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.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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