Business
Agarapatana Plantations debuts trading on the CSE
The shares of Agarapatana Plantations Limited (CODE: AGPL-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on 04th September 2023. The shares have been listed on the Diri Savi Board of the CSE under the Food, Beverage & Tobacco sector. The occasion was marked with a special Bell Ringing Ceremony.
The company’s Initial Public Offering (IPO) for 83,070,111 ordinary voting shares has been oversubscribed at an issue price of LKR 9.00 per share.
The event was attended by Agarapatana Plantations Ltd. (APL), Chairman, S.D.R. Arudpragasam, Managing Director, Sunil Poholiyadde, APL Director and CSE Former Chairman, Ajit Jayaratne, Chief Executive Officer (CEO), Denham Madena, Finance Director, Kowdu Mohideen, senior representatives of APL and Manager to the Issue, Capital Alliance Partners Limited’s CEO, Nishok Goonasekera, Vice President/Head of Equity Capital, Ashvanth Vijayaram, and staff of Capital Alliance Partners Limited.
The CSE was represented at the event by its Chairman, Dilshan Wirasekara, CEO, Rajeeva Bandaranaike, Chief Regulatory Officer (CRO), Renuke Wijayawardhane, Chief Information Officer (CIO), Chandrakanth Jayasinghe, and the CSE Senior Management and staff.
Delivering opening remarks, CSE Chairman Dilshan Wirasekara congratulated Agarapatana Plantations Ltd. on its initiative to go public. “Today is a special day for Agarapatana Plantations Ltd. and for the CSE, as this is the second listing of the year. The IPO was oversubscribed on the initial day itself, within a couple of hours. This shows the investor appetite and the value that the company represents.”
Wirasekara further said, “We know that APL, a subsidiary of Lankem Developments PLC, is at the forefront of the tea industry as one of the largest tea producers in Sri Lanka. And I think it makes a significant contribution to forex generation in Sri Lanka.”
“We are very happy to have APL listed on the CSE, and we hope this will encourage more companies to list on the CSE. Listing would further enhance your value in terms of corporate governance practices and public disclosure of company information.”
Thanking the CSE and Capital Alliance Partners Ltd. for their support and encouragement in enabling the public issue of the company, S.D.R. Arudpragasam, Chairman of APL, stated, “The listing marks a significant milestone in the history of the company since its privatization in 1992. As we become listed, we recognize the responsibilities that come with these rules. We understand the market demands transparency, accountability, and a relentless focus on creating and delivering value. Our presence on this esteemed platform is a testimony to the trust and confidence that our new shareholders have placed in us, which is also a reflection of the confidence in the plantation sector and the equity markets.”
“In the last few years, we changed the way we manage our plantations. We have accepted the need to think differently and embrace the growth changes as a new reality, one that is defined by innovation and the pursuit of excellence and growth,” added Arudpragasam.
He further said, “Our success should not be measured solely on financial terms but also by the positive impact we create in the communities in which we operate. We are also committed to sustainable practices that benefit not only our shareholders but also the environment and society at large. Our listing is a commitment for our future, in which we drive growth through responsible business practices.”
APL is one of the few mono-crop companies in the plantation sector, with all of the tea extent located in the “High Grown” districts of Nuwara Eliya and Badulla.
The Company has plantations located in the Agras Valley and Uva regions in Sri Lanka, and the properties held by APL include historical properties like Dambatenne Estate.
Two groundbreaking reports launched by the Pathfinder Foundation in collaboration with the Australian Trade and Investment Commission have laid out a practical vision for Sri Lanka’s economic future, pinpointing the mineral and clean energy sectors as twin engines for sustainable growth and investment.
The reports, unveiled on December 17 in Colombo, present actionable roadmaps for project developers and technology providers, positioning Sri Lanka as an emerging frontier in the global clean energy and critical minerals supply chain.
Key content from the minerals report:
Sri Lanka’s largely underutilised mineral sector holds significant potential, with resources increasingly vital to global industries. The country boasts high-purity graphite, rare earth elements (REEs), mineral sands, and phosphate – all critical for electric vehicles, renewable energy technologies, and high-tech manufacturing.
While current mineral exports are around USD 389 million, the International Trade Centre estimates a potential of USD 778 million, with primary data suggesting the true figure could reach USD 2 billion. To capture this value, the report stresses moving beyond exporting raw materials to domestic refining and beneficiation.
A key strategic recommendation is deeper regional collaboration, particularly under the South Asian Free Trade Area (SAFTA). It highlights an opportunity for Sri Lanka to partner with India’s booming automotive and clean energy sectors, where demand for REEs and permanent magnets is soaring. This could involve upstream Indian investment in Sri Lankan REE resources or exports of rare earth oxides for India’s EV, wind, and electronics industries.
Key content from Clean Energy report:
Parallel to its mineral potential, Sri Lanka is pursuing an ambitious transition to clean energy, targeting carbon neutrality by 2050. The country’s renewable energy sector offers a diverse range of investment and trade opportunities for international stakeholders, spanning large-scale utility projects, distributed generation, and service-based collaborations.
Specific opportunities include utility-scale solar and wind projects, offshore wind resource mapping, and rooftop solar in urban corridors. There is also growing momentum for Battery Energy Storage Systems (BESS) to stabilise the grid, green hydrogen pilot plants, and the development of net-zero industrial parks powered entirely by renewables.
The reports highlight a powerful synergy: Sri Lanka’s minerals are essential for the very clean technologies it seeks to deploy. For instance, its phosphate can be used in lithium iron phosphate (LFP) batteries, while its high-purity quartz is vital for solar-grade silicon.
Australia is identified as a key partner in both sectors. Australian Mining Equipment, Technology, and Services (METS) firms can provide cutting-edge, sustainable mining technology, while Australian expertise in smart grids, BESS, and green hydrogen aligns with Sri Lanka’s long-term energy strategy.
While outlining vast potential, the reports also acknowledge challenges, including regulatory complexities, infrastructure gaps, and the need for enhanced skills development. Proposed solutions include modernising approval processes, developing a national critical minerals strategy, and fostering public-private partnerships.
The consensus from keynote speakers at the event – including Pathfinder Foundation Chairman Bernard Goonetilleke, Australian High Commissioner Matthew Duckworth, and senior representatives from academia, government, and Austrade – was clear. Their collective insight underscored the reports’ central thesis: Sri Lanka is presented with a unique, synergistic opportunity. By strategically developing its mineral wealth and accelerating its clean energy transition in tandem, the nation can attract significant foreign investment, create high-value jobs, and secure a competitive position in the Indo-Pacific’s sustainable economic future.
By Sanath Nanayakkare ✍️
The Commercial Bank of Ceylon has signed a Memorandum of Understanding with Prime Lands and Prime Land Residencies to provide up to 100% financing for customers purchasing condominium units or gated houses developed by the Prime Group, demonstrating the Bank’s unwavering commitment to empowering more Sri Lankans to achieve their dream of home ownership.
The agreement enables prospective homeowners to seamlessly access Commercial Bank’s home loan facilities with tripartite agreements involving the developer, the buyer and the Bank. As the market leader in home loans, Commercial Bank brings unmatched expertise and flexibility to borrowers seeking to invest in properties developed by one of Sri Lanka’s most trusted names in real estate.
Commenting on the partnership, S. Ganeshan, Deputy General Manager – Personal Banking at Commercial Bank said: “This agreement with Prime Lands and Prime Land Residencies creates an excellent opportunity for us to expand our housing loan portfolio while enabling more Sri Lankans to realise one of their life goals. Commercial Bank’s strong home loan offering, combined with Prime Group’s reputation as a leading developer, ensures customers benefit from both financial strength and quality of construction.”
The Prime Group, which positions itself as the leader of real estate artistry in Sri Lanka, comprises subsidiaries associated with lands, houses, finance and condominiums. With over 30 years of trust and excellence and a base of more than 300,000 customers, the Group says it is driven by its evergreen vision: ‘Committed to Creating a Better Place on Earth,’ which continues to inspire its passion to deliver homes that bring customers’ dreams to life.
Mahogany Masterpieces, a Sri Lankan luxury furniture brand, has launched the “An Ode to Grain” collection. This showcase honors mahogany’s natural beauty and the brand’s craftsmanship. The philosophy is to let the wood’s grain guide the design, creating timeless pieces that respect the material. The collection includes new architectural elements like architraves, paneling, and corbels, designed to bring lasting warmth and character to interiors.
Visitors can view the full collection at the Mahogany Masterpieces Showroom and Design Studio which is located at No. 87, Dr. Lester James Peiris Mawatha (Dickman’s Road), Colombo – 05. www.mahoganymasterpieces.com
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