By Hiran H.Senewiratne
Sanasa Development Bank will go for a Secondary Public Offering (SPO) soon. This is the first offering in the recent past and the bank will issue 88 million new shares to the public through this secondary offering, stock market analysts said.
Under this SPO the price of a share will be determined three days prior to the Extra General Meeting, based on the one month volume weighted average price, which would mostly be on par with current market prices, market analysts said.
It is said that the purpose of the SPO would be to strengthen the equity position of the company. At present 91.6 million shares are in issue in the CSE, CSE analysts said.
Amid those developments, the CSE was overly positive yesterday selling pressure was noted on the banking sector, especially in Sampath Bank, Commercial Bank and HNB. This has affected the blue chip index, i.e., S and P SL20.
However, manufacturing sector counters attracted some investors. Meanwhile trade counters increased over 18,000 levels after a month, which indicated a positive signal to the market, analysts said.
The All Share Price Index went up by 24.55 points and S and P SL20 rose by 6.58 points. The turnover stood at Rs. 2.1 billion with a single crossing. The crossing was reported in TJ Lanka, which crossed seven million share volumes to the tune of Rs. 241.9 million, its shares traded at Rs. 39.
In the retail market, five companies that mainly contributed to the turnover were; Dipped Products Rs. 198.6 million (four million shares traded), Hayleys Rs. 186.2 million (2.8 million shares traded), Haycarb Rs. 170.5 million (1.7 million shares traded), Expolanka Rs. 137.1 million (2.95 million shares traded) and JKH Rs. 115.8 million (772,000 shares traded). During the day 77.6 million share volumes changed hands in 18845 transactions.
Year to date ASPI is still up 6.19 percent and S&PSL20 is up by 8.7 percent. Market capitalisation on April 1, stood at Rs. 3.14 trillion, down by Rs. 647 billion from the 2021 peak and lower in comparison to Rs. 795 billion dip as of March 19, 2021.
Analysts, however, continue to stress that the CSE remains attractive. The Price Earnings Ratio (PER) as of April 1 was 14.98 times as against 11.25 times end December 2020 and 14.41 times end-January.
Sri Lanka’s rupee quoted weaker at 200.50/201 to the one week US dollar on Monday, while gilt yields were flat on dull trade, dealers said. The markets were closed on Good Friday. The rupee last closed in the one-week forward market at 199.50/200 to the US dollar on Thursday.
MN Group becomes the Best Business of the Year at Pinnacals Awards
The MN Group won the Best Business of the Year Award at the Pinnacals Sri Lanka award ceremony at the Waters Edge Hotel, Battaramulla. Managing Director of MN Group of Companies (www.mngroup.lk), Roshan Wewage accepted the award on behalf of the organization. MN Group of Companies has previously won many awards including Lanka Business Awards (LBA) and Shramabimani.
Customers can obtain any construction related service from MN Group at a reasonable price. The company is also willing to finish half completed houses and commercial buildings at agreeable terms. MN Group understands that the tough economic circumstances have placed great pressure on the people and the company is committed to understanding their needs and to provide a warm and professional service. Roshan Wewage invited those who need to renovate their buildings to reach out to them.
Dilmah Adjudged Best Corporate Citizen for the Third Consecutive Year
Dilmah was awarded ‘Best Corporate Citizen Sustainability’ in the category of Businesses with Less than Rs. 15 Billion Annual Turnover, for the third consecutive year at the Best Corporate Citizen Sustainability (BCCS) Awards organized by the Ceylon Chamber of Commerce; recognizing that Dilmah has successfully achieved a sustainable balance between social, environmental, and economic performanc, a company news release said.
Evaluated by an independent & expert panel of judges, the awards are Sri Lanka’s most prestigious, scrutinizing and recognizing ethical and sustainable businesses. Dilmah was honoured as one of ten ‘Best Corporate Citizens’ of Sri Lanka, won the Award in the Environment Beyond Business Category, and was lauded for continuous commitment to the environment surpassing the realms of business.
“The annual BCCS Awards is the premier corporate citizenship award, highlights sustainability champions in the national corporate arena. The awards promote corporate citizen sustainability ownership and initiatives that deliver social and environmental benefits while pursuing profits. This recognition validates Dilmah’s emphasis on delivering social and environmental impact by sharing earnings through the work of the MJF Charitable Foundation and Dilmah Conservation,” the release said.
“In 1988, Merrill J. Fernando founded Dilmah, a family business, to serve humanity with kindness to people and nature, while sharing his passion for taste and goodness in tea. Over the years Dilmah has delivered over Rs. 7 billion for humanitarian benefit through the work of its charitable arm MJF Foundation and environmental arm Dilmah Conservation.
“Ensuring economic, social, and environmental sustainability exists at the heart of its operations and is integrated to every operational aspect of the business, Dilmah’s purpose is further extended through the work of the Merrill J. Fernando Charitable Foundation (MJF Foundation) and Dilmah Conservation (DC) by driving life-impacting initiatives.
“The MJF Foundation works directly with estate workers and underprivileged communities to uplift lives and empower them to pay-it-forward to their communities. Some of its core initiatives are the countrywide MJF centres, small-medium enterprises with over 2,000 small entrepreneurs, ‘Empower’ Culinary & Hospitality School, and ‘disABILITY’ teletherapy app.
“The sustainable development of people goes hand-in-hand with the planet. Dilmah Tea is a carbon neutral product manufactured at a carbon neutral facility. Further, Dilmah has pledged to achieve zero-emissions for its manufacturing process by 2030 through science-based targets. Dilmah Conservation functions under three main categories: environmental sustainability, biodiversity conservation, and education and awareness. As such, Dilmah Conservation initiatives range from butterfly to elephant conservation, climate research, adaptation and mitigation, rewilding tea gardens, conserving mangrove forests, and promoting nature-based entrepreneurship through seaweed cultivation and empowering agro-entrepreneurs.”
Winning the Best Corporate Citizen Sustainability Award 2022 is considered a top honour in the Sri Lankan corporate field. Each year, submissions are evaluated by an eminent panel of local experts, thought leaders, and academics. Dilmah considers receiving the Best Corporate Citizen Sustainability Award 2022 an important milestone in its journey as a truly sustainable brand with a purpose beyond profit.
Across the shores, Dilmah has been recognized for its attempt to take Ayurvedic wellness and goodness to the world with the help of tea. The Arana Range of Herbal Infusion Teas was voted the Product of the Year 2022 in Australia. Meanwhile, Dilmah on its 7th Consecutive Year was awarded Most Trusted Brand in New Zealand in 2022.
DSI Tyres bags two awards at SLIM Brand Excellence 2022
Sri Lanka’s premium tyre brand, DSI Tyres won two prestigious awards at the SLIM Brand Excellence Awards 2022, held recently in Colombo. DSI Tyres, who has already made a mark in the international markets too, won the Silver Award under the Product Brand of the Year category and the Bronze Award under the Local Brand of the Year category. These mark another important milestone in the company’s journey spanning three decades. DSI Tyres has also remained within the top three brands in Sri Lanka for three consecutive years, a significant achievement in a very competitive arena.
DSI Tyres’ role as a leading local tyre manufacturing company that continues to promote its brand in an eco-friendly manner through the use of state-of-the-art technology and continuous research and development which enables them to identify customer needs in a timely manner is the key reason behind its continuous achievements. DSI Tyres has been able to place its products optimally among the local and international customers using the latest marketing strategies. The company also places great emphasis on sustainability and has been able to expand its local and international market share maintaining continuous customer loyalty even at the most difficult periods. DSI tyres are becoming increasingly popular in the online sphere as well, due to the facilitation of online orders at the convenience of customers as well as the use of attractive digital marketing. “DSI Tyres has a special place in the people’s hearts.
We have won the people’s trust and it is the highest award we can receive. It is a great privilege for us to receive these awards, which a mark of appreciation for the work we do to maintain customer loyalty,” Managing Director of DSI Tyres Kavinda Rajapaksa said. SLIM Brand Excellence Awards is the Sri Lanka’s premier celebration of Sri Lankan brands that rewards the outstanding efforts of marketers. This gala event for this year was held at Grand Monarch Hotel, Colombo. The Chairman of DSI Tyres, Ranatunga Rajapaksa received the two awards on behalf of the company. Previously, DSI Tyres had won SLIM Turnaround Brand of the Year, Product Brand of the Year, Local Brand of the Year and many SLIM DIGIs awards.
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