Business
Asia Asset Finance expands network to 70 locations islandwide in 2022

Sri Lanka’s only gold-focused financial solutions provider, Asia Asset Finance PLC, has expanded its Island wide reach to 70 locations across the country, adding 15 new locations during 2022. The network expansion drive comes as Asia Asset Finance PLC seeks to bring accessible and innovative financial services within reach of all Sri Lankans. With a history spanning 52 years, Asia Asset Finance PLC is backed by its parent company, India-based global financial services giant, Muthoot Finance – one of the world’s largest gold financing companies with assets worth nearly LKR 3 trillion, larger than most commercial banks in Sri Lanka.
In 2022, Asia Asset Finance PLC inaugurated 15 new branches in diverse locations across the island including in Wattegama, Pusellawa, Bogawanthalawa, Grandpass, Kanthale, Potuvil, Welimada, Haputale, Agarapathana, Achchuveli, Cheddikulam, Mattakkuliya, Manipai, Elakanda and Hawaeliya. These locations were strategically chosen as they are hubs for commercial and business activity, while also being home to vibrant populations of Sri Lankans aspiring to achieve their dreams in life. Some are also located at important nexuses on Sri Lanka’s major highways. During 2022, driven by the Company’s expansion efforts, Asia Assent Finance Plc staff community also grew by 20%, along with its asset base exceeding LKR 20 billion, for the first time in the Company’s history.
Discussing the network expansion and other strategic efforts, CEO Rajiv Gunawardena, We believe that crisis and opportunity are two sides of the same coin, and we choose to focus on the opportunities. This is what has driven us and enabled us, supported by our parent company, to continue to create exceptional value for all stakeholders, even amidst the worst economic environment ever witnessed in Sri Lanka. We are one of the few financial institutions to have invested so heavily in branch network, talent expansion, and product development, during 2022, unveiling 15 new branches, expanding our asset base by 22% over 9 months, and introducing innovative products to meet current requirements such as Digital Gold Loans. In 2023, we plan to inaugurate a further 20 new locations across the island and continue to develop our product portfolio, as we seek to position ourselves as the most preferred and innovative provider of gold-focused financial solutions in Sri Lanka.”
Asia Asset Finance PLC is a Non-Banking Financial Institution (NBFI) and a Licensed Finance Company (LFC), registered with the Central Bank of Sri Lanka, having commenced operations in 1970, with a focus on Gold-Based Financial Products and Services, catering to both depositors and borrowers. Asia Asset Finance’s wide array of financial services includes Gold Loans, Fixed Deposits, Mortgages and Digital Financial Services via the Asia Asset Finance App.
Business
Ceylon Tea conquers Libya: Exports leap 416%

In a world where every strong cuppa tells a unique story, Sri Lanka’s famed Ceylon Tea continues to carve its legacy – one cup at a time. The latest tea export figures for March 2025 reveal a tale of resilience, with total shipments rising to 23.43 million kilograms, up from 21.25 million kgs the previous year.
But the real headline is; Libya’s staggering 416% surge in Ceylon Tea imports – marking a bold new chapter in Sri Lanka’s tea trade. While traditional markets like Iraq and Russia held steady, Libya emerged as the ‘breakout star’, importing 5.31 million kgs in the first quarter of 2025 – a jaw-dropping leap from just 1.03 million kgs in 2024.
This explosive growth signals a burgeoning demand for Sri Lanka’s premium leaves in North Africa, where the rich, aromatic flavors of Ceylon Tea are winning hearts and palates.
Quadrupling Libya’s appetite for Ceylon Tea even in challenging global markets, is reflecting the fact that Sri Lanka’s tea can find loyal fans in evolving markets.
However, while the export values shine in USD terms, the rupee value of tea exports dipped slightly – a stark reminder of currency fluctuations impacting export earnings. Yet, the broader trend remains positive for Ceylon Tea, with cumulative exports for Q1 2025 reaching 63.21 million kgs, up from 62.33 million kgs last year.
Key markets like Iraq (+7%) and Chile (+41%) showed strong growth, while Russia and the UAE saw mild declines. Meanwhile, Tea Bags and Instant Tea have posted gains even in rupee terms – marking a bright spot in an otherwise mixed landscape, where Tea in Bulk and Green Tea segments have witnessed a decline against the same period of the previous year.
On the production front, tea production for the month of March 2025 totalled 24.43 M/Kgs, showing an increase of 4.86 M/Kgs vis-à-vis 19.57 M/Kgs of March 2024. All elevations showed an increase in comparison with the corresponding month of 2024.
“As Sri Lanka’s tea industry navigates global headwinds, the increase in production and Libya’s soaring demand could offer a breather,” analysts said.
(Source: Forbes & Walker Pvt Ltd, Sri Lanka Customs, Central Bank of Sri Lanka)
By Sanath Nanayakkare
Photo Credit: Sri Lanka Executive Aviation Services
Business
Fits Retail and Abans unveil exclusive DeLonghi Premium Coffee experience

In a groundbreaking collaboration set to transform Sri Lanka’s premium coffee landscape, Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.
This exclusive partnership presents a rare opportunity for coffee aficionados to experience firsthand why DeLonghi has become synonymous with coffee perfection worldwide.
With a heritage spanning over 100 years, DeLonghi proudly holds the title as the number one coffee machine brand in more than 46 countries, celebrated globally for its exceptional quality, innovation, and unrivaled Italian craftsmanship. Fits Retail’s collaboration with Abans PLC brings these legendary machines directly to Sri Lankan coffee enthusiasts, creating immersive experience zones designed to elevate everyday coffee moments into extraordinary rituals.
At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide.
Business
Ceyline Group and Lion Brewery Forge a Sustainable Future with Eco-Friendly Warehousing and Distribution.

Ceyline Total Solutions, the end-to-end logistic solutions provider of Sri Lanka’s leading maritime and logistics group Ceyline, has built Lion Brewery’s first sustainability-focused warehousing and distribution center in just 100 days.
Located in Tangalle, the facility reflects a strong commitment to environmental responsibility. Half of the structure is made from repurposed shipping containers, reducing both waste and carbon emissions. The project, executed by Ceyline’s brand for sustainable living spaces “Out of the Box” features interior fittings made from recycled and reused brewery waste materials, maximizing sustainability and cost efficiency. Ceyline also has already applied for CEB approval to install solar power for the facility to ensure its operation is powered by clean and green energy.
Lion Brewery will further its mission for an efficient and eco-friendly supply chain by incorporating elements such as electric forklifts, rainwater harvesting, and energy-efficient lighting.
This collaboration not only delivers a pioneering green logistics facility but also sets a new benchmark for sustainable warehousing in Sri Lanka. It showcases the power of collaborative innovation in driving responsible industrial development.
Kaveen Gayathma, Senior Vice President (Outbound Logistics) of Lion Brewery, added, “This project further strengthens our distinctive ‘route-to-market’ approach. Our collective efforts in conceptualizing,
drafting, and crafting have culminated in the creation of a truly one-of-a-kind model. The company’s unwavering commitment to environmental stewardship and sustainability is clearly demonstrated here, all while achieving our strategic objectives in a practical and cost-effective manner.”
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