By Hiran H. Senewiratne
Windforce Ltd.’s Initial Public Offering (IPO) worth Rs. 3.2 billion, the biggest in nine years, has seen an over-subscription of eight times, triggering a demand worth nearly Rs. 26 billion, preliminary figures indicate.
The company hasn’t formally revealed the final over-subscription amount but the capital market was abuzz about the success of the IPO over the weekend, informed sources said.
1,700 applications requested for shares worth Rs. 25.7 billion, which was believed to be an over-subscription of eight times, which has positively impacted the stock market, market analysts said.According to stockbrokers, Sri Lanka’s biggest and fastest growing producer of renewable energy, Windforce IPO offered a 15 percent stake or 202,615,341 new ordinary voting shares of par value of Rs. 10 at Rs. 16 each. The previous biggest IPO in recent years was that of People’s Leasing (PLC) worth Rs. 7 billion in 2012.The issue officially opened on March 24 and was closed the same day. It had been available for subscription since March 2. Brokers to the issue were CT CLSA Holdings and Capital Alliance while several other brokers recommended the IPO to investors, given the company’s performance and future outlook as well as the growing demand for and reliance on renewable energy locally and globally.
Amid those positive signals, the CSE, during the first half an hour yesterday was a bit negative but thereafter the market became green and showed some bullish trend at the end of the day, stock market analysts said.
According to stock market analysts, overall the market was bullish. Buying interest was visible especially for banking sector counters, mainly for HNB (voting and non voting), Sampath Bank, Commercial Bank and several listed banks.
Both indices moved upwards. The All Share Price Index went up by 30.30 points and S and P SL20 rose by 19.28 points. The turnover stood at Rs. 2.18 billion with four crossings. Those crossings were reported in HNB (Voting), 4.3 million shares crossed to the tune of Rs. 561 million, its shares traded at Rs. 128, Commercial Bank 5.4 million shares crossed for Rs. 480 million, its shares traded at Rs. 88, JKH 177,000 shares crossed for Rs. 26.4 million, its shares fetching Rs. 149.25 and HNB (Non Voting) 219,000 shares crossed for Rs. 21.9 million, its shares traded at Rs. 100.
In the retail market top five companies that mainly contributed to the turnover were HNB (Non Voting) Rs. 133 million (1.3 million shares traded), Expolanka Rs. 131 million (2.9 million shares traded), JKH Rs. 120 million (808,000 shares traded), Dipped Products Rs. 105 million (2.2 million shares traded), Browns Investments Rs. 87.9 million (15.8 million shares traded) and Sampath Bank Rs. 69.5 million (1.2 million shares traded).During the day 58.1 million share volumes changed hands in 11842 transactions.
Top contributors to the All Share Price Index were Ceylinco Insurance 6.28 points, Commercial Bank 5.54 points, Aitken Spence 2.79 points, Expolanka 2.69 points.
Sri Lanka’s rupee quoted weaker at 199.50/200 to the one week US dollar on Monday, while yields remained unchanged in a dull market ahead of the 60 billion bond auction, dealers said. The rupee last closed in the one-week forward market at 199.25/75 to the US dollar on Friday.
LOLC Al-Falaah unveils pioneering Wadi’ah Gold-Storage Facility with multiple customer benefits
Sri Lanka’s most awarded and trusted Alternate Financial services brand, LOLC Al-Falaah recently unveiled their ground-breaking new product – the Wadi’ah Gold Loan Facility. This is the 1st time a Finance company in Sri Lanka is offering this facility. Al-Falaah Wadi’ah is a unique gold storage option offered to Al-Falaah’s valued customer base. All gold articles are tested for quality and authenticity using state-of-the art equipment by the company’s experienced staff without causing any damage to the jewellery. A unique ‘Gold Storage Certificate’ with the description of articles, including weight, quality and quantity along with the market value will be issued to the customer when obtaining this facility.
Speaking about the new product, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Gold is a favourite investment option at all levels within the concentrated community. The metal is usually pawned, sold or exchanged when in need of cash. As the conventional Pawning options and Gold Loan offering has limitations to cater to the specific needs, as well as contradict with certain beliefs of the community, a concept acceptable and practiced in the industry is introduced by LOLC’s Alternate Financial Services Unit to its valued customer segment”.
Accordingly, a unique feature has been introduced to the Al-Falaah Wadi’ah Gold Storage facility offering the Customer the benefit of obtaining an interest-free maximum Cash-Advance in the industry at zero mark-up against the gold storage certificate value for any emergencies. In addition, for the convenience of the customers, the Gold storage facility period is extended from 3, 6 and 12 months without any requirement for a deposit and the custodial fees are comparatively competitive. The stored gold articles will also be offered a free Takaful cover with a reassurance of highest safety and security.
The Al-Falaah Wadi’ah gold storage facility will be initially available at selected branches including Wellawatta, Akkaraipattu, Kalmunai, Pottuvil, Grandpass, Maradana, Mawanella, Matara, Nawalapitiya and Negombo. Al-Falaah aims to make the facility available across all LOLC Finance branches and dedicated Al-Falaah centers island-wide by the end of the 1st quarter of 2021.
Commenting on the new Al-Falaah Wadi’ah Gold loan facility, Nishantha Jayasekera, Chief Manager, SME Unit & Head of Gold Loan Business of LOLC Finance said, “The main aim of this facility is to give financial-access to the grass-root level clients who do not have direct access to banking & finance, but require small cash advances to develop daily businesses and self-employment. Through this product and its value added features, we hope to cover all segments of the population”.
LANKATILES donates high-end ventilator to Colombo North Teaching Hospital
A Rs. 4.3 million ventilator has been donated to the Coronary Care Unit of the Colombo North Teaching Hospital, Ragama, by LANKATILES, the country’s leading tile manufacturer.
The machine was described as a high-end, world-class piece of equipment suitable for all patient groups.
Present at the official hand-over were Mr Mahendra Jayasekera, Managing Director of Lanka Walltiles PLC and Lanka Tiles PLC, Dr. S. P. A. Liyanage Ranaweera, Director of Colombo North Teaching Hospital, and Dr. Sanjeewa Rajapakse, Consultant Cardiologist of the hospital.
At a time when state-of-the-art equipment is urgently needed to contain the COVID-19 pandemic, LANKATILES reaffirmed its commitment to help frontline hospital staff in their efforts at reducing the spread of the virus and easing patient numbers.
The company said this was a commitment it is ready to stand by at all times in the interests of the country.
Sampath Bank hosts Central Bank’s ‘MatarataQR’ event to promote QR code use
Matara, April 3rd, 2021: Sampath Bank PLC recently hosted the Central Bank of Sri Lanka’s (CBSL) MatarataQR event, in a bid to drive 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 the use of QR codes in their day-to-day transactions, the event was held at the Sanath Jayasuriya Grounds in Matara under the patronage of the Chief Guest, Dullas Alahapperuma, Minister of Power and Guest of Honour, D. Kumaratunga, Director – Payments and Settlements, Central Bank of Sri Lanka; along with senior officials from the CBSL, other commercial banks and financial institutions. Sampath Bank was represented by Nanda Fernando – Managing Director; Tharaka Ranwala – Senior DGM – Operations / Group Chief Marketing Officer and Ajith Salgado – Group Chief Information Officer.
At the event, the Bank actively promoted its ‘WePay’ mobile wallet which helped attract more customers while also onboarding new merchants. A 25% cash back was on offer for payments at over 200 merchants in Matara on the day, made via the LANKAQR enabled WePay digital mobile payment app.
“We are very proud to partner with the Central Bank to host this event that will highlight the safety, convenience and speed of getting onboard the LANKAQR payment standard to the people of Matara. These benefits, coupled with the advanced digital banking solutions offered by Sampath Bank, make it a simple choice to migrate to digital payment technology and we warmly invite the merchants in Matara to come experience the benefits of adopting this new method of payments,” said Nanda Fernando, Managing Director, Sampath Bank PLC.
Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank is steadily transforming itself into a ‘tech company engaged in banking,’ from the traditional approach of a bank engaged in technology.
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