Business
LB Finance acquires 65 per cent stake in loss-incurring Multi Finance for Rs. 400 million
By Hiran H.Senewiratne
Industry giant LB Finance PLC recently acquired a 65 per cent stake in loss- incurring Multi Finance PLC at Rs. 400 million, market analysts said.
It bought 41.11 million shares or a 64.62 per cent stake, with 28.78 million shares being bought at Rs. 9.70 each and 12.32 million shares being purchased at Rs. 9.80 each. Multi Finance’s net asset value per share is Rs. 7.12.
LB Finance will make a mandatory offer under the SEC’s Takeovers and Mergers Code. Multi Finance has a public float of 35 per cent with 904 shareholders.
The acquisition is part of the Central Bank facilitated consolidation within the Non-Bank Financial Institutions (NBFIs) sector, market sources said.
The transaction was structured and executed by Acuity Stockbrokers.
Multi Finance as at December 31, 2021 held assets worth Rs. 773.2 million, while liabilities were Rs. 320 million. It was carrying an accumulated loss of Rs. 462 million.
Amid those developments, stock market activities yesterday were slightly positive with the Sri Lankan government inking a deal with the State Bank of India to get a one billion US dollar credit line for food and medicine, while President Gotabaya Rajapaka’s recent address to the nation too gave some impetus to stock market investors, brokers said.
However, the absence of debt sustainable mechanisms and the shortage of essential items along with the acute financial crisis will aggravate issues in the future, stock market analysts said.
Both indices moved upwards. The All- Share Price Index went up by 153 points and S and P SL20 rose by 64.05 points. Turnover stood at Rs 1.4 billion sans a single crossing.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 323 million (1.25 million shares traded), Browns Investments Rs 188 million (17.4 million shares traded), LOLC Finance Rs 96.3 million (5.7 million shares traded), Dialog Rs 79.6 million (6.9 million shares traded), LOLC Holdings Rs 68.8 million (86000 shares traded), Hayleys PLc Rs 62.4 million (628,000 shares traded) and Commercial Bank Rs 59.7 million (769,000 shares traded). During the day 72 million share volumes changed hands in 18000 transactions.
Hayleys PLC is gearing to raise Rs.5.0 billion in debt through a debenture issue, but it isn’t immediately clear what the exact purposes are, although the Group has a sizable debt pile, some of which may need to be refinanced, market sources said.
Hayleys, one of the most diversified conglomerates in the country, did extremely well for the financial year ended March 2021 and for the nine months ended December 2021 as its subsidiaries generated elevated performances, particularly those that generated export earnings, resulting in higher dividend incomes to the holding company.
Sri Lanka’s rupee was quoted around 270/290 to the US dollar yesterday, market participants said, while bond markets were inactive ahead of the weekend.
Though there were bids, offers were not firm, dealers said. A narrow quote for small volumes was 275/285 to the US dollar.
Business
People’s Bank drives push towards cash-lite economy
Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.
It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.
In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.
People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.
At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.
In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.
In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.
The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.
Business
ANC Campus and Adelaide University launch new Australian study pathway for Lankan students
ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.
Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.
The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.
Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.
“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.
Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.
“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.
Business
Union Assurance honours new batch of certified financial advisers
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.
The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.
The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.
Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”
Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
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