Business
Export-oriented firm originating from Jaffna launches historic IPO
Export income of the firm in FY 23/24 surpassed USD 1mn
Also the first listing under USAID Private Sector Development Programme
By Sanath Nanayakkare
With the large number of companies listed on the Colombo Stock Exchange (CSE) across multiple sectors which are operating on different business models, deciding where to invest one’s money can be overwhelming.Most ‘growth investors’ determine a stock’s potential over the long run; nevertheless they want to catch the stock on an upswing instead of hoping for one in the future.
In this context, the Initial Public Offering (IPO) by Maharaja Foods Ltd which will open on 4th July 2024 may be in alignment with the strategy of many first time investors as well as portfolio investors. It could be an opportunity for them to pursue growth by taking a path of less volatility and more predictability because it involves a food manufacturing business that is least affected by inflation.
This is especially so when one looks closely at the range of food products they manufacture and their network of distributors in Sri Lanka, France, United Kingdom and Australia. Notably, 64% of export income the company earned in FY 23/24 surpassed USD 1mn. The IPO aims to raise Rs. 125mn by offering 20% stake, i.e., 25 million shares at Rs. 5/= per share.
The founders originate from the Northern Province and arguably the first-ever northern family company led by a woman entrepreneur to be listed on the Colombo Stock Exchange perhaps becoming a guiding light for other businesses in the North to follow suit.
Founded by late Sivasaraman Guganathan hailing from Velani -Jaffna, Maharaja Food Products Ltd (MFPL) brand was launched in 1995, sourcing premium quality food items such as rice, potatoes, onions, lentils etc empowering local farmers whilst providing high quality food products to its customers. Today, the company stands as a symbol of quality and innovation, enriching lives with a diverse array of products including rice-based and flour-based products, spices, fish-based products, and a range of grocery items, serving both local and overseas consumers through its network of distributors in Sri Lanka in afore mentioned global markets.
Furthermore, Maharaja Food Products will be the first CSE listing under the USAID CATALYZE Sri Lanka Private Sector Development (PSD) Activity’s Funding Readiness Program, aimed at facilitating equity capital for SMEs through CSE listings and private investors.
Vijayananth Guganathan, Chairman / Non-Independent Executive Director stated that while MFPL has 5000+ local distribution channels, it predominantly focuses on exports, with 64% of income earned in FY 23/24 surpassing USD 1mn, hence raising fresh equity capital to finance business expansion and growth.
“We will use majority of IPO funds to set up a raw rice plant and a rice polishing plant, setup a Gingelly oil plant, expand the building premises to Increase warehousing capacity, and secure additional working capital,” he said.
Atarah Capital will act as the Financial Advisor & Manager to the Offer and Sponsor of the IPO. “We are delighted on our efforts to introduce a company with founders originating from the Northern Province to be listed on the CSE. Furthermore, MFPL is a woman-owned enterprise, hence the listing would encourage women entrepreneurship in Sri Lanka, and inspire others to consider listing as an attractive option to raising equity capital, stated Rohan Senewiratne Managing Director Atarah Capital.
MFPE Board of Directors are; Vijayananth Guganathan (Chairman / Non-Independent Executive Director), Vithyanath Guganathan (Managing Director / Non-Independent Executive Director), Thavamalar Guganathan (Non-Independent Executive Director), Seyed Rizvi Mowlana (Independent Executive Director), Melanga A Doolwala (Independent Non-Executive Director) and Imran Furkan (Independent Non-Executive Director)
Business
Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions
The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.
The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.
Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.
“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.
The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.
IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.
Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.
Business
Pan Asia Bank partners Ideal Motors to offer leasing solutions
Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.
Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.
The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.
“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.
Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.
Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”
The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.
Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.
Business
Heritance Hotels and Resorts secures four wins at World Travel Awards 2026
Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.
The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.
Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.
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