Business
EPF holds on to its 9.51% of Piramal Glass
Will the new owners continue as a listed company?
The Employees Provident Fund (EPF), the second largest shareholder of Piramal Glass Ceylon PLC (PGC), has not accepted an attractive mandatory offer of Rs. 11.86 per share made by the company’s new controlling shareholder, a unit of the mega Blackstone Group of the U.S, sources familiar with the transaction said last week.
The offeror, Pristine Glass Ltd. based in India which is a unit of Blackstone, has acquired 22.2% (approx.) of the company topping up the 56.45% (approx.) of Piramal it already held before the mandatory offer, to 78.65% (approx.), according to a Stock Exchange filing made by PGC last week.
Some brokers were speculating on the possibility of the controlling shareholder offering a price above Rs. 11.86 per share to increase its stake to 90% or more if it wanted to delist from the CSE.
“The EPF’s 9.51% is key to this. But the EPF has not been selling its investments or actively trading on the CSE in recent months following impropriety allegations. Although it was announced some time ago that the EPF would soon return to the market, this has not happened,” an analyst said.
The expected re-entry fired market sentiments but this did not come to pass.
“The price was not the issue,” one broker said. “If that was the case, a higher offer will not make a difference.”
Even if the EPF block is not being sold, a 90% target can be achieved if the rest of the minority would sell.
“I don’t see why Blackstone would want to delist,” this broker said. “They are dealing in listed companies all over the world so why delist a company here which they control?”
If 90% of a company is owned by an entity and if there’s les that a certain number of shareholders on the register, a court application for compulsory delisting can be made, the broker said. But he was not sure what this number was.
“I remember a couple of companies, including Pure Beverages, being delisted after court application but can’t recall the details,” he said.
Brokers said that Piramal was trading below the offer price while the mandatory offer was pending. They explaine that this was due to some shareholders, many of whom were traders, needed cash and did not want to wait for payment for acceptances.
Piramal closed at Rs. 11.60 (26 cents below the mandatory offer price) on Thursday, up 20 cents from the previous close, with 0.19 million shares done between Rs. 11.40 and 11.70 in 69 transactions.
“You must remember that secondary market trades involves a transaction cost – brokerage, CSE and SEC fees etc. whereas the acceptance of a mandatory offer has no such cost,” a broker said.
Business
GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy
Western Province maintains its dominant position, accounting for 42.4% of nominal GDP
The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.
The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.
In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.
The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.
The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.
by Sanath Nanayakkare
Business
Sri Lanka Insurance supports 1,000 families in flood-affected areas
Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.
Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.
Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”
In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.
Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.
Business
Jaffna Hindu College wins regional AIA Healthiest Schools award
Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.
The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.
The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.
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