Business
LOLC and Expolanka drive bourse along bullish path
By Hiran H.Senewiratne
CSE trading activities initially yesterday were extremely bullish and were driven by two leading entities/counters, LOLC Group and Expolanka. The reason for the LOLC Group to perform well in the stock market was because LOLC (Ceylon) Ltd. that was established in 2018, announced a debenture issue for September 29 to raise Rs. 1 billion, stock market analysts said.
LOLC (Ceylon) Ltd. is planning to purchase all three finance companies under the LOLC Group to make them function as one entity in the future. Initially they will transfer 55 percent of LOLC Development Finance (NIFL) from LOLC Group. Part of the money raised from the debenture issue and the balance two companies, namely LOLC Finance Plc and Commercial Leasing Plc, will join the company in the future, market analysts added.
Meanwhile, E M L Consultants Limited commenced trading on the Empower Board of the CSE yesterday. The company listed 90,900,000 Ordinary Voting Shares and has been classified under the Industry Group “2020 – Commercial & Professional Services”. With the commencement of the very first day of trading its share price appreciated by 690 percent. Its shares started trading at Rs 2 and at the end of the day they shot up to Rs. 15.80.
Amid those developments both indices moved upwards. The All Share Price Index went up by 364 points and S and P SL20 rose by 79.6 points. Turnover stood at Rs 6.7 billion with four crossings. Those crossings were reported in JKH, which crossed 5.7 million shares to the tune of Rs 771 million and its shares were traded at Rs 136, Sampath Bank 3.6 million shares crossed for Rs 182 million, its shares traded at Rs 49.50, LMF 250,000 shares crossed for Rs 45 million with its shares fetching Rs. 180 and Nestle 16000 shares crossed for Rs 20.1 million, its shares fetching Rs. 1250.
In the retail market, five companies that mainly contributed to the turnover were; Expolanka Rs. 2.5 billion (13.5 million shares traded), Browns Investments Rs 653 million (67.6 million shares traded), LOLC Finance Rs 411 million (43.7 million shares traded), LOLC Holdings
Rs 402.9 million (730,000 shares traded) and Commercial Leasing Rs 204.4 million (7.5 million shares traded). During the day 202.7 million share volumes changed hands in 38000 transactions.
Asiri Hospitals have topped the league in the first-ever ranking of listed entities in Sri Lanka in an exercise for the year ended 31 March 2021, done by K Seeds Investments. All six listed hospital companies were assessed on Net Profit Margin, EBIT Margin, Return on Equity, Return on Assets Debt to Equity Ratio, Current Ratio, Revenue Growth and Net Profit Growth.
On that basis, Asiri Surgical Hospital has come on top, followed by Asiri Hospital Holdings, Ceylon Hospitals (Durdans), Nawaloka Hospitals, Lanka Hospitals, and Singhe Hospitals.
The current USD to LKR exchange rate is Rs. 200.04 per US dollar.
Business
Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe
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.
Business
Sri Lanka Food Processors Association holds 29th Annual General Meeting
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.
Business
Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black
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.
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