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Two major acquisitions at CSE

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By Hiran H. Senewiratne 

Two major acquisitions took place at the CSE this week. One was Vidul Lanka, which  acquired  50 percent of shares in Solar Universe Pvt Limited.  The company generates 10 megawatts for the national grid and operates a ground mounted solar power plant, stock market analysts said.

Accordingly, total investment for its acquisition and development of the project would cost around Rs 1.4 billion. Meanwhile,  Aitken Spence PLC acquired energy company Waltrim Energy Limited  for a financial consideration of Rs 900 million. The company generates 6.6 megawatts for the national grid, operating three plants in Nuwara Eliya. Waltrim was a subsidiary of Sunshine Holdings which owned a 60 percent stake while Mouldex owned the balance shares.

Amid those developments, CSE was bullish throughout the day and financial sector counters witnessed gains. Both indices moved upwards. All Share Price Index went up by 117.8 points and S and P SL20 rose by 48.10 points. Turnover stood at Rs 3.92 billion with four crossings.

Those crossings were reported in HNB, which crossed 3.9 million shares to the tune of Rs 516.7 million, its shares traded at Rs 132, JKH 200,000 shares crossed for Rs 29.8 million and its shares traded at Rs 148.75, Sampath Bank 500,000 shares crossed for Rs 27 million, its shares traded at Rs 54 and Lanka Walltiles 500,000 shares crossed for Rs 24.25 million, its shares traded at Rs 48.50. 

In the retail market, top companies that mainly contributed to the turnover were; Browns Investments Rs 500.7 million (87.2 million shares traded), Expolanka Rs. 361.2 million (7.4 million shares traded), Dipped Products Rs 285.5 million (5.1 million shares traded), Sampath Bank Rs 233.8 million (4.3 million shares traded), LOLC  Rs 216 million (685,000 shares traded), and Royal Ceramic Rs 165.7 million (517,000 shares traded). During the day 150.6 million share volumes changed hands in 21700 transactions.

LOLC  and Browns Investments were the main contributors to the All Share Price Index and their share prices also appreciated during the day. LOLC contributed 22 points. Its share price moved up by seven percent or Rs 20.25. Its shares started trading at Rs 304.50 and at the end of the day they moved up to Rs 324.75.  Browns Investments contributed 13 points. Its shares moved up by seven percent or 40 cent. Its shares traded at Rs 5.60 and at the end of the day they moved to Rs 6. 

The Sri Lankan rupee has come once again under pressure. According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US dollar on April 8 stood at Rs.199.21 and selling rate of the US dollar stood at Rs.203.50.This is the highest buying and selling rate recorded for the US dollar in history.

The decline of the rupee vis-à-vis the US dollar is likely to have a mixed impact on listed companies. Rupee will have a negative impact for companies, such as, Dialog Axiata, Hemas Holdings, Lanka Lubricants while the slightly negative counters are, Sunshine Holdings, Tokyo Cement (Lanka), Acccess Engineering, Cargills (Ceylon) and Ceylon Cold Stores.

Those which will benefit from a depreciation include, JKH, banks, TeeJay, Hayleys Fabric, Dipped Products and hotels; though at present tourist arrivals are very low.



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Business, economic heavyweights converge in Colombo

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Senior business leaders, economists and international development experts, alongside the Prime Minister of Sri Lanka, will headline the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12 and 13 October at the Shangri-La Colombo.

The Summit will open with a keynote address by T. Krishnakumar, Chief Executive Officer, Reliance Consumer Products Ltd, who brings more than four decades of experience in the consumer brands and FMCG sectors. Having previously served as President of Coca-Cola India and Southwest Asia, with extensive experience in building businesses and driving growth across emerging markets, Krishnakumar, more popularly known as Kk, now leads Reliance Consumer Products as it expands across categories and builds new customer, partnership and market opportunities.

Day 2 will bring together four international perspectives across discussions on economic resilience, regional connectivity, sector growth and digital transformation.

Lilia Aleksanyan, Senior Country Economist for Sri Lanka at the Asian Development Bank, will open the day’s discussions with a focus on Sri Lanka’s economic resilience. Her work covers the country’s macroeconomic outlook, policy advice and macro-fiscal and financial-sector reform. Her international policy experience also includes roles at the French Ministry of Finance and the French Central Bank.

The Summit will then turn to Sri Lanka’s connections with regional markets, with P. D. Singh, Chief Executive Officer, India & South Asia, Standard Chartered Bank, delivering the keynote for the session on trade corridors and value chains. Singh counts close to three decades of experience in banking and finance, with senior leadership roles spanning Standard Chartered, JPMorgan Chase Bank and HSBC.

The Sector Deep Dives will bring international perspectives to discussions on healthcare and energy.

Tushar Shroff, Chief Financial Officer, Zydus Lifesciences Ltd, will deliver the keynote for the healthcare discussion, drawing on more than three decades of experience in corporate finance, strategic investment and financial transformation. His career spans senior finance and leadership roles with ABB, Piramal Healthcare, Intas Pharmaceuticals and Vedanta Group, giving him a broad perspective on the business and investment decisions shaping the healthcare sector.

For the energy-focused deep dive, Edore Onomakpome, Regional Infrastructure Industry Manager for Bangladesh, Sri Lanka and Nepal at the International Finance Corporation, will bring extensive experience in infrastructure investment and project finance across emerging markets. Since joining IFC in 2013, she has held senior roles across Africa and South Asia, including managing IFC’s infrastructure portfolio across 16 countries.

The Summit will conclude its keynote programme with Prime Minister Dr. Harini Amarasuriya, who will deliver the keynote for “Nation Building in the Digital Age.” The Prime Minister also oversees the Ministry of Education, Higher Education and Vocational Education, bringing a direct policy perspective to discussions on digital transformation, innovation, education and the skills needed for a changing economy.

Together, these perspectives will bring regional, international and policy insight to SLEIS 2026 as Sri Lanka considers how to strengthen economic resilience, attract investment, deepen regional connections and develop new sources of growth.

Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” SLEIS 2026 will take place on 12 and 13 October 2026 at the Shangri-La Colombo.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Microsoft Sri Lanka (Pvt) Limited, Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations for SLEIS 2026 are now closed. The Ceylon Chamber looks forward to welcoming participants to the discussions on Sri Lanka’s future trajectory on 12 and 13 October.

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Commercial Bank launches ‘Prestige’ banking for HNW clients

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Sharhan Muhseen, Chairman of Commercial Bank flanked by Sanath Manatunge, Managing Director/CEO and Hasrath Munasinghe, Executive Director/Chief Operating Officer at the launch of Commercial Bank Prestige Banking

Commercial Bank of Ceylon has launched ‘Prestige’, a three-tier banking proposition aimed at high-net-worth (HNW) clients, combining wealth management, advisory services and lifestyle benefits.

The initiative replaces the bank’s existing ‘Elite’ private banking brand with Ruby, Sapphire and Diamond tiers, designed to cater to customers according to their wealth profiles and banking relationships.

The bank said Prestige would provide dedicated relationship managers, priority branch services, preferential rates on loans and deposits, enhanced card privileges, family banking programmes and offshore account solutions.

Its wealth and investment management services include access to capital-protected income solutions, dual-currency investments, institutional deals and estate and portfolio governance.

Clients will also have access to specialist financial and corporate advisory services, including assistance with international relocation, overseas property and capital repatriation.

The programme includes lifestyle benefits such as VIP airport lounge access, travel concierge services, property management and medical coordination, as well as access to selected art and culinary events.

The bank said its flagship Prestige banking residence at R.G. Senanayake Mawatha, Colombo 07, had been refurbished, with the service to be extended to other economically important cities.

Commercial Bank Managing Director/CEO Sanath Manatunge said Prestige was intended to support customers in managing their wealth, business interests, family needs and long-term legacy.

Existing Elite clients are being transitioned to the new programme, the bank said.

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Ceylinco Life rewards 80 sales achievers with overseas tours

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Ceylinco Life has rewarded 80 members of its sales force with overseas tours to Vietnam and China for their outstanding performance in the company’s 2025 sales competitions.

The group comprised 62 sales achievers who travelled to Vietnam and 18 who visited China.

The Vietnam tour included visits to Hanoi’s Ho Chi Minh Complex, One Pillar Pagoda, Tran Quoc Pagoda and Hoan Kiem Lake. The group also travelled to Ha Long Bay, where they went on an Aurora Cruise and explored attractions including Sung Sot Cave, Luun Cave and Titop Island.

The tour also featured a sunset party aboard the cruise, with music and refreshments.

The 18 achievers who travelled to China visited several of Beijing’s major historical and cultural attractions, including Tiananmen Square, the Forbidden City and the Summer Palace. They also took a boat ride on Kunming Lake.

A highlight of the China tour was a visit to the Mutianyu section of the Great Wall, including a round-trip cable car ride. The group also attended an acrobatic show at Chaoyang Theatre and visited the Panda Garden at Beijing Zoo.

The company said the tours were organised to recognise and reward sales personnel for their performance and achievements.

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