Business
Bourse’s bullishness enhances as external bond exchange process concludes
By Hiran H.Senewiratne
The stock market was extremely bullish yesterday due to the conclusion of the external bond exchange process during the weekend. This created strong momentum in the market resulting in the All Share Price Index crossing the 14,500 mark, market analysts said.
Sri Lanka received acceptances on an offer to exchange defaulted 2022 bonds of only 73 percent, in which Hamilton Reserve, a holdout investor has a stake, according to preliminary data filed with the London Stock Exchange, market sources said.
Amid those developments, the All Share Price Index went up by 295.10 points, while S and P SL20 rose by 111.9 points. Turnover at Rs 8.27 billion with 16 crossings.
Those crossings were as follows: Ceylinco Insurance, 328,000 shares crossed to the tune of Rs 960 million; its shares traded at Rs 3000, JKH nine million shares crossed to the tune of Rs 193 million; its shares traded at Rs 21.50, C.W Mackie 1.7 million shares crossed for Rs 176 million; its shares fetched Rs 100, Aitken Spence 1.15 million shares crossed for Rs. 176 million, its shares traded at Rs 135, Sampath Bank 1.35 million shares crossed for Rs 148.5 million; its shares traded at Rs 110, Pan Asia Bank five million shares crossed to the tune of Rs 140.75 million; its shares traded at Rs 29.50, Sunshine Holdings 13 million shares crossed for Rs 120.4 million; its shares traded at Rs 91, People’s Leasing 3.9 million shares crossed to the tune of Rs 58.5 million; its shares traded at Rs 15, Hayleys 272,000 shares crossed for Rs 32.3 million; its shares traded at Rs 118.50.
Capital Alliance 500,000 shares crossed to the tune of Rs 25.7 million; its shares traded at Rs 51.50, Seylan Bank (Non- Voting) 500,000 shares crossed to the tune of Rs 24 million; its shares traded at Rs 48, Lanka IOC 200,000 shares crossed for Rs 23.3 million; its shares traded at Rs 116.50, Melstacope 200,000 shares crossed for Rs 22.7 million; its shares sold at Rs 113.50, CIC Holdings 265,000 shares crossed to the tune of Rs 21.70 million; its shares traded at Rs 82.10, LB Finance 244,000 shares crossed to the tune of Rs 20.4 million, its shares traded at Rs 83.50 and Commercial Bank 151,000 shares crossed to the tune of Rs 20.1 million; its shares sold at Rs 133.50.
In the retail market top companies that mainly contributed to the turnover were; HNB Rs 395 million (1.4 million shares traded), JKH Rs 339 million (15.71 million shares traded), LOLC Holdings Rs 302 million (552,000 shares traded), Sampath Bank 293 million (2.7 million shares traded), Access Engineering Rs 220 million (6.8 million shares traded) and Lanka IOC Rs 214 million (1.7 million shares traded). During the day 211million share volumes changed hands in 36000 transactions.
It is said that banking and finance sector was the main contributors to the turnover, while the manufacturing sector was the second largest contributor, especially due to JKH
Yesterday, the rupee was quoted at Rs 290.20/40 to the US dollar in early trade, weaker from last Friday’s close of Rs 290.15/30, dealers said, while bond yields were steady.
A bond maturing on 15.12.2026 was quoted stable at 9.35/50 percent. A bond maturing on 15.10.2027 was quoted at 9.90/10.10 percent, from 9.95/10.10 percent. A bond maturing on 15.02.2028 was quoted at 10.20/25 percent, up from 10.18/28 percent.
A bond maturing on 15.09.2029 was quoted at 10.70/76 percent, down from 10.70/80 percent. A bond maturing on 15.05.2030 was quoted at 10.90/11.10 percent, from 10.95/11.10 percent.
Business
Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe
By Ifham Nizam
A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.
The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.
The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.
The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.
One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.
A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.
A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.
The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.
That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.
Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.
The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.
The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.
When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.
The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.
Business
Sri Lanka Food Processors Association holds 29th Annual General Meeting
The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.
At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.
President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.
1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.
2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.
Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.
Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.
Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.
Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:
Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited
Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.
Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.
Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.
Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.
Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC
The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.
The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.
Business
Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black
New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel
Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.
The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.
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