Connect with us

Business

Climate of uncertainty on debt restructuring hampers CSE

Published

on

By Hiran H.Senewiratne

The CSE was flat and slow yesterday as investors continued to wait for clear directions on the economic front. Opposition lawmaker Dr. Harsha de Silva at a recent media interview said that the government would likely to go for a haircut when it comes to domestic debt restructuring. However, the government is yet to take a decision in that direction, stock market analysts said.

Both indices showed mixed reactions. The All- Share Price Index went down by 12.2 points and S and P SL20 rose by 11.7 points. Turnover stood at Rs 933 million with one crossing. The crossing took place in Hayleys, which crossed 368,000 shares to the tune of Rs 26.7 million; its shares traded at Rs 72.50.

In the retail market top seven companies that mainly contributed to the turnover were; Dialog Axiata Rs 119 million (11.1 million shares traded), JKH Rs 106.3 million (775,000 shares traded), Tokyo Cement (Non- Voting) Rs 99.1 million (2.1 million shares traded), Expolanka Holdings Rs 82.5 million (490,000 shares traded), Royal Ceramic Rs 38.4 million (1.3 million shares traded), Tokyo Cement (Voting) Rs 34.6 million (702,000 shares traded) and Access Engineering Rs 29 million (1.9 million shares traded). During the day 42.9 million share volumes changed hands in 11000 transactions.

Seylan Bank’s Rs. 7 billion debenture issue to qualified investors will have its official opening today. The Bank is issuing 50 million fully paid, BASEL III Compliant Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion at a par value of Rs. 100 each with an option to issue up to a further 20 million of such debentures in the event of an oversubscription of the initial tranche, at the discretion of the Bank.

Sri Lanka’s bond and T-bill yields were up in mid-day trade on Thursday, dealers said. A bond maturing on 01.07.2025 was quoted at 28.10/40 percent, up from 27.90/28.20 percent from a day earlier. A bond maturing on 15.09.2027 was quoted at 26.10/30 percent, up from 25.90/97 percent.

A one year bill was quoted at 22.90/23.00 percent, slightly up from 22.70/23.00 percent from the last close. The rupee quoted at Rs 321.20/50 to the US dollar in the spot market, had slightly depreciated from Wednesday’s close at Rs 321.00/30.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

on

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Continue Reading

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

on

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Continue Reading

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

on

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.

Continue Reading

Trending