Business
Chrissworld rings the bell to celebrate their achievement after being listed on the CSE Empower Board
Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) on the 30th August 2022 to celebrate their remarkable achievement after being listed on the Empower Board of the CSE.
Representing Chrissworld PLC, the Chairman Christopher A. M. Perera, the CEO/Managing Director, Suraj Suraweera, Executive Director Sithira Wickramasekera, and the Manager to the Issue and Sponsor, Atarah Capital Partners Managing Director, Rohan Senewiratne, were present at the event. The CSE was represented by the Chairman, Dilshan Wirasekara, the CEO, Rajeeva Bandaranaike, and its senior management.
While congratulating Chrissworld PLC for the Company’s milestone, the Chairman of the CSE, Mr. Dilshan Wirasekara stated, “Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE; accessing the capital and scaling up the business and growing, which is the dire need of the economy in Sri Lanka today.”
In terms of the company’s overseas business expansion plans. Mr. Wirasekara added, “Export companies are really the backbone that keeps this economy growing today and that CSE could also play a part in that growing path and assist in the capital raising needs of the company.”
Speaking at the ceremony, Chrissworld PLC Chairman, Mr. Christopher A.M. Perera, thanked and appreciated the CSE for the opportunity given to list their company on the Empower Board of the CSE.
“Before the listing took place, we had a lot of concerns, but after much deliberation, we were convinced this is a good move.” Mr. Perera added, “The biggest challenge we had was funding; the financial cost was a huge challenge. Divesting shares to the public tremendously helped us to reduce our interest cost. Had we not gone for listing, we may have been severely impacted by the current interest rates. We have doubled our profits from 2021 to 2022 even though the economic conditions in the country are not very conducive for growth.”
“Further because of the PLC status we gained a lot of recognition and admiration, locally as well as internationally; We have got opportunities where companies want to invest with us.” He also mentioned that countries like China and India are interested in Sri Lanka’s logistics industry and that Sri Lankans must put their hand up to grab potential opportunities.
He further added that Sri Lanka needs revolutionary innovations in logistics and Chrissworld PLC is committed to be a part of that revolutionary change. He expressed his confidence in Mr. Suraj Suraweera, the Managing Director and his team to take the company on a rapid growth path.
Commenting on the company’s milestone, the Manager to the Issue of the IPO, Atarah Capital Partners Managing Director, Mr. Rohan Senewiratne, said, “Chrissworld PLC successfully outperformed our valuation forecasts that were depicted in the Research Report of the Prospectus. The topline forecast for FY 20/21 was LKR 237 million whereas Chrissworld PLC ended up with LKR 264 million turnover, whilst the net profit forecast was outperformed by 40%. This was amidst COVID-19 related lengthy lockdown in the country. In FY 21/22, yet again the topline forecast was outperformed by 80% and the net bottom line forecast was outperformed by 32%.”
While congratulating on the company’s achievement, Mr. Senewiratne also added that Chrissworld answered the critics very well; that SMEs should not be listed in the CSE and they should depend only on banks for funding. He further said “following the path of Chrissworld PLC, three more SMEs successfully listed on the “Empower Board” during FY 21/22. I believe more SMEs will take this path in the future, to raise equity capital rather than solely depend on debt capital.”
He also mentioned that it was a great privilege for Atarah Capital Partners to list the first company on the Empower Board of the CSE and also emphasized the importance of Sri Lanka recommencing State Development Banking to support the SME sector which accounts for over 60% of the GDP.
Chrissworld PlC is a member of the Chartered Institute of Logistics & Transport, Sri Lanka, managing over half a million square feet of space. The company is renowned in the industry for its dynamism and above-par warehouse management processes.
By Sanath Nanayakkare
In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.
The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.
A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.
Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.
With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.
To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.
Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.
Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.
The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.
Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.
The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.
GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.
The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.
The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.
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