Business
Ex-Pack IPO oversubscribed 11 times, highest in recent times
Ex-Pack Corrugated Cartons Limited’s LKR 700 million IPO, witnessed 6,000+ applicants seeking to subscribe, resulting in an 11X oversubscription. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021. The IPO, which opened on the 22nd of October 2021, was oversubscribed in a matter of minutes and, thus, closed at 4.30pm the same day. There was active interest from a range of investors, both individuals and institutions, with Ex-Pack receiving more than 6000 applications worth over LKR 8 billion. Heavy retail activity was also noted.
Discussing the overwhelmingly positive conclusion of the IPO, Mr. Zulficar Ghouse, Managing Director at Ex-Pack said, “We are very pleased to say that the interest our IPO received surpassed expectations at every level. I take this opportunity to thank all those who placed their confidence in us and subscribed to our IPO. We look forward to having you onboard our journey and remain resolutely committed to delivering exceptional value to our investors, customers, people, communities and other stakeholders. The resounding success of our IPO is a testament to the underlying value and fundamentals of the company. It also demonstrates that investors have faith in our business, supported by our fundamentals.”
Commenting on the exceptional outcome of the IPO, Rizny Faisal, Senior Vice President and Head of ECM and M&A at CAL said, “We couldn’t be more pleased at the outcome of this issue and take this opportunity to congratulate Ex-Pack on presenting such a good case for investors. Given the unprecedented levels of interest in this issue, we have successfully guided the Company at every step of the way.”
Sujendra Mather, Head of Investment Banking at Asia Securities, further added, “We are proud to be Joint Managers to the Issue and would like to congratulate Ex-Pack for delivering one of the most sought-after IPOs of the year. The issue has seen exceptional demand from a diverse spectrum of investors and given the 11x oversubscription, we are quite confident of a positive secondary market performance of the share post commencement of trading.”
Ex-Pack Corrugated Cartons Limited offered 83,333,333 ordinary voting shares (a 25% stake) at a price of LKR 8.40 per share through its IPO, resulting in a projected market capitalization of LKR 2.8 billion. This translates into an estimated forward PER of 7.7x for FY22 and implied TTM PER (as at August 2021) of 8.9x.
Funds raised by the IPO will go towards a 3-billion-rupee ultramodern production facility, which is expected to raise monthly volumes from 2,650 metric tons, currently, to 4,000 metric tons by 2025. Ex-Pack serves top corporate customers and brands, worldwide, across a range of industries including FMCG, consumer durables, apparel, tea and fisheries. The Company’s international presence extends to 8 key markets including the Maldives, Qatar, India, the USA, Australia, Madagascar, the Seychelles and Reunion Island.
Business
SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure
Corporate accolades underscore the alignment between its operational excellence and national development
In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.
Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.
Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.
“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.
Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.
However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.
Business
Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement
Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.
The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.
In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.
Business
American Premium Water strikes Gold at Dragons of Sri Lanka 2026
American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.
Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.
For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.
Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.
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