Business
CSE and USAID’s SME forum draws considerable interest
“USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Program, businesses can unlock fresh pathways for growth, capitalize on capital market opportunities, and contribute to the nation’s economic prosperity.” – Mark Peters- Economic Growth Advisor, USAID.
“A listing will not only strengthen your company’s capital and corporate image, but it will also have a significant impact on the company’s growth prospects.” – Rajeeva Bandaranaike, CSE CEO
“Fundraising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME, as well as creating a platform for future funding and growth.” – Ms. Amani Ranaweera, Acuity Partners (PVT) Ltd.
“Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs; hence, listing on the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure, and thereby successfully face challenges in the business environment.” – Rohan Senewiratne, Atarah Capital (Pvt) Limited
The Colombo Stock Exchange (CSE) conducted an Issuer Relations Forum titled “Unlocking funding opportunities for SMEs through the Colombo Stock Exchange”, in association with the U.S. Agency for International Development (USAID) in Sri Lanka on 15th August 2023 at the Mövenpick Hotel Colombo.
The forum provided insights for small- and medium-sized enterprises in key sectors, such as Agribusiness and Information, Communication & Technology (ICT), to discover capital-raising opportunities available at the CSE via listing on the Empower and Dirisavi Boards of the Exchange.
The forum was attended by the USAID Economic Growth Advisor, Mark Peters, USAID CATALYZE PSD Activity Team Lead Juan Forero, CSE Chief Executive Officer (CEO) Rajeeva Bandaranaike, Chief Regulatory Officer (CRO) Renuke Wijayawardhane, Senior Vice President, Commercial Ms. Punyamali Saparamadu, Atarah Capital (Pvt) Limited Managing Director Rohan Senewiratne, Acuity Partners (Pvt) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera and representatives from investment banks, SMEs interested in raising capital, USAID, and CSE.
Delivering the opening remarks, USAID Economic Growth Advisor, Mark Peters, said “Sri Lanka’s sustainable development and recovery hinge on bolstering capital markets while creating additional funding avenues for SMEs across the nation. USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Programme, businesses can unlock fresh pathways for growth, capitalise on capital market opportunities, and contribute to the nation’s economic prosperity.”
Through the USAID CATALYZE Private Sector Development (PSD) Activity, USAID Sri Lanka boosts private capital in vital Sri Lankan sectors. Such programs support the private sector in fostering inclusive economic growth and facilitating affordable financing access.
CSE CEO Rajeeva Bandaranaike, in his remarks, stated, “We are pleased to have received a positive response for this initiative today. Over the years we have seen numerous companies listing on the Colombo Stock Exchange, with both the company and its shareholders benefitting in the process.”
“We have witnessed a dynamic growth in the capital market of Sri Lanka. The Government’s recent Domestic Debt Optimization (DDO) process also had a positive impact on the CSE. We are actively looking at new products to be introduced to the market,” Bandaranaike added.
Encouraging the participants to list on the CSE, he further said, “A listing will not only strengthen your company’s capital and corporate image, but it will have a significant impact on the company’s growth prospects. Therefore, we encourage companies to make use of this opportunity.”
Addressing the gathering, Acuity Partners (PVT) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera said “We are seeing tangible signs of an economic revival. After several challenging years, now is the time for SMEs to put the appropriate framework and processes in place to take advantage of capital raising opportunities.”
“Fund raising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME as well as creating a platform for future funding and growth. With USAID’s CATALYZE project gaining access to funding is now more affordable to SMEs,” she added.
Speaking at the forum, under the subject of “Listing on the CSE as a Game Changer”, Mr. Rohan Senewiratne, Managing Director of Atarah Capital (Pvt) Limited stated “SMEs comprise more than 75% of enterprises, account for more than 20% of Sri Lankan exports, 45% of employment and 52% of the GDP.”
“SMEs can play a vital role in the economic recovery of Sri Lanka if they are able to gain access to raise equity capital. Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs hence listing in the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure and thereby successfully face challenges in the business environment,” Mr. Senewiratne added.
Port City Colombo, Sri Lanka’s first multi-service Special Economic Zone, recently hosted Lord Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) to an exclusive session on the project’s attractive investment opportunities and economic potential within the South Asian regional sphere. He was accompanied by CWEIC officials including Niro Cooke, Country Chair – Sri Lanka and Group Director, The Capital Maharaja Organisation, Pamela O’Leary, Board Member, and Deshan Gonawela, Country Director. The delegation was welcomed by Revan Wickramasuriya, Director General, the Colombo Port City Economic Commission, and Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd.
A Port City Colombo press release said: ‘The visit encompassed a detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the project progress and future projections as a competitive investment hotspot in the South Asia region. Port City Colombo’s key appeal to top investor markets including the Middle East and the Asia-Pacific, progressive regulatory environment that promotes the ease of doing business, and diverse options for investors, were the focal point of the presentation. The CWEIC delegation was also provided an experiential tour of the Mall at Port City Colombo, South Asia’s pioneering downtown duty-free retail offering, which is already contributing towards Colombo’s evolution as a hub for tourism and business.
‘Sri Lanka needs to show that it is open for Foreign Direct Investment,’ said Lord Swire, Deputy Chairman, CWEIC. ‘There are diverse opportunities, not just in the tea and tourism industry, but also within the scope of Port City Colombo’s Special Economic Zone, which is a truly exciting and ambitious initiative. The Commonwealth showcases some of the most diverse and fastest growing economies in the world, with prospective investors who will be interested in exploring the intriguing opportunities that Port City Colombo and Sri Lanka as a whole are bound to offer.’
‘Niro Cooke, Country Chair – Sri Lanka, CWEIC, and Group Director, The Capital Maharaja Organisation, further elaborated: ‘Sri Lanka has long been a sought-after tourism destination. However, we believe that Sri Lanka has the opportunity to evolve into a competitive diversified service-based economy, which could reinvent our nation into a truly formidable regional business hub. With FDI contributors such as Port City Colombo, a strengthened economic outlook, and strategic locality, Sri Lanka now has the right ingredients to become a progressive investment destination.’
‘As a CWEIC Strategic Partner, Port City Colombo has been actively involved in fostering investor relations across the Commonwealth. Port City Colombo recently participated in the Commonwealth Business Forum 2024 held in Apia, Samoa, where the project’s contribution towards sustainable economic growth and regional skilled mobility within South Asia was accentuated.
‘To learn more about the attractive investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.’
The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.
In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act.
The public is strongly advised to adhere to the aforesaid legal requirement.
For further inquiries:
Department of Supervision on Non-Bank Financial Institutions
Telephone number: 0112 477 504
Email address: snbfi_query@cbsl.lk
As the much-anticipated 2025 Classic Car Rally made its way through Sri Lanka’s scenic highlands, participants from across the globe found themselves in the heart of tea country at Heritance Tea Factory. A former 19th-century tea factory turned exclusive hotel, this iconic property served as a memorable stop for the rally’s distinguished guests, offering a perfect blend of history, elegance and immersive experiences.
The rally, featuring an impressive lineup of vintage automobiles, included rare and classic models from the 1930s to the 1960s, with iconic names such as Bentley, Jaguar, Mercedes, Porsche, MG, Austin Healey, Delahaye, BMW and Volvo gracing the winding roads of Sri Lanka. These meticulously preserved automobiles, shipped from across the world, added a touch of nostalgia to the misty hills of Kandapola, perfectly complementing the colonial charm and heritage of Heritance Tea Factory.
During their stay, the 24 vintage car owners and enthusiasts, representing countries such as Australia, the United States, Belgium, Switzerland, Italy, Brazil, Germany, and the United Kingdom, experienced the hotel’s colonial charm and the breathtaking views of rolling tea fields. Many took the opportunity to partake in the estate’s signature tea plucking experience, donning traditional attire to hand-pick fresh Ceylon tea leaves, a unique and fitting tribute to Sri Lanka’s rich tea heritage.
Dining at Heritance Tea Factory proved to be another highlight, with the rally participants indulging in delicious menus featuring the finest local and international cuisine, all in all an extraordinary gastronomic experience in the misty mountain ambiance.
Beyond the culinary experiences, the comfort of elegantly restored rooms overlooking the lush tea plantations allowed the travellers to unwind and rejuvenate after a long journey through Sri Lanka’s winding roads. The warmth of the hotel’s hospitality, combined with its eco-conscious approach made a lasting impression on all who stayed.
As the rally continued toward its next destination, Heritance Tea Factory left a special mark on the participants, celebrating a shared love for timeless elegance, heritage, and adventure.
Vietnam court jails journalist Huy Duc for 30 months over Facebook posts
Rain threatens high-stakes Afghanistan-Australia clash
Bowlers, Gardner hand Royal Challengers Bengaluru third defeat at Chinnaswamy
-
Business4 days agoSri Lanka’s 1st Culinary Studio opened by The Hungryislander
-
Sports5 days agoHow Sri Lanka fumbled their Champions Trophy spot
-
News6 days agoSC notices Power Minister and several others over FR petition alleging govt. set to incur loss exceeding Rs 3bn due to irregular tender
-
Features5 days agoThe Murder of a Journalist
-
Sports5 days agoMahinda earn long awaited Tier ‘A’ promotion
-
Features5 days agoExcellent Budget by AKD, NPP Inexperience is the Government’s Enemy
-
News6 days agoMobile number portability to be introduced in June
-
Sports4 days agoAir Force Rugby on the path to its glorious past