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Purchase of 60 per cent of Pan Asia Power shares peps stock market

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By Hiran H.Senewiratne 

CSE activities were positive throughout yesterday due to a major transaction or crossing that occurred in Pan Asia Power Plc. This boosted CSE operations and served as an impetus to investors to invest in valued stocks, market analysts said. 

Pan Asia Power divested 60 percent of its stakes held by three major shareholders which were purchased by a top businessman of the country, analysts said. 

It is said that 385.5 million Pan Asia Power shares crossed to the tune of Rs. 1.60 billion. Main sellers were Jinadasa Brothers (sold 26 percent shares), Emerald Fund (20 percent) and Senthivel Holdings (14 percent). Each share was sold at Rs. 4.30.

Pan Asia Power is one of Sri Lanka’s leading suppliers of clean, renewable energy to the country’s national energy grid. Established with support from the Board of Investments in 2002, PAP has been in the forefront of a pioneering effort to transform the island’s energy generation mix onto a path of affordable, sustainable, and reliable energy for all Sri Lankans through the efficient operation of its three mini-hydro power plants. Our combined expertise has enabled PAP to surge ahead in the hydro-power sector and today we stand ever closer to our stated target of 30 MW of generation capacity by 2022, PAP sources were quoted saying. 

Amid those developments both CSE indices were positive. All Share Price Index went up by 48.4 points and S and P SL20 rose by 25.12 points. Turnover stood at Rs. 3.45 billion with four crossings, including the Pan Asia Power transaction. Other three crossings were reported in HNB, which crossed 2.26 million shares to the tune of Rs 297.8 million, its shares traded at Rs 131.75, TJ Lanka 800,000 shares crossed for Rs. 31.6 million, its shares traded at Rs. 39.40 and HNB (Non Voting) 227,000 shares crossed for Rs 24.9 million and its shares fetched Rs. 110.

In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs. 270.5 million (5.4 million shares traded), LOLC Rs. 129.5 million (316,000 shares traded), Hayleys Fabrics . 97.3 million (4.8 million shares traded) and JKH Rs. 75.1 million (553,000 shares traded). During the day the market was positive and major contributors for the All Share Price Index were Commercial Leasing, six points, LOLC six points and Expolanka five points. 

Therefore, share prices appreciated overall. Commercial Leasing shares appreciated by 10 percent or 70 cent to Rs. 7.80, LOLC shares appreciated by 1.2 percent of Rs. 5 to Rs. 410 and Expolanka shares increased by 2.4 percent or Rs. 1.20 to Rs. 51. During the day 446.9 million share volumes changed hands in 17163 transactions.

 

 



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Union Assurance launches HEALTH 360 ‘most comprehensive’ health insurance

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Union Assurance HEALTH 360 was launched on October 13th as a health insurance solution that covers a wide range of health protection needs for the entire family. It offers benefits across three generations covering the policyholder’s spouse, children, and parents with a wealth of benefits.

Union Assurance HEALTH 360 is designed to help consumers manage the rising cost of health care, especially given the unforeseen nature of a family’s health needs. With a HEALTH 360 solution, consumers now have the liberty to obtain the best treatment for their loved ones and themselves, without holding back owing to limitations in affordability.

Commenting on the launch of HEALTH 360, Jude Gomes, the CEO of Union Assurance, stated, “Your family is your most precious asset. No amount of money or belongings can replace their wellbeing. Today, we face numerous health issues, making it increasingly unpredictable, and difficult to manage the health and wellness of our families without support. We are in an age where 83% of Sri Lankans suffer from non-communicable diseases, with 35% of these being heart related. 4.7 Mn people are hospitalized annually, with 25,000+ individuals being diagnosed with cancer every year. Such expenses can put a serious dent in one’s savings. A good health protection plan like HEALTH 360 gives you access to the best treatment, locally and overseas, providing you a reliable safety net when you need it most.”

Union Assurance HEALTH 360, gives consumers the ease of a single solution for the entire family’s health needs with comprehensive coverage for hospital charges, surgery, medication, maternity services, physicians, dental and optical services etc. It offers the highest age limit for a health rider covering up to 75 years, with a cover limit up to Rs. 60 Mn per year. HEALTH 360 offers a unique, in-built critical illness cover, outpatient and Ayurvedic hospitalization cover, including coverage for vaccinations and investigations.

Union Assurance is a part of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalization of Rs. 16.6 Bn, a Life Fund of Rs. 45.3 Bn and a Capital Adequacy Ratio (CAR) of 300% as at June 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With 76 branches and an over 3000-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

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ComBank first to link Import & Export Control Department for online payments with LankaPay

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LankaClear Chairman Dr Kenneth De Zilwa (left) and Commercial Bank Managing Director S. Renganathan

The Commercial Bank of Ceylon has become the first Bank in Sri Lanka to link the Import and Export Control Department (IECD) to a digital platform with LankaPay, enabling customers to pay their license fees to the department conveniently, without having to leave their desks.

Online real-time payments to the IECD via ComBank Digital are now possible for the Bank’s individual as well as business customers and can be accessed on www.combankdigital.com and its iOS and Android mobile applications. The platform is secured with industry-level security standards to provide a convenient, swift, and safe digital banking experience to its customers, wherever they are, the Bank said.

To use this online payment option, customers simply have to visit the ‘Billers’ section on the platform, select the desired biller and make the payment. Once the payment has been successfully completed, the customer can download a cyber receipt as payment confirmation.

“Technology-enabled access is now much more than just a matter of convenience, as the disruptions caused by the lockdowns necessitated by the pandemic have shown,” Commercial Bank Managing Director S. Renganathan said. “Using technology can be the difference between keeping a business alive or going belly-up. At Commercial Bank, we are exploring every possibility offered by technology to help our customers continue their business operations.”

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CSC and Sail Lanka Yachting Group join hands to promote nautical tourism

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Ceylon Shipping Corporation Ltd. joins hands with Sail Lanka Yachting Group to embark on a journey together in developing and promoting nautical tourism, cruising and yachting among other things.

Sri Lanka, an Island Nation strategically positioned in the Indian Ocean, has a tremendous untapped potential in maritime tourism industry especially in the area of cruising, yachting, coastal tourism and shipping for leisure around the country. By developing growth strategies of this industry a greater potential is evident to attract local and foreign tourists, benefitting and enriching the local economy with foreign currency.

Wineendra Weeraman, Chairman, Ceylon Shipping Corporation Ltd., since assuming his duties, was eager and ambitious to embark on a passenger transport service along the Coastal belt of the Island Nation and also amongst neighboring countries like India, Maldives etc.

Pioneering the yachting industry in Sri Lanka as well as a game changer in the global yachting industry and Sri Lanka’s tourism sector, Pierre Pringiers, the former Consul of the Honorary Consulate of Belgium in Sri Lanka, is the mastermind behind the iconic group “Sail Lanka Yachting Group”, which was launched in 2014. Sail Lanka Yachting Group designs luxury catamarans, manufactures catamarans using the latest technologies and exports internationally. ‘Sail Lanka Yachting Group’ also charters luxury cruises around the country envisaging to launch in Maldives in near future.

Wineendra Weeraman, the Chairman of Ceylon Shipping Corporation and Kaushal Rajapakse, the Managing Director of Sail Lanka Yachting Group signed a Memorandum of Understanding at the CSC premises on 11th October 2021 to fasten the business relationships between the two entities envisaging to strengthen it with an agency agreement that will be executed in due course.

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