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Renuka Holding to raise Rs. 1.031 bn via Rights Issue on CSE digital platform

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Renuka Holding PLC (RHL) has announced plans to raise Rs. 1.031 billion via a Rights Issue closing on of December 16 to carry out debt settlements and to fund future investments into Group subsidiaries according to a circular issued to its shareholders.

According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 934,863,56. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting Rs. 96,426,220.

The total proceeds expected to be raised through the Rights Issue is Rs. 1,031,289,78.

Renuka Holdings PLC ordinary share price closed as at 07th December as at Rs. 15.10 and its net asset value per share as at 30th September 2020 was Rs. 62.87.

For the six months ended 30th September 2020, the organisation recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity attributable to shareholders of Rs. 6.4 billion.

The group consists of two main verticals – Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness – Renuka Agri Foods PLC and Renuka Agri Organics Ltd; Sri Lanka’s leading coconut based food and beverage manufacturers, Renuka Teas Ceylon Ltd – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd, Sri Lanka’s largest owner of organic certified coconut lands.

The FMCG business is led by Richlife Dairies Ltd; which is within the top 5 dairy companies, and Shaw Wallace Ceylon; the owner of the leading brands of canned fish, snacks, among other brands.

In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.

Once completed it will be a 32-storey tower situated in the Galle Face district of Colombo 03, consisting of a total construction area of 450,000 sq ft, with vistas over Galle Face Green and the new Port City. The group also draws income from the operating Baseline Business Center and other group lands.

On the investment side, the Group set up a dedicated listed entity in 2016, Renuka Capital PLC, which just sold its maiden significant investment in On’ally Holdings PLC (Unity Plaza) at more than triple its original investment cost.

The Rights Issue is being carried out on a digital platform in light of the impact of Covid on the postal services, since there is a practical difficulty in dispatching the Provisional Letter of Allotment to the shareholders of the company within the stipulated time frame.

However the Colombo Stock Exchange has facilitated for eligible shareholders to apply for their rights entitlement via CDS (for CDS account holders). All eligible shareholders of the company, both CDS and Non CDS, are encouraged to follow the procedure set out and uploaded to the website www.cse.lk and www.cds.lk/renuka-holdings-plc-right-issues/ prior to applying to the rights issue. If any shareholder is unsure, they can contact Kasun on 070 4375 236.

The Directors of the Company are Mrs. I.R. Rajiyah, Dr. S.R. Rajiyah, Mr. S.V. Rajiyah, Mr. L.M. Abeywickrama, Mr. S. Dominic, Mr. T.K. Bandaranayake, Mr. J.M. Swaminathan, Mrs. A.L. Rajiyah, Mr. V. Sanmugam and Mrs. J. J. B. A. Rajiyah.

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HNB promotes cashless transactions; joins CBSL’s ‘Rata Purama LANKAQR’ campaign

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Chief Guest for the event Money and Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal, CBSL Deputy Governor and National Payments Council chairperson Yvette Fernando, and CBSL Payments and Settlements Director D. Kumaratunge with HNB Executive Director and Chief Operating Officer Dilshan Rodrigo as he completes a transaction via HNB SOLO at a merchant stall

HNB PLC, partnered with the Central Bank of Sri Lanka to promote the Colombo-leg of ‘Rata Purama LANKA QR’ campaign at Diyatha Uyana, to raise awareness and encourage the public towards cashless payments.

Having already linked LANKA QR to its digital payment app HNB SOLO, the bank was among other financial institutions and telecommunication partners in joining efforts to make cashless QR-code based payments the standard for mobile phones and digital payments countrywide, in moving towards a cashless and digitally-savvy Sri Lanka.

“We are entering a new era of financial technology, where almost all of our daily transactions will require no physical banknotes, but just a smartphone and internet connection with our bank account integrated to a digital payment app.

The Central Bank’s national directive for banks and financial institutions to adopt and integrate LANKA QR into their existing digital payment solutions has prompted an aggressive onboarding of merchants to the new payment solution across the country. With our extensive customer base, SOLO is no doubt a significant contributor to this innovative initiative,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

The Colombo-leg of the ‘Rata Purama LANKA QR’ campaign raised awareness regarding SOLO’s many facilities, including zero human interaction, efficiency, and eliminated risks that influenced many vendors to come on board.

 

(HNB)

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Sri Lanka Insurance posts a staggering revenue of Rs. 55.2 billion during 2020

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Amidst the turbulent and challenging year Sri Lanka Insurance has closed year 2020 on a positive note recording phenomenal revenue growth with exceptional service innovations.

Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record Rs. 55.2 billion revenue for the year, a marked improvement on the Rs.48.6 billion in the year 2019, a press release said.

It adds – In the year of 2020 Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7% growth in premium grew to Rs. 20.1 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.

‘In continuing with its tradition of leadership, Sri Lanka Insurance in 2020 surpassed its own record to declare a sum of Rs.8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.54 billion making the SLIC bonus payout unmatchable.

‘As the national insurer we have witnessed yet another challenging year and the consequences brought out by pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain country’s health defenses while ensuring our customers receive uninterrupted insurance service.

‘As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All” concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities.’ noted .Jagath Wellawatta, chairman of SLIC.

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Bank of Ceylon empowering nation with Lanka Q

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The Bank of Ceylon in its mission to assist the government initiative to empower Sri Lanka through digital technology is joining the customer awareness campaign of Central Bank of Sri Lanka’s Lanka QR digital platform.

Bank of Ceylon had its most recent major awareness programs in Borella and Maharagama along with the other branches in Colombo District in line with the Central Bank’s main program held in “Diyatha Uyana” with the participation of all Lanka QR certified banks on the same day.

Central Bank of Sri Lanka (CBSL) has organized a series of awareness and promotion campaigns for popularizing Lanka QR with the participation of all Lanka QR certified financial institutions throughout the country with the aim of speeding up the customer adaptation process towards digital banking.

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