 million shares traded),Expo Lanka Rs 70.4 million (1.6 million shares traded), Dipped products Rs 69.4 million (1.3 million shares traded) and Dialogue Rs 61.1 million (5.2 million shares traded).

During the day 101 million shares changed hands in 17,399 share transactions.



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Business

SL youth eligible for employment in Korea, to get the opportunity shortly

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The Korean Ambassador to Sri Lanka Woonjin Jeong assured the Foreign Minister that the facilities required for the Sri Lankan youth who are eligible for employment in Korea to travel to Korea will be provided shortly. He was speaking at a discussion on the delays faced by young people who are eligible for jobs in Korea, chaired by the Foreign Minister Dinesh Gunawardena at the Foreign Ministry on 16 June, 2021. State Minister of Foreign Employment Promotion and Market Diversification Priyankara Jayaratne, Secretary to the State Minister of Foreign Employment Promotion and Market Diversification Suntharam Arumainayaham, Chairman Kamal Ratwatte, Director Nimal Thibbatumunuwa and Deputy General Manager Mangala Randeniya of the Foreign Employment Bureau were also participated in the discussion.

The Foreign Minister pointed out that those who have qualified for jobs in Korea have been expecting to leave for jobs in Korea for a long time; however it has been avoided day by day due to the COVID pandemic. The Minister also pointed out that they are under severe mental stress due to this.

The Korean Ambassador to Sri Lanka explained the position of the Korean Government and stated that it has been planned to provide employment opportunities in Korea to all those who are eligible for employment in Korea. He said there is a delay in providing those opportunities due to the COVID pandemic; however assured that he is focussed on sending them to Korea at the earliest available opportunity.

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Sterilizer device launched in Sri Lanka

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At a time when the Covid-19 epidemic is spreading around the world, you will no doubt be happy to hear that those invisible germs that collect in such a closed environment can now be destroyed by a small device called STERIONIZER introduced to Sri Lanka by ABC Trade & Investments.

This small device has made life easy for many as you can clean your home or any other place (specially closed environment) by plug-in the STERIONIZER.  

STERIONIZER system keeps air ducts, air heat exchangers and machinery clean and supplies sanitized air in enclosed areas and each ionizing device is completely maintenance free and connected to a data-bus for supervision and monitoring.

STERIONIZER is priced at Rs. 35,000. Phone 070 3 525 525 or 070 1 853 529 for more information.

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Indian assistance to implement solar power project

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It is expected to provide financial benefit to low-income households

 

Measures have been taken to increase the contribution by renewable energy sources to the national power grid by enhancing solar power generation as per the National Policy Framework.A key plan of the Government is to generate solar power by obtaining the contribution of state-owned buildings, places of worship and houses of the low-income families.

It is expected to provide financial benefit to low-income households and to curtail the expenses incurred by the state institutions for electricity, from the project. Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid.

The project also includes generating power by installing floating solar panels as a solution to land scarcity. Under the first phase of this, plans have been initiated to generate electricity required for the Parliament centering the Diyawanna Lake as a model project.The Government of India, one of the main stakeholders of Sri Lanka for this project, has entered into a bilateral loan agreement by agreeing to grant a Line of Credit amounting to US$ 100 million through the Export Import Bank of India.The agreement for the Line of Credit signed by the Sri Lankan Government and the Export Import Bank of India was exchanged between Finance Secretary S. R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat recently.

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