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Blue Ocean Group acquires 60 per cent stake in Kelsey Development

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By Hiran H.Senewiratne

Leading real estate company, Blue Ocean Group, yesterday acquired a 60 per cent stake in Kelsey Development PLC for Rs. 257 million, on Tuesday, stock market analysts said.

The stake amounting to 10.457 million shares was done at Rs. 24.60. The sellers were the Schaffter brothers, Praksah and Ramesh, who held 30% each.

With the acquisition of control, Kelsey will be a member of the Blue Ocean Group, a pre-eminent real estate conglomerate with a well-balanced portfolio, founded by top professional cum business leader Sivarajah Thumilan who is also the chairman and CEO.

Control of Kelsey was held by Janashakthi Ltd. and related parties. In September the parent, Janashakthi Ltd., sold its entire stake of 85.24 per cent or 14.85 million shares to Kelsey, to its ultimate shareholders Prakash and Ramesh with a view of restructuring the internal balance sheet of the Janashakthi Group. The transaction was done at Rs. 24.60 per share.

Yesterday, CSE witnessed panic- selling of shares mainly in blue chip counters due to worries on margin call in spite of overall positive sentiment following the Central Bank Governor Dr Nandalal Weerasinghe’s comments at a post budget panel discussion.

Dr Weerasinghe said that the current situation in the country is now getting better and manageable.

The turnover level was quite satisfactory; however, shares slipped over 2.5 per cent in mid-day trade dragged down by index heavy shares, market analysts said.

“Earnings reports of big counters are not so impressive this time and that’s bringing the market down,” market analysts said.

Both indices moved downwards. The All Share Price Index went down by 155.9 points and S and P SL20 went down by 62.2 points. Turnover stood at Rs 1.6 billion with a single crossing. The crossing took place in Central Finance, which crossed 2.2 million shares to the tune of Rs 140.8 million and its shares traded at Rs 64.

In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 452 million (3.4 million shares traded), Lanka IOC Rs 183 million (1.1 million shares traded), Browns Investments Rs 64.7 million (12.5 million shares traded), LOLC Holdings Rs 63.6 million (181,000 shares traded), ACL Cables Rs 54.3 million (779,000 shares traded), JKH Rs 47.2 million (336,000 shares traded) and LOLC Finance Rs 46.8 million (7.21 million shares traded). During the day 69.8 million share volumes changed hands in 20000 transactions.

It said high net worth and institutional investor participation was noted in Central Finance and Browns Investments. Mixed interest was observed in Sunshine Holdings and Sri Lanka Telecom, whilst retail interest was noted in LOLC Finance, First Capital Holdings and Prime Lands Residencies.

The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings) while the sector index lost 0.71 per cent. The share price of Hemas Holdings recorded a gain of 50 cents to close at Rs. 56.

The Telecommunication Services sector was the second highest contributor to the market turnover (due to Sri Lanka Telecom and Dialog Axiata), while the sector index increased by 5.51 per cent. The share price of Sri Lanka Telecom gained Rs. 8.20 (12.83 per cent) to close at Rs. 72.10. The share price of Dialog Axiata appreciated by 10 cents to close at Rs. 8.50.

Yesterday, the Central Bank- announced US dollar rate buying rate was Rs 360.98 and the selling rate Rs 371.77.



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Cyber heist at External Resources Dept: Funds diverted in email hack, CID probe underway

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Deputy Finance Minister Dr. Anil Jayantha Fernando

A suspected cyber fraud targeting Sri Lanka’s Department of External Resources has triggered a high-level investigation after hackers allegedly manipulated official email communications to divert funds to unauthorised overseas accounts, Deputy Finance Minister Dr. Anil Jayantha Fernando said.

The sophisticated breach is believed to have involved the interception and alteration of email exchanges between the Department and Export Finance Australia, raising serious concerns over vulnerabilities in the Government’s digital financial communication systems.

According to the Deputy Minister, the fraud came to light following suspicious changes detected in bank account details linked to a payment transaction involving India. This anomaly prompted officials to scrutinise prior correspondence, eventually uncovering what appears to be a coordinated cyber intrusion designed to reroute funds.

“This was not a routine technical glitch. There is clear indication of external interference where communication trails have been tampered with,” Jayantha said, noting that complaints had already been lodged with law enforcement authorities.

“Investigations are now being handled by the Criminal Investigation Department (CID), which is probing the extent of the breach, the financial losses incurred, and the possible involvement of international cybercrime networks”.

Financial analysts warn that the incident underscores growing risks faced by state institutions engaged in cross-border financing arrangements, particularly when relying heavily on unsecured or inadequately protected communication channels.

The Department of External Resources plays a pivotal role in managing Sri Lanka’s foreign-funded projects and liaising with international lenders and export credit agencies. Any compromise in its communication systems could have far-reaching implications for investor confidence and the country’s financial credibility.

Authorities are expected to review existing cybersecurity protocols across key financial institutions in the wake of the breach, with calls mounting for tighter safeguards, encrypted communications, and multi-layer verification systems for fund transfers.

Meanwhile, officials remained tight-lipped on the exact quantum of funds involved, citing the ongoing nature of the investigation. However, sources indicated that the attempted diversion was significant enough to raise alarm at the highest levels of the Finance Ministry.

The incident adds to a growing list of cyber-related financial threats confronting governments worldwide, highlighting the urgent need for robust digital governance frameworks as Sri Lanka continues to engage with international financial partners.

By Ifham Nizam

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Sun Siyam Pasikudah marks the New Year at the shore of Sri Lanka’s rising coast

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There is something about Avurudu that naturally fills every corner of Sri Lanka with energy and connection, and this year, that spirit extended to the shores of Pasikudah. At Sun Siyam Pasikudah, part of the Prive Collection within The House of Siyam, the Sinhala and Tamil New Year was celebrated on 14 April with a vibrant, full day programme that brought together guests and team members in true festive spirit, warm, lively, and centred around shared traditions and generous feasts.

The day followed the rhythm that Sri Lankan families know well. At the auspicious hour determined by the almanac for the New Year, the hearth at The Kitchen was ceremonially lit and the milk pot set to boil, symbolising warmth, unity, and the drawing in of abundance for the year ahead. This followed another auspicious moment at noon where a Traditional Sweet Table was laid out, where kiribath, kokis, kavum, aasmi and more were on offer, prepared by the resort’s culinary team and enjoyed by guests who had gathered, some for whom this was the most natural thing in the world, and others encountering the tradition for the very first time.

From 3:00 PM onwards, the afternoon opened into games. The resort grounds hosted the full run of Avurudu classics: Kana Muttiya (Pot Breaking), Kaba Adeema (Tug of War), Banis Kama (Bun Eating Contest), Balum Pipirawima (Balloon Blowing), Kotta Pora (Pillow Fighting), the Sack Race, Spoon Race, Blindfold Yogurt Feeding, Eyeing the Elephant, and Finding the Coin on the Plate. Guests of all ages joined in, and the kind of laughter that filled the afternoon is really the only way to describe what Avurudu at its best feels like.

“Avurudu is one of those occasions where the feeling in the air does all the work. The auspicious timings, the lighting of the hearth, the sweet table, the games in the afternoon: each of these carries its own meaning, and when you observe them properly and together, the day takes on a quality that is hard to replicate at any other time of year. We wanted our guests, wherever they had travelled from, to feel genuinely part of that, not simply watching from the outside. I think the day showed that Pasikudah is a place where that kind of celebration feels entirely at home,” said Arshed Refai, General Manager, Sun Siyam Pasikudah

The celebration is also a reflection of a broader moment for this stretch of the Sri Lankan coast. Pasikudah has long been known among those who seek it out: a bay of extraordinary calm and clarity, unhurried in a way that the island’s busier coastal destinations rarely are. What has shifted in recent years is that more people are finding it. Sri Lanka welcomed over 600,000 international visitors in the first quarter of 2025, generating tourism revenue of USD 1.025 billion, and the East Coast is increasingly part of that conversation. Sun Siyam Pasikudah has been central to placing Pasikudah on that map.

The resort’s 34 pavilions, offered in one and two bedroom configurations across garden and beach settings, are styled in a way that is quietly striking: monochrome interiors with warm golden accents, spacious and well-considered, always with the ocean close by. Dining is spread across The Kitchen, The Cellar, The Slice and Grill, The Tea House, and The Bar, with destination dinners available for guests who want a private evening under the stars. Sailing excursions along the coastline, spa and wellness, and encounters with local arts and crafts complete what Sun Siyam Pasikudah offers throughout the year.

 

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Allianz Avurudu Negam returns, easing the journey home

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During the Sinhala and Tamil New Year, a time defined by togetherness, tradition and returning home, Allianz Insurance Lanka Limited once again stood alongside Sri Lankan communities by continuing its Avurudu Negam initiative for the second consecutive year, expanding its reach to support families during the festive travel period.

Building on the positive response to last year’s programme, Allianz Avurudu Negam 2026 was shaped to make the journey home special and loved during Avurudu. In response, Allianz offered ticket refunds to eligible passengers travelling on the Galu Kumari service from Maradana, supporting passengers journeying home to celebrate the New Year with loved ones.

Passengers boarding from Maradana and Fort and travelling beyond Galle up to Belliatta were eligible for the refund, helping make the journey home more affordable at a meaningful time of year. Acknowledging that financial strain frequently continues even after the celebrations conclude, Allianz extended the refund window until 30th April, easing the cost of returning to Colombo after Avurudu.

To complement this support, Allianz added a heartfelt touch rooted in New Year tradition. Traditional oil cakes were distributed to passengers boarding from Maradana, allowing families to take a familiar symbol of Avurudu back home and share it around their festive tables.

Allianz also prioritised protection during this period. Passengers eligible for the refund were given the option to obtain free Allianz Personal Accident Insurance, reflecting the belief that protection does not end with a journey, but continues wherever people go. In addition, these passengers were included in an LKR 1 million raffle draw, as an extension of the existing campaign, offering one winner shopping vouchers redeemable at outlets of their choice and support that extends beyond the New Year season.

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