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George Steuarts makes a Rs. 3.50 per share offer for HVA Foods

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George Steuart and Co. (GS), established in 1835, has made a voluntary offer to shareholders of tea exporter, HVA Foods PLC, to acquire all shares of that company at a price of Rs. 3.50 per share under the SEC’s Takeovers and Mergers Code.

This followed a deal between GS and HVA Lanka (Exports) Private Ltd., the controlling shareholder of HVA Foods, to purchase 51.1% of that company at the Rs. 3.50 price in a deal worth Rs. 118.65 million.

The holding company is selling down its 61.1% stake in HVA Exports and the offeror (GS) has offered to buy all shares in that company. They have said their offer is based on the majority shareholder’s agreement to accept the offer in respect of a controlling 51.1% of the company.

HVA shareholders have been told that once controlling interest is acquired the voluntary offer made to all shareholders will convert to a mandatory offer in terms of the SEC’s Code.

HVA has not published its annual report for the year ended Mar. 31, 2020. In a Stock Exchange filing made of Dec. 23, the directors said that the audit for the last financial year was could not be completed in time because of the difficulties that have arisen from of absence of staff unable to attend work on account of Covid 19 restrictions.

There was no disclosure on when the annual report could be expected but the directors drew attention to the fact that previous quarterly statements had been published on time and said that action will be taken to complete the audit as soon as possible.

According to the last published annual report for the year ended Mar. 31, 2019, there were group retained losses of Rs. 511.1 million on the balance sheet and the company incurred a loss of Rs. 367 million in that year.

In the last five years to 2019 a profit was earned only in 2018 when a profit of Rs. 44.1 million was published. The last annual report (for 2019) placed the net asset value of the company’s share at 91 cents.

The directors of HVA are Messrs. Rohan Fernando (chairman), Ms. Varuni Amunugama Fernando (non-executive), BSM de Silva (Independent non-executive) and D. Hettiarachchi (Independent non-executive)

The offeror, George Steuarts, originally an agency house managing plantations, is now into manifold activities including pharmaceutical import and distribution, tea, insurance broking and consultancy services, money broking, financial consultancy, travel, leisure, hotels (operates three hotels) and many more.

Mr. Dilith Jayaweera heads the group. He’s into television (Derana) and newspapers in addition to its other interests.

“The HVA share has move up from a range of three rupees plus to six rupees plus since the takeover news broke. The Rs. 3.50 offer price is below the ruling market price of six rupees plus so that it would be advantageous for shareholders to sell in the market than take up the offer,” a broker said.



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AAC looks towards a future of vertical mobility in Sri Lanka

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Drones could be facilitators of vertical mobility.

The Automobile Association of Ceylon (AAC) is looking beyond the traditional boundaries of mobility and road safety toward the future of mobility through sustainable developments in vertical mobility applications under the global guidance of the Fédération Internationale de l’Automobile (FIA).

AAC President Mr. Dhammika Attygalle believes AAC has the potential to contribute sustainable and proven systems, regulatory understanding, and international mobility frameworks toward developing Sri Lanka’s future mobility landscape while supporting the country’s broader economic development.

Representing Sri Lanka at the recent FIA Regional Drone and Vertical Mobility initiative held in Nepal was AAC Executive Committee Board Member Indula Sumithraarachchi, who participated alongside regional delegates and international mobility experts discussing the applications of vertical mobility systems and evolving regulatory frameworks covering mobility integration, safety, aviation and legal regulations.

“As mobility technologies evolve globally, we see vertical mobility as a natural extension of future mobility ecosystems. We believe vertical mobility is connected to sustainable areas not limited to future urban mobility, transport and logistics, infrastructure integration, safety frameworks, disaster and emergency response, and environmental efficiency,” he stated.

Drones are already being commercially utilized in Sri Lanka for dronegraphy (photography and videography using drones), agriculture, surveying and mapping, events, and marketing. However, it is important that greater attention is given toward safety standards, operational protocols, and aviation regulations, licensing, approvals and career professionalism as drone pilots within Sri Lanka in order to make these technologies safer and more accessible to the public.

International mobility experts increasingly recognize drones as part of a wider vertical mobility ecosystem operating alongside aviation and respective local regulatory frameworks. Experts explain that drone systems are helping countries establish regulatory structures, safety standards, technical expertise, aerial management systems, and operational frameworks that may eventually support broader future mobility technologies.

For AAC, the relationship between drones and vertical mobility represents a wider future mobility framework involving how people, services, safety, infrastructure, information, and transport systems may operate in more connected, intelligent, and efficient ways beyond conventional road-based transportation.

For decades, AAC has played an important role in Sri Lanka’s mobility sector through road safety advocacy, motoring assistance, tourism support services, driver awareness initiatives, and public mobility education. The association has continuously contributed toward improving safe mobility practices for Sri Lankan road users and motorists.

AAC now aims to position Sri Lanka within these evolving international mobility conversations while ensuring that future mobility development remains safe, responsible, and aligned with international standards.

The association also believes collaboration between regulators, aviation authorities, educational institutions, private sector innovators, and international mobility organizations will become increasingly important as future mobility ecosystems continue to develop globally.

Through FIA-supported international engagement and regional collaboration, AAC hopes to contribute toward building awareness and understanding of future mobility opportunities while ensuring Sri Lanka remains connected to emerging global transportation developments.

As mobility increasingly moves toward smarter, interconnected, and technology-driven systems worldwide, AAC’s initiatives into vertical mobility reflect its broader vision of supporting safe, progressive, and future-ready mobility solutions for Sri Lanka and future generations.

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Vietjet Air announces Colombo – Ho Chi Minh City route

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Vietjet announces its Ho Chi Minh City – Colombo direct route, in the presence of General Secretary and President of Vietnam To Lam (center) and Prime Minister of Sri Lanka Harini Amarasuriya (second from right)

Vietjet Air, Vietnamese new-age hybrid airline, has announced its first direct service connecting Colombo to Ho Chi Minh City at the Sri Lanka – Vietnam Trade, Investment and Tourism Cooperation Forum. The announcement took place in the presence of General Secretary and President of Vietnam To Lam, Prime Minister of Sri Lanka Harini Amarasuriya, and senior officials from both countries.

This is the airline’s first direct service between Sri Lanka and Vietnam, supporting the airline’s international expansion while contributing to stronger economic, trade, tourism, and people-to-people ties between the two nations.

The Colombo – Ho Chi Minh City route is expected to commence in August 2026 with four round-trip flights per week. Travelers from Colombo will soon enjoy affordable fares and seamless connectivity to Vietnam’s leading tourism and business hubs, along with convenient access through Vietjet’s extensive international flight network to major destinations across the Asia-Pacific region, including Australia, Japan, South Korea, China, and beyond.

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SDB bank and Hayleys Mobility forge strategic partnership to advance sustainable mobility and private vehicle leasing

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Tharanga De Silva - Chief Manager, Business Banking – SDB bank, Lahiru Ekanayake - Senior Manager - Leasing SDB bank, Chitral De Silva - Chief Business Officer- SDB bank, Manoj Akmeemana - Deputy Chief Executive Officer- SDB bank, Kapila Ariyaratne - Executive Director/Chief Executive Officer- SDB bank, Hasith Prematillake- Managing Director- Hayleys Mobility Limited, Roshani Dharmaratne - Executive Director - Hayleys Mobility Limited, Suraj Chularathne- Assistant General Manager- Hayleys Mobility Limited, Panduka Rathnayake - General Manager Finance - Hayleys Mobility Limited, Anjana Jayarathne - Asst. Manager Channel Development - Hayleys Mobility Limited

SDB bank has entered into a strategic partnership with Hayleys Mobility Limited through the signing of a Memorandum of Understanding, reinforcing the bank’s commitment to expanding access to structured mobility financing while advancing its broader sustainability banking agenda. The collaboration brings together two established institutions to support customers seeking leasing solutions for private vehicles, with a notable emphasis on electric vehicles as part of a more future-focused approach to transportation.

The MoU was signed recently at the Hayleys Mobility office in Union Place, in the presence of senior representatives from both organizations. Representing SDB bank Kapila Ariyaratne, Executive Director and Chief Executive Officer, Manoj Akmeemana, Deputy Chief Executive Officer, Chitral De Silva, Chief Business Officer, Lahiru Ekanayake, Head of Leasing and Tharanga De Silva Chief Manager, Business Banking were participated. Hayleys Mobility Limited was represented by Managing Director Hasith Prematillake, Director Roshani Dharmaratne, Mr. Panduka Rathnayake – General Manager Finance, and Mr. Suraj Chularathne – Assistant General Manager.

The partnership is designed to expand access to private and sustainable leasing solutions across Sri Lanka, while also responding to growing interest in cleaner and more responsible mobility choices. By placing special focus on electric vehicle leasing, the initiative reflects SDB bank’s recognition of changing customer preferences and the importance of supporting more sustainable transport options through accessible financing.

In addition to supporting conventional private vehicle financing, the collaboration enables customers to benefit from a more integrated experience that brings together vehicle selection and financing under a single proposition. Through the combined reach of SDB bank and Hayleys Mobility, the partnership is expected to improve accessibility and convenience for customers across the country, including professionals, self-employed individuals, business owners and other private vehicle buyers looking for reliable, structured leasing solutions.

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