Business
Norfund to Support the Development of Hela Apparel Holdings’ East African Manufacturing Operations with an Investment of USD 14 Million
Norfund, the Norwegian government’s investment fund, with a mission to support sustainably driven business operations in developing countries, recently signed a USD 14 million financing agreement with Hela Apparel Holdings PLC to bolster the development of its manufacturing operations in East Africa. NDB Investment Bank Limited acted as the Financial Advisor for the transaction.
The official announcement was made in the presence of Gunnar Andreas Holm – Norwegian Ambassador to Kenya, Tellef Thorleifsson – CEO of Norfund, William Nyaoke – Norfund’s Regional Director for East Africa, Nishantha Mohottige – Country Director for Hela Kenya and Rukshan Aponso – Vice President of Corporate Advisory for NDB Investment Bank Limited, at an event held at Hela’s manufacturing facility in Kenya on the 24th of February 2023.
Hela Kenya, established in 2016, is the largest manufacturing facility within the Hela Group and employs over 4,000 people. The facility is also one of the largest of its kind in Kenya, and currently produces approximately 20% of the country’s total apparel exports. Hela was the first major Sri Lankan apparel manufacturer to establish operations in Kenya and has played a leading role in the rapid growth of the industry across the continent over recent years, with the subsequent establishment of manufacturing locations in Ethiopia and Egypt.
“Our expansion to Africa has been a rewarding venture, and we continue to see many opportunities within the region for further development,” said A.R Rasiah, Chairman of Hela Apparel Holdings. “Given the increasingly unpredictable global environment, establishing long-term financing relationships with strategic partners who share our vision for Africa as a global apparel sourcing hub plays a critical role in ensuring the envisioned plans for growth are realized. Hela’s African operations provide livelihoods to thousands of people, and our continued growth as a manufacturer will help us continue to strengthen and empower many communities across the globe. The intended investment in our Kenyan manufacturing facility, which will be supported by this lending from Norfund, is a key part of the Group’s strategy to remain globally competitive. On behalf of the Board of Directors, I would like to take this opportunity to thank Norfund for their partnership and support towards the organisation’s vision.” He further added.
The proceeds from Norfund’s investment will also be utilized to strengthen Hela’s strategic supply chain partnerships in East Africa. This will enable Hela to leverage regional sourcing from Kenya and Tanzania to a larger extent, providing significant cost and lead time advantages for manufacturing in the region. A potential supply chain investment is also being considered by Hela for the proceeds. Proposed Capex investments within the Kenyan manufacturing facility on process automation will enhance productivity and place the facility in a more competitive position within the region.
“We see great opportunities in contributing to large-scale job creation in East Africa by investing in the apparel and textile industry, in line with our goal of building sustainable businesses to combat poverty. We have been impressed with what Hela has already delivered through its investments in East Africa and are confident that this partnership will go a long way in helping Hela create more employment opportunities primarily for low-skilled women and those vulnerable in society who struggle to find such opportunities.
We look forward to a fruitful partnership in the years to come”, says William Nyaoke, Norfund’s Regional Director for East Africa.
“Norfund is one of the largest shareholders of our ultimate parent, NDB Bank, and our relationship with them has been a very successful one indeed, and this transaction was no exception”, stated Darshan Perera, Chief Executive Officer of NDBIB. “The wealth of knowledge gained by our prior dealings with Norfund and other DFIs enabled us to successfully execute this transaction, which is Hela’s first fundraising via a DFI. We are extremely pleased to have advised Hela in our debut transaction in the African Region and look forward to working with them in realizing their plans in Africa.” He further stated.
Business
CAHM – 7 Star Junior Chef Competition Season 01’s Grand Finale
The Grand Finale of the CAHM – 7 Star Junior Chef Competition – Season 01 was successfully held on 9th of May at the CAHM premises, SLIIT Main Campus, Malabe, celebrating the talent, creativity and passion of young aspiring chefs from across Sri Lanka.
Organised by the Colombo Academy of Hospitality Management (CAHM) at SLIIT, with 7 Star by Serendib Flour Mills as Title Sponsor, the national-level competition provided students aged 13 to 16 with a platform to explore culinary arts, gain practical exposure and discover future opportunities in hospitality.
The Colombo Academy of Hospitality Management (CAHM), Sri Lanka’s largest private hospitality, foods, tourism, and events education provider, in partnership with the William Angliss Institute, (RTO – 3045) Australia and operating within the SLIIT premises Malabe. Through this partnership, CAHM delivers internationally competitive training in culinary arts, offering students an exceptional learning experience that prepares them for opportunities in Sri Lanka and on the global stage.
The competition’s journey began with an encouraging islandwide response, attracting over 5,000 inquiries from aspiring participants, parents and schoolteachers, with over 1,400 applications submitted. Following a careful evaluation process, 204 applicants were shortlisted for the competition, progressing through structured rounds that offered hands-on culinary exposure, industry insights and preparatory guidance, before the final 10 contestants were selected to compete at the Grand Finale.
Following several competitive rounds, 10 finalists secured their places at the Grand Finale. The finalists were Bareerah Bariq of Muslim Ladies College Colombo 04, Nikhel Venuk Elisha of St Joseph’s College Colombo 10, Anooshka Vigneswaran of Girls High School Kandy, Prabhasha Muthubhashini Gunawardhana of Kalutara Balika Vidyalaya, Shamha Nazim of Ilma International Girls’ School Colombo 05, Sithuki Siyansa Methsandi of Buddhist Ladies College Colombo 07, Sandaruwani Nisansala of Moratu Maha Vidyalaya Senuth Insanda of Nalanda College Colombo 10, Pinidu Senuranga Fernando of Boys’ Model School Malabe, and Poorna Bandara Tennakoon of Royal International School Kurunegala.
Business
Mahogany Masterpieces launches new digital flagship
Mahogany Masterpieces (Pvt) Ltd, Sri Lanka’s pre-eminent luxury solid wood furniture house and turnkey interior solutions provider, today announces the launch of its new digital flagship at www.mahogany.lk, alongside the introduction of what the company believes to be the most sophisticated AI Concierge deployed by any luxury brand in Sri Lanka.
The launch marks a defining chapter in the brand’s fifty-two-year history: a company founded on uncompromising craft, now presenting itself to the world with a digital presence that matches the standard of its showroom. The new website consolidates for the first time the full breadth of what Mahogany Masterpieces offers; bespoke solid wood furniture across beds, dining, lounge, and occasional collections; end-to-end interior solutions from concept to completion; the pioneering Furniture Spa restoration and care service; and a 46-year export programme now serving 16 countries.
Sri Lanka’s Most Sophisticated Luxury AI Concierge
The centrepiece of the new digital experience is the MM AI Concierge. A custom-built, brand-trained conversational assistant deployed natively across the website. Available at any hour and on any page, the Concierge carries deep knowledge of Mahogany Masterpieces’ full product range, materials, finishes, interior services, export capabilities, and brand heritage. It responds with the warmth and precision of the MM showroom team, handling enquiries about the Piano Finish, custom fabrication timelines, Furniture Spa services, and interior projects around the clock.
Business
Artists for Autism Awareness: Merak 2026 celebrates the power of creative collaboration
A powerful convergence of art, education, and social impact is set to take centre stage in Sri Lanka with Merak 2026, a national initiative spearheaded by The Tree House International. Bringing together artists, universities, international organisations, and community groups, the project is redefining how creative collaboration can drive awareness and inclusion for autism.
At the heart of the initiative lies an ambitious Guinness Record attempt to create the world’s longest sensory board, a 60metre installation designed to reflect the lived experiences of neurodivergent individuals. Each segment of the board is a distinct artistic contribution, collectively forming a deeply immersive and educational public artwork. Apart from commercially available sensory items like fidget spinners, bolts, zips and sequins, the boards also include recycled ocean plastic, repurposed sensory items, and naturally sourced sensory material.
Dr Anton James, Founder of The Tree House International, said, “Merak 2026 is not simply an art installation; it is a living, breathing expression of awareness building and inclusion. Most of the people who joined us to create boards were unaware of what Autism was, for them, this has been much more than just an artistic endeavour, it has been an opportunity to learn, understand and empathise in a way they hadn’t in the past. Every board tells a story, and together those stories challenge how society understands neurodiversity. What we are building is not just a structure, but a shift in perception.”
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