Business
Prospect of SL’s first public listed ‘Sukuk’ sale helps to buoy bourse
Sri Lanka based renewable energy company, Vidullanka PLC has been given the green light to raise Rs 500 million by issuing 5 million listed, rated, secured, redeemable, five year ‘Sukuks’ at Rs 100 each. A ‘Sukuk’ is a Shariah compliant securities offering, stock analysts said.
This is Sri Lanka’s first public listed ‘Sukuk’ sale. The company is offering 5-year securities with a fixed (Ijarah) rate of 10.75 percent payable every six months, giving an effective return of 11.04 percent a year.
Subscriptions will open on June 17. The ‘Sukuk’ offer is managed by NDB Investment Bank with ADL Capital as joint arranger.
Amid those developments the market kicked off on a positive note but during the middle part of the session technical profit- takings were noted but the market later moved upwards.
The All Share Price Index up by 81.89 points, while the S and P SL20 rose by 34.13 points. Turnover stood at Rs 5.5 billion with eight crossings.
Those crossings were reported in People’s Leasing and Finance, which crossed 10 million shares to the tune of Rs 185 million and its shares traded at Rs 18.50, Commercial Bank 350,000 shares crossed for Rs 54.25 million and its shares sold at Rs 155, Access Engineering one million shares crossed to the tune of Rs 45.6 million; its shares traded at Rs 45.60, Aitken Spence 300,000 shares crossed for Rs 44 million; its shares traded at Rs 147, JKH two million shares crossed for Rs 43 million; its shares traded at Rs 21.50, NTB 200,000 shares crossed for Rs 42.5 million; its shares sold at Rs 212.50, Eden Lanka Hotel two million shares crossed to the tune of Rs 28 million; its shares traded at Rs 14 and Brown’s Investments 2.7 million shares crossed for Rs 22.7 million; its shares traded at Rs 8.40.
In the retail market top six companies that mainly contributed to the turnover were; Hemas Holdings Rs 218 million (7.2 million shares traded), Brown’s Investments Rs 205 million (24.6 million shares traded), LMF Rs 198 million (3.8 million shares traded), LB Finance Rs 191.7 million (1.7 million shares traded), Dipped Products Rs 191 million (3.3 million shares traded) and JKH Rs 183 million (84 million shares traded). During the day 222 million share volumes changed hands in 33000 transactions.
It is said that the banking and finance sector led the market, especially People’s Leasing and Finance, while the manufacturing sector, with Hemas and JKH, was active as in previous days.
Yesterday, the rupee opened at Rs 299.31/39 to the US dollar in the spot market, broadly steady against the previous day’s close of Rs 299.32/38, dealers said, while bond yields were down.
A bond maturing on 15.09.2027 was quoted at 8.45/54 percent, down from 8.48/55 percent. A bond maturing on 15.02.2028 was quoted at 8.65/75 percent. A bond maturing on 15.10.2028 was quoted at 8.80/90 percent. A bond maturing on 15.09.2029 was quoted flat at 9.40/48 percent. A bond maturing on 15.03.2031 was quoted at 9.95/10.03 percent, from 9.90/10.02 percent while a bond maturing on 01.11.2033 was quoted at 10.43/45 percent. A bond maturing on 15.09.2034 was quoted at 10.40/50 percent.
By Hiran H. Senewiratne ✍️
Business
From Mt. Fuji to Sri Pada: Lessons from a father-son climb
by SK Samaranayake
For Daham Gunasena, reaching the summit of Mt. Fuji with his 12-year-old son was not the end of the journey but the beginning of a different kind of lesson.
Gunasena, Director – Commercial at SPAR Sri Lanka and a senior business leader, academic and Chartered Accountant, spent nearly 12 hours on August 19 climbing Japan’s highest mountain with his son, Methum. After eight hours of climbing, the pair reached the 3,776-metre summit before beginning a demanding four-hour descent to Fujinomiya 5th Station.
“The summit was only halfway,” Gunasena reflected, describing the experience as a lesson in preparation, perseverance and responsibility.
Their journey began two days earlier with a trial excursion to the 6th Station and the volcanic landscape around Mt. Hoei. The experience allowed Gunasena to assess the altitude, terrain, weather and equipment before deciding whether his son was ready for the summit attempt.
The climb itself reinforced the value of taking one step at a time. Rather than focusing on the distant summit, father and son concentrated on the next marker, the next few steps and short periods of rest.
Reaching the summit brought another lesson. After taking photographs and celebrating, they still had four hours of descent ahead of them over loose volcanic terrain.
“Reaching the top was an achievement. Returning safely was success,” Gunasena said.
The experience also prompted him to reflect on how Japan manages Mt. Fuji, including visitor education, digital information, sanitation, transport, safety and environmental protection.
Having climbed Sri Pada 12 times last year and five times so far this year, Gunasena sees opportunities to apply some of these principles in Sri Lanka without compromising the mountain’s unique pilgrimage traditions.
He suggested a comprehensive digital platform for Sri Pada providing information on weather, congestion, transport, sanitation, first aid and emergencies, while educating foreign visitors about its religious significance.
For Gunasena, however, the most enduring lesson was personal: a mountain can teach what lectures cannot—through preparation, perseverance, respect for nature and the shared experience of taking each step together.
Business
FLIR, Marlbo promote smarter industrial maintenance
Sri Lankan industries are being encouraged to adopt advanced condition monitoring technologies to detect equipment problems before they develop into costly failures, as global technology company FLIR and its local partner Marlbo Trading Company strengthen their collaboration.
The companies brought together industry professionals at a technical seminar held on August 20 at Taj Samudra, Colombo, focusing on the use of thermography and acoustic imaging to reduce unplanned downtime, improve energy efficiency and lower maintenance costs.
Organised by Marlbo under the theme “Condition Monitoring Using Thermography and Acoustic Imaging for Measurable ROI,” the seminar highlighted the growing importance of proactive and predictive maintenance in improving equipment reliability and operational efficiency.
FLIR Sales Director – Instrumentation, India, Bhaskar Lala, and APAC Condition Monitoring Specialist David Gambarte shared their expertise on the latest diagnostic technologies and their practical industrial applications.
Thermal imaging can identify abnormal heat patterns linked to electrical and mechanical faults, while acoustic imaging can detect problems that may go unnoticed during routine inspections.
The technology is particularly useful in identifying compressed-air leaks, which can cause significant energy losses and increase operating costs.
Shevon Liyanage, Engineer – Measuring Instruments at Marlbo, also shared insights into applying condition monitoring technologies in the Sri Lankan industrial environment.
Business
Lumbini Tea Valley wins intl award for Singharaja Wirytips
Lumbini Tea Valley Ceylon won an award for its Singharaja Wirytips at The Leafies: International Tea Awards held in London in 2024, marking another international recognition for the Sri Lankan tea producer.
The award comes as the company marks two decades of direct exports, with its premium and organic Ceylon teas now reaching 35 countries across six continents.
Established in 1984, Lumbini Tea Valley began its direct export drive after Chaminda Jayawardana joined the family business in 2000 alongside his father, Dayapala Jayawardana. The initiative materialised in 2006 with the company’s first direct shipment—a 15-kilogram consignment of Flowery Broken Orange Pekoe (FBOP) tea to the United States.
Since then, the company has expanded its direct-export operations, which now account for around 20% of its total manufacturing output. Following its transition to organic production, approximately half of its organic tea output is exported directly by the company.
Its key export markets include Japan, the United States, France, the Netherlands, Switzerland and Australia, with direct shipments now reaching 35 countries.
The company said its direct-export model would continue to expand amid growing international demand for traceable, single-origin Ceylon tea, with premium and organic grades at the centre of its export strategy.
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