Corporate News
View all(37)🚗 Hayleys Mobility Delivers 1,000th Vehicle in First Nine Months
• Milestone Achieved: Hayleys Mobility Ltd. (mobility arm of Hayleys Fentons Ltd.) reached its 1,000-vehicle delivery mark within nine months of starting operations. • Vehicle Portfolio: Serves individual, family, and business segments using brands like OMODA, JAECOO, KAIYI, SRM, CF MOTO, and King Long across electric, hybrid, and petrol-powered passenger and commercial vehicles. • Ecosystem & Support: Delivers a complete mobility ecosystem incorporating charging infrastructure, manufacturer-backed warranties, genuine spare parts, and island-wide after-sales support. • Future Expansion: Planning entry into Sri Lanka's two-wheeler market to further broaden its consumer reach and local mobility ecosystem.
📈 MullenLowe Group Sri Lanka Transitions to BBDO Sri Lanka
Following Omnicom's global acquisition of IPG completed in December 2025, MullenLowe Group Sri Lanka has officially transitioned to BBDO Sri Lanka as an Omnicom affiliate. • Corporate Restructuring: The strategic transition connects Sri Lanka’s established creative and advertising operation directly with BBDO’s global network. • Track Record & Scale: • Operations cover 100+ professionals, managing 111 brands across 33 categories for 43 major corporate clients. • Recognized as Effie Agency of the Year 8 times in the last decade and Campaign South Asia Agency of the Year 5 times. • Ranked among APAC’s Top 20 and Global Top 100 Most Effective Agency Offices on the Effie Index for two consecutive years. • Business Scope: The agency retains its local talent, leadership under Executive Chairman Thayalan Bartlett, and multidisciplinary services including strategy, public relations, media, activation, tech, and digital creative services.
📈 Agarapatana Plantations Seeks Approval to Redirect Rs. 643 M Unutilised IPO Proceeds
Agarapatana Plantations PLC is seeking shareholder approval at an EGM to redeploy Rs. 643.2 M in unutilised IPO funds toward mechanisation and renewable energy to counter severe industry labour shortages and migration, while extending the timeline to 30 Sept 2028. • IPO Fund Utilization Status: - Total IPO Allocation: Rs. 747.6 M - Debt Settlement: Rs. 75 M (100% fully utilised) - Factory Modernisation: Only Rs. 29.4 M used out of Rs. 672.6 M allocated (leaving Rs. 643.2 M unutilised) • Revised Allocation Plan (Rs. 649.7 M total): - Driers & Heaters: Down to Rs. 297.7 M (from Rs. 399.6 M) - Rollers, Automation & Conveyorisation: Increased to Rs. 145 M (from Rs. 66 M) - Renewable Energy: New allocation of Rs. 88 M - Colour Sorters: Increased to Rs. 65 M (from Rs. 27 M) - Batch Weighers: Scaled down to Rs. 34 M (from Rs. 36 M) - Scrapped Items: De-stoners, energy saving fans, and variable speed drives (Rs. 88 M total) removed - Shortfall of Rs. 6.5 M to be funded via internal cash flows • Sector & Stock Impact: - Strategy focuses on boosting efficiency in orthodox leafy teas production amid labor migration in the plantation sector. - Shares closed down 60 cents at Rs. 14.10. Top owners remain Lankem Developments (57.65%) and Senthilverl Holdings (22.68%).
📈 Aitken Spence Hotel Holdings to Raise Rs 5 Bn via Listed Debentures
• Key Figures & Issuance: • Total Capital target: Up to Rs 5.00 Bn (Initial Rs 3.00 Bn + Rs 2.00 Bn oversubscription option). • Instrument details: 30 million listed, rated, unsecured, senior, redeemable debentures priced at Rs 100 each. • Subscription date: List opens on September 15, 2026. • Fixed-Rate Options: • Type A (5-Yr): 13.00% p.a. paid annually (13.00% AER) • Type B (5-Yr): 12.60% p.a. paid semi-annually (13.00% AER) • Type C (7-Yr): 13.15% p.a. paid annually (13.15% AER) • Type D (7-Yr): 12.74% p.a. paid semi-annually (13.15% AER) • Sector & Market Impact: • Strengthens the tourism & hospitality sector's access to long-term local debt financing. • In-principle CSE approval secured for listing. Shares closed at Rs 85.80 (-1.38%).
FitsAir Temporarily Suspends Colombo–Dubai Route Amid Regional Developments ✈️
• Operational Status: Privately owned Sri Lankan carrier FitsAir has temporarily paused its scheduled flight services between Colombo and Dubai, effective September 6, 2026. • Key Drivers: The suspension is attributed to the evolving geopolitical situation and operational impacts across the Middle East. • Expected Resume Timeline: Operations are tentatively planned to resume by November 2026, though restarting remains subject to ongoing regional security and airspace conditions. • Sector Impact: Temporarily alters air connectivity for the local aviation & tourism sector and Middle East passage routes, impacting passenger travel between Sri Lanka and the UAE.
📈 Nations Trust Bank to Raise Rs13.8 Bn via Rights Issue
• Capital Raising: Nations Trust Bank (NTB) plans to raise Rs 13.8 Bn through a rights issue to strengthen its banking operations. • Issue Details: Offering 3 ordinary non-voting convertible shares for every 22 existing ordinary voting and/or non-voting shares at Rs 305 per share. • Share Volume: A total of 45,467,286 ordinary voting shares will be issued under the private capital raise. • Strategic Purpose: Proceeds will boost the bank’s Common Equity Tier 1 (CET1) capital position to ensure adequate risk buffers and support long-term growth in the financial services sector. • Status: The issue remains subject to formal shareholder and Colombo Stock Exchange (CSE) approvals.
🚀 Surge Acquires Majority Stake in IDEA8 to Launch Surge Robotics
• Strategic Expansion: Sri Lanka-based enterprise software firm Surge has acquired a majority stake in IoT and embedded systems firm IDEA8, launching Surge Robotics to advance industrial automation, intelligent hardware, and connected manufacturing. • Core Capabilities: Merges Surge’s AI and cloud infrastructure with IDEA8’s expertise in sensors, edge computing (STM32, Raspberry Pi, NVIDIA Jetson), and industrial IoT to digitize legacy physical machinery. • Key Sectors: Focuses initially on apparel & textiles, manufacturing, warehousing, and logistics, offering solutions like predictive maintenance, computer vision, asset tracking, and factory automation. • Footprint & Clients: Leverages IDEA8’s 40+ engineering team and existing deployments across Sri Lanka, India, Singapore, Thailand, Spain, and South Korea, including projects with Uniqlo, MAS, and Brandix. • Leadership: IDEA8 continues under founder Chanaka Prasad. Advisory board additions include MIT-educated tech expert Henry Wu and global capital markets veteran Sarath Sathkumara as an advisor and minority investor.
Fitch Assigns Final 'BBB+(lka)' Rating to People’s Leasing’s Debentures 📈
• Issuance Overview: Fitch Ratings has assigned a final National Long-Term Rating of 'BBB+(lka)' to People’s Leasing & Finance PLC’s (PLC) proposed LKR 10 Bn rupee-denominated subordinated listed debentures. • Key Issue Details: Instrument: Five-year subordinated listed debentures to be traded on the Colombo Stock Exchange. Purpose: Proceeds will strengthen Tier 2 capital base and ensure capital adequacy compliance. Rating Basis: Set two notches below PLC's National Long-Term Rating of 'A(lka)/Stable' to reflect loss severity and recovery expectations. • Parental Support: PLC’s 'A(lka)' rating reflects anticipated support from parent entity People’s Bank (Sri Lanka), driven by majority ownership, strategic synergy, and shared branding.
Asiri Central Hospital Reaches 100 Pediatric Heart Surgeries Benchmark Under Suraksha Scheme 📈
• Milestone Overview: Asiri Central Hospital successfully completed its 100th Atrial Septal Defect (ASD) surgery for schoolchildren. Procedures were fully funded via the Suraksha Insurance Scheme, Sri Lanka’s free national student health insurance program run by the Ministry of Education and Sri Lanka Insurance Corporation General Ltd. • Partnership Impact: Highlights effective public-private collaboration, eliminating financial barriers and shortening waitlists for specialized pediatric cardiac care across island-wide student populations. • Surgical & Medical Care: Operations were led by Dr. M. S. Mugunthan (Consultant Cardiothoracic Surgeon, LRH and Asiri Central Hospital) alongside Consultant Anaesthetists Dr. Asitha Dissanayake and Dr. Geetha Jayathilake, supported by specialized intensive care teams.
SLID and EY to Host INED Forum on Boardroom Resilience 📊
• Event Overview: The Sri Lanka Institute of Directors (SLID) and EY are hosting an Independent Non-Executive Directors (INED) Forum titled "Resilient Boards Amidst Rising Risks" on September 10, 2026, at Cinnamon Grand Colombo. • Core Focus: Addressing critical threats like geopolitical tensions, supply-chain bottlenecks, and cyber risks. The forum will focus on embedding active risk oversight into strategy rather than treating compliance as a mere annual exercise. • Key Speaker: Features Guest Speaker Sanjeev Gupta (EY-Parthenon ASEAN Energy Leader), who brings insights from over 1,000 global engagements valued at over US$ 400 Bn. • Industry Impact: Distinguished panelists represent top national economic drivers, including Sri Lanka's apparel & textiles sector, offering insights to reinforce corporate governance and national risk resilience.
📈 Ceylon Investment & Ceylon Guardian Delay Rs. 1.02 Bn Share Repurchases to 22 Sept
• Key Highlights: Carson Cumberbatch Group's closed-end funds, Ceylon Investment PLC and Ceylon Guardian Investment Trust PLC, have pushed back their combined Rs. 1.02 Bn share buyback offers by three weeks due to schedule adjustments. • Ceylon Investment PLC: • Repurchase Target: Up to 1,800,014 ordinary shares (1 for every 54 held). • Offer Price: Rs. 203.33 per share (anchored to 31 March 2026 NAV). • Total Value: Over Rs. 365.9 Mn. • Ceylon Guardian Investment Trust PLC: • Repurchase Target: Up to 1,510,529 ordinary shares and 105,609 deferred shares (1 for every 53 held). • Offer Price: Rs. 406.43 per share (anchored to 31 March 2026 NAV). • Total Value: Over Rs. 613.9 Mn (ordinary) and over Rs. 42.9 Mn (deferred), net of 15% WHT. • Revised Timeline: • Entitlement Date: 11 September 2026. • Offer Period: 22 September to 13 October 2026. • Payment Deadline: 27 October 2026. • Strategic Context: Terms remain unchanged. The repurchases provide a capital-return mechanism for capital markets investors to realize value closer to the funds' net asset values.
🏦 DFCC Bank Secures CSE Approval for Rs. 12.5 Bn Debenture Issue
• Issuance Details: DFCC Bank has received in-principle approval from the Colombo Stock Exchange (CSE) to issue up to 125 million debentures, aiming to raise up to Rs. 12.5 billion. • Instrument Specifications: The offer consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable debentures featuring a non-viability conversion mechanism. • Tenure & Yield: The debentures carry a 5-year tenure (2026–2031) with a par value of Rs. 100 each and offer a fixed annual interest rate of 13% payable yearly. • Timeline: The subscription list for the issuance is scheduled to open on 11 September 2026. • Economic Context: Strengthens Tier 2 capital for the banking & financial services sector, supporting balance sheet expansion and capital adequacy requirements.