Corporate News
View all(52)📈 Asia Capital Secures Rs. 1.5 Bn Debt Rebate in Key Restructuring Milestone
• Financial Relief: Asia Capital PLC has secured a Rs. 1.5 billion debt rebate from shareholder creditor Fast Gain International Ltd., cutting its Rs. 1.8 billion debt obligation by ~83%. • Remaining Obligation: Following the rebate agreement signed on 30 June 2026 and disclosed to the CSE on 25 August 2026, approximately Rs. 300 million remains outstanding from the original debt. • Restructuring Context: The agreement resolves shareholder debt accumulated since 2024 to fund high operational costs, capital expenditures, and hotel-related bank loan settlements following period losses. • Strategic Impact: The debt reduction significantly eases legacy financial burdens, providing greater balance sheet resilience and financial flexibility for the premier investment banking institution to focus on sustainable long-term growth within Sri Lanka's capital markets landscape.
📈 NSB Group Reports Rs. 22.5 Bn Operating Profit in 1H 2026
National Savings Bank (NSB) Group delivered resilient 1H 2026 financial results, anchored by core banking growth and expanded lending, despite cost pressures and market income volatility. • Overall Financial Performance • Operating Profit: Rs. 22.5 Bn • Total Operating Income: Rs. 45.8 Bn (+3.1% YoY) • Net Operating Income: Rs. 49.1 Bn (+2.3% YoY) • Net Interest Income: Rs. 44.2 Bn (+5.5% YoY), aided by a 4.7% drop in interest expenses • Fee & Commission Income: Rs. 1.40 Bn (+37.0% YoY) via digital and transaction services • Profitability: PBT at Rs. 22.6 Bn (vs. Rs. 24.1 Bn in 1H 2025); PAT at Rs. 13.4 Bn (vs. Rs. 14.7 Bn in 1H 2025) • State Revenue Contribution • Total contribution to public finances reached Rs. 23.8 Bn • Includes Rs. 9.14 Bn in Income Tax, over Rs. 7.29 Bn in VAT & SSCL on financial services, and a Rs. 7.4 Bn dividend declared to the Government. • Balance Sheet & Lending Breakdown • Total Assets: Expanded 2.1% to Rs. 1.87 Trillion • Loans & Advances: Expanded 9.1% to Rs. 601.01 Bn, driving vital credit expansion into retail and key economic sectors • Customer Deposits: Grew 1.5% to Rs. 1.63 Trillion • Equity & Reserves: Shareholders' equity rose 4.1% to Rs. 123.91 Bn; retained earnings jumped 12.4% to Rs. 52.34 Bn. • Key Financial Health Indicators • Net Interest Margin (NIM): Improved to 4.81% (from 4.74% at end-2025) • Asset Quality: Net Stage 3 loans ratio improved to 2.05% (from 2.52%), with coverage up to 59.77% • Capital & Liquidity: Tier 1 Capital at 19.72% (min. 8.5%), Total Capital at 21.1% (min. 12.5%), and Liquidity Coverage Ratio at 311.88% (min. 100%).
📈 SLID Concludes Landmark Corporate Director Summit 2026
• Event & Overview: The Sri Lanka Institute of Directors (SLID) successfully hosted the Sri Lanka Corporate Director Summit 2026, marking its 25th anniversary. Theme: _"Future-Ready Sri Lankan Boards – From Compliance to Sustainable Growth."_ • Participation: Gathered 475 key stakeholders, including chairpersons, corporate directors, CEOs, regulators, investors, governance professionals, academics, and senior executives. Featured international and local experts from Sri Lanka, UK, US, Australia, India, Thailand, and the Maldives. • Key Focus Areas: • Moving beyond basic regulatory compliance toward strategic leadership and long-term value creation. • Managing artificial intelligence, ICT/BPM digital transformation, and cybersecurity risks. • Enhancing ESG priorities, corporate reputation, talent development, and organizational resilience. • Key Outcomes & Next Steps: • Insights will be compiled into a Board Governance Insights Handbook to guide corporate decision-making. • Continuous leadership development will be pursued via the SLID Board Leadership Programme to boost global competitiveness, institutional strength, and investor confidence. • Partners: Strategic Partner: Deloitte Sri Lanka & Maldives; Title Sponsor: LYNEAR Wealth Management.
Porsche Signs US$ 1.5 Bn Strategic AI Deal with TCS 📈
• Deal Overview: German automaker Porsche AG signed a 5-year, €1.25 Bn (US$ 1.5 Bn) agreement with Indian software services major Tata Consultancy Services (TCS). • Key Operational Focus: The partnership will deploy artificial intelligence across Porsche’s engineering, manufacturing, operations, and customer experience functions to drive digital transformation. • Asset Acquisition: As part of the arrangement, TCS will acquire Porsche’s Germany-based consulting subsidiary, MHP Management- und IT-Beratung GmbH. • Valuation & Closing: The MHP unit is valued at €320 Mn (US$ 374 Mn). The acquisition is expected to finalize within 3 to 4 months, pending necessary regulatory approvals. • Strategic Alignment: Porsche CEO Michael Leiters stated the divestment aligns with the automaker's core strategy to focus strictly on its primary automotive business. While centered on European and Indian corporate entities, global shifts in ICT/BPM tech outsourcing highlight growing cross-border demand for AI-driven transformation solutions.
🤝 Adfactors PR Acquires Majority Stake in Australia’s SenateSHJ
• Regional Expansion: India’s largest public relations firm, Adfactors PR, has acquired a majority stake in Australian communication consultancy SenateSHJ to build a robust Asia-Pacific footprint. • Operations & Leadership: SenateSHJ will maintain its brand identity and continue operating from Sydney and Melbourne under Co-founder/Chair Angela Scaffidi AM and CEO Darren Behar. Adfactors PR CEO Nijay N. Nair joins the SenateSHJ board. • Sri Lanka Impact: The partnership enhances the international network for Adfactors PR Lanka, benefiting local enterprises looking to navigate cross-border reputation and trade in Australia. • Strategic Trade Links: The expansion directly supports key Sri Lankan export sectors targeting Australia, including apparel, tea, and rubber, alongside investment, education, and community linkages.
📈 Fintrex Finance More Than Doubles 1Q PAT to Rs. 210 M
• Overall Financial Performance (1Q FY2026/27): • Profit After Tax (PAT): Rs. 209.93 Mn (+104% YoY from Rs. 103 Mn) • Profit Before Tax (PBT): Rs. 340.59 Mn (+102% YoY) • Gross Income: Rs. 2.05 Bn (+57% YoY) • Total Operating Income: Rs. 1.31 Bn (+65% YoY) • Income Breakdown & Cost Impact: • Interest Income: Rs. 1.70 Bn (+50% YoY) • Net Interest Income: Rs. 961.95 Mn (+55% YoY) • Net Fee & Commission Income: Rs. 334.77 Mn (+104% YoY) • Impairment Charges: Rs. 278.73 Mn (+43% YoY) • Net Operating Income: Rs. 1.03 Bn (+72% YoY after provisions) • Balance Sheet & Growth Indicators: • Total Assets: Rs. 34.45 Bn (+9% expansion during the quarter) • Loans & Lease Receivables: Rs. 30.37 Bn (+7% quarterly growth) • Total Equity: Rs. 4.59 Bn (+5% quarterly growth) • Net Assets Per Share: Increased to Rs. 16.01 (from Rs. 15.28) • Context: Performance is based on unaudited interim financial statements for the quarter ended 30 June 2026. Revenue momentum was driven by portfolio expansion in core financial services, disciplined execution, and significant fee-based diversification.
⚖️ FJ&G de Saram Launches U.L. Kadurugamuwa Legacy Series
Leading Sri Lankan law firm FJ&G de Saram launched the U.L. Kadurugamuwa Legacy Series in its 185th anniversary year to honor its late Precedent Partner, U. L. Kadurugamuwa. The inaugural event at Hilton Colombo brought together legal professionals, arbitrators, and clients to discuss commercial arbitration. • Dispute Resolution & ADR: Highlights included Kadurugamuwa's key role in Sri Lanka's Alternative Dispute Resolution (ADR) framework, including the Arbitration Act No. 11 of 1995, ICLP, and the International Alternate Dispute Resolution Centre (IADRC). • Commercial Arbitration Trends: Legal experts from Allen & Gledhill, Rajah & Tann, and SIAC discussed multi-contract disputes, jurisdictional challenges, and the role of supervisory courts in cross-border transactions. • SIAC Rules 2025: Panelists presented key updates from the SIAC Rules 2025, emphasizing emergency arbitration, interim relief, and early dismissal of unmeritorious claims to enhance legal efficiency for businesses.
📈 People’s Insurance 1H 2026: GWP Up 39%, PBT Surges 63%
People’s Insurance PLC recorded a strong financial performance in 1H 2026, significantly outperforming Sri Lanka’s broader general insurance industry. • Overall Performance - Gross Written Premium (GWP): Rs. 5.21 Bn, up ~39% YoY (vs. industry growth of 23%). - Profit Before Tax (PBT): Rs. 525.6 Mn, up ~63% YoY. - Profit After Tax (PAT): Rs. 357.3 Mn (+61% YoY). - Earnings Per Share (EPS): Rs. 1.75 (vs. Rs. 1.09 in 1H 2025). • Sector Breakdown - Motor Portfolio: Rs. 4.05 Bn GWP (+39.2% YoY vs. ~33.5% industry growth), remaining the primary growth engine. - Non-Motor Portfolio: Rs. 1.16 Bn GWP (+37.4% YoY), substantially beating the overall industry's Non-Motor expansion of ~9.9% as diversification efforts pay off. • Financial Position & Operations - Underwriting Loss: Reduced significantly to Rs. 92.4 Mn (down from Rs. 231.9 Mn loss in 1H 2025). - Investment & Other Income: Increased to ~Rs. 618 Mn (+11.7% YoY). - Total Shareholders' Equity: Reached ~Rs. 6.33 Bn as of June 30, 2026. - Credit Rating: Fitch Ratings affirmed its 'A(lka)' Insurer Financial Strength rating with a Stable Outlook, supported by healthy Capital Adequacy Ratios.
📈 Singer Finance to Raise Up to Rs. 3 Bn via Rights Issue
Singer Finance (Lanka) PLC has announced plans to raise up to Rs. 3 billion through a capital-boosting rights issue. • Capital Raising Terms: The company will issue up to 76,648,787 new ordinary voting shares at Rs. 39.20 each. Existing shareholders will be offered 8 new shares for every 29 existing ordinary voting shares held. • Use of Proceeds: Funds will be utilized to strengthen capital adequacy ratios and support expansion in lending operations within Sri Lanka’s non-banking financial sector. • Regulatory & Governance Approval: Received Central Bank of Sri Lanka (CBSL) approval on 19 August 2026. Final execution remains subject to CSE approval in principle and an Extraordinary General Meeting (EGM) shareholder resolution. • Financial Background: • Stated Capital: Rs. 4.005 Bn (277.85 million shares as of 30 June 2026). • Net Asset Value: Rs. 35.36 per share (end-June 2026). • Parent Company: Singer (Sri Lanka) PLC (controlled by Hayleys PLC) holds the major shareholding at 79.93%. • Share Trading: Stock traded up by 70 cents to Rs. 49.00 mid-session.
📈 Bank of Ceylon Reports Strong 1H 2026 Performance with Rs. 62.7 Bn PBT
• Core Financial Highlights PBT: Rs. 62.7 Bn PAT: Rs. 39.8 Bn Net Interest Income: Rs. 109.4 Bn Interest Income: Rs. 253.7 Bn (Up 4% YoY) Net Fee & Commission Income: Rs. 12.7 Bn (Up 17% YoY) Total Operating Income: Rs. 131.4 Bn (Up 9% YoY) Government Tax Contribution: Rs. 39.2 Bn • Balance Sheet & Ratios Total Assets: > Rs. 5.4 Tn Total Deposits: Rs. 4.3 Tn Gross Loans & Advances: Rs. 2.8 Tn Stage 3 Loan Ratio (Net): Improved to 5.01% Cost-to-Income Ratio: 32.67% ROA / ROE: 2.30% / 20.44% Capital Adequacy: Tier I at 13.32%, Total Capital at 17.22% • Key Focus Areas & Economic Impact Financed critical national infrastructure, SOEs, and key imports (fuel, pharmaceuticals, coal, gas) Dedicated funding for key growth drivers including SMEs, agriculture, exporters, and youth/women entrepreneurs via dedicated circles and the Agri-Banking Unit Facilitated national social programs, opening 700,000+ accounts for Aswesuma beneficiaries Accelerated adoption of digital solutions like BOC Flex and SmartPay QR while remaining the largest facilitator of inward remittances
BOC to Raise Up to Rs. 10 Bn via AT1 Bonds 📈
State-owned banking giant Bank of Ceylon (BOC) has opened an unlisted, Basel III-compliant Additional Tier 1 (AT1) bond issue to bolster its financial structure. • Issue Details: Offers an initial Rs. 5 Bn (50 million bonds at Rs. 100 each), with an option to raise up to Rs. 10 Bn in case of oversubscription. Rated ‘AA-‘ (Stable) by Lanka Rating Agency Ltd. • Returns & Maturity: Floating annual rate set at 12-month net T-Bill rate + 2.00% p.a. Bonds are perpetual (no fixed maturity), with a discretion-based call option after 5 years subject to CBSL approval. • Impact on Capital: Designed to enhance Tier 1 capital, manage asset-liability gaps, and expand liquidity. BOC's Capital Adequacy Ratio (CAR)—currently at 17.22% vs 15.00% regulatory minimum—is projected to rise to 17.45% (at Rs. 5 Bn raised) or 17.69% (at Rs. 10 Bn raised). • Investor Eligibility: Issue runs until 31 December 2026 (or until fully subscribed) exclusively for qualified institutional and high-net-worth investors, with a minimum subscription of Rs. 1 Mn (Rs. 50 Mn for individual qualified investors).
### OMODA & JAECOO Record 144,841 Global Sales in June-July 📈
• Global Sales Figures: OMODA and JAECOO achieved 144,841 total global vehicle sales across June and July 2026, driven by sustained international demand. • New Energy Vehicle (NEV) Performance: - NEV segment dominated results with 112,775 units sold (~77.8% of total volume). - Strong growth reflects global demand for electric, hybrid, and intelligent mobility tech. • Sri Lanka Market Context: - Distributed exclusively by Hayleys Mobility (a division of Hayleys Fentons Ltd.). - Local operations provide full after-sales support, genuine parts, and specialized ownership solutions for Sri Lanka's growing automotive and electric vehicle markets.