Sri Lanka shares fall to over-12-week low

Sri Lankan shares fell to their lowest in more than 12 weeks on Tuesday led by market heavyweight John Keells Holdings Plc as political uncertainty dented investor sentiment ahead of parliamentary elections.

The main stock index ended 0.31 percent weaker at 6,967.78, its lowest close since April 10.

The day's turnover was 713.5 million rupees ($5.34 million), less than this year's daily average of 1.07 billion rupees.

Shares in John Keells Holdings fell 1.1 percent while Hatton National Bank Plc fell 2.16 percent, dragging the overall index.

President Maithripala Sirisena dissolved parliament on June 26 and scheduled elections for Aug. 17, in an effort to consolidate power and push through political reforms.

However, political analysts do not as yet see a clear winner in the elections.

The market saw a net foreign outflow of 161.7 million rupees on Tuesday, extending the net outflow for the past 29 sessions to 4.8 billion rupees.

However, foreign investors are net buyers of 1.09 billion rupees worth of shares so far this year. 

($1 = 133.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

Pacific Textured Jersey Holdings divests 10% of TJL

Textured Jersey Lanka PLC has announced, further to the disclosure made on 29th June 2015 that, Pacific Textured Jersey Holdings Limited (Pacific) divested a total of 66,075,247 shares in Textured Jersey Lanka PLC (TJL) amounting to 10% of the total issued shares of TJL at a price of Rs 26.80 per share. From and out of the said 66,075,247 of shares divested by Pacific, 75% has been acquired by foreign institutional investors and the balance 25% by local investors.

We hereby also announce, further to the discloser made on 26th May 2015 with regard to the decision of the Board of Directors of TJL to acquire Quenby Lanka Prints (Private) Limited (Quenby Lanka) that TJL has concluded the acquisition of Quenby Lanka subsequent to the completion of all regulatory requirements and formalities. Under the concluded transaction, TJI acquired the entirely of the shares issued in Quenby Lanka for a total consideration of USD 3.5 million. Accordingly, Quenby Lanka is a wholly owned subsidiary of TJL with effect from 1st June 2015.

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Colombo City Centre to begin construction

Colombo City Centre,is a 47 storey 1,000,000 sq.ft mixed lifestyle centre that combines a 210,000 sq.ft retail mall, a 196 roomed NEXT Hotel and 178 Residential Apartments at Sir James Pieris Mawatha, Colombo 2.

Piling for the building has already been completed by San Piling (Pvt) Ltd, and construction is expected to begin shortly, with the main contractor targeted to be appointed in August.

The project is being developed by Colombo City Centre Partners (Pvt) Ltd, a joint venture between Abans Sri Lanka and SilverNeedle Hospitality, Singapore, founded by the Investment firm Nadathur Group, owned by Nadathur S. Raghavan, co-founder of Infosys Technologies.

This collaboration between Abans, as a reputed Sri Lankan conglomerate, and Silver Needle Hospitality has established a connection between local and international partners which provides a level of comfort for investors.

Nearly 70% bookings have been received for the apartments and deposits continue to be received for these bookings with the smaller two bed room apartments practically sold out shortly after launch, attesting to the confidence investors have placed in the project and its developers.

There has also been a good demand for the three bedroom units both of which face the Beira Lake and the ocean beyond.

Colombo City Centre Partners (Pvt) Ltd is also pleased to advise that it has received approval for a financing package through a consortium led by Bank Of Ceylon supported by Peoples' Bank and Hatton National Bank.

Spanning from basement to the third floor, the five storey lifestyle retail mall will be on par with malls in Dubai and Singapore where Sri Lankans have much shopping experience.

The mall will feature Cinemas, Supermarket, a Food Court with both local and international cuisine, Games and recreational activities, and for the first time in Sri Lanka, will offer an enjoyable experience for the entire family.

Already retail planning and securing of tenants is in process and this is being handled by Hong Kong based HUSBAND Retail Consulting who in fact are at the final stages of securing an anchor tenant for the Mall.

Prospective operators of the Cinema facilities have also already made presentations. Above the Mall will be the car parks with separately demarcated area for the apartments, the Mall and the Hotel.

Floors up to the 19th floor will be the NEXT Hotel, the flagship brand of SilverNeedle hospitality who recently launched a Hotel in Brisbane, Australia in October 2014. NEXT Hotel will cater mainly to the professional and leisure needs of the business traveler and will be equipped with Modern Technology including 'keyless' entry to the rooms through mobile phones.

Floors 20 to 47 will be the Residences at Colombo City Centre, consisting of 2, 3, 4, and 5 bedroom units of sizes varying from 973 sq. to 4898 sq. and prices ranging from USD 330,000 to USD 2 million.

With the Residence Floors commencing at a high level due to the Mall and the Hotel below, residents will be guaranteed panoramic views of the city and the coastline. While enjoying the sea view, residents will not be directly subject to the damaging effects of sea breeze as the building is located at a distance from the coastline.

All building regulations have been conformed to, including the most currently relevant aspect of earthquake resistance. Further, investors can expect good capital appreciation and rental return. They will also receive freehold title to their apartments.

Life at Colombo City Centre Apartments.

The residents will be able to enjoy every convenience- from super markets to entertainment, fine dining to international and local branded shopping to extra accommodation for guests at the Hotel all under one house, yet with separate entrances, separate lifts and separately demarcated parking spaces.

With a total of only 178 apartments, renting and re-sale will be easier for the investor, and Colombo City Centre has a good mix of apartments, particularly 2 bedroomed units, in 5 sizes, which will cater to a wider spectrum of investors. The sizes of the apartments have the added benefit of making the total price affordable.

The residents will also be offered exclusive facilities including swimming pool, state-of-the-art gym, sauna, barbecue area, children's play area and a sky lounge on the 43rd floor.

Due to the encouraging response we received on apartment sales we decided not to construct a full show suite as planned on a site adjacent to the Colombo City Centre but are in the process of completing show suite finishes within two apartments at the JAIC Hilton which will be completed shortly so that customers may experience the superior and above current market finishes we have included in our design for their benefit. A team of internationally acclaimed partners at work at CCC.

The development also boasts of other internationally renowned partners who have come together to make the project a success. The lead designer of the project is AEDAS, an award winning global architectural firm. With over 1000 architects, it is the largest architectural practice in Hong Kong and specializes in architecture, interior design, master planning, landscape, urban designing and building consultancy within Asia, Middle East, Europe and America.

The world's largest collaborative design firm, Gensler, with over 4000 professionals across 46 countries will be in charge of the interior of the hotel and residencies,
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People’s Leasing buys more PMF

People’s Leasing and Finance and People’s Bank (joint offerors) have acquired a total of 6,461,543 ordinary shares at a price of Rs. 22.00 per share representing 9.57%  of the voting rights in People’s Merchant Finance PLC (PMF).

Consequent to the aforesaid purchase of ordinary voting shares, the Joint Offerrors own 32,921,519 voting shares (48.77%) of PMF and as a result the Joint Offerors will be making a Mandatory Offer to the remaining shareholders of PMF.

In compliance with the provisions of the code, People’s Leasing and Finance and People’s Bank will make a detailed announcement on the proposed offer shortly.
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