Business
LOLC Group restructuring viewed as a global strategy to attract investors
Meanwhile ASPI ended sharply higher amid healthy turnover levels
By Hiran H.Senewiratne
Stock market analysts said yesterday that LOLC would set up a new company to dilute its share percentage 90 percent or below in order to comply with the Colombo Stock Exchange (CSE) listing rules.
According to them, the new company would be named as LOLC Ceylon Holdings Limited and would go for an Initial Public Offering (IPO) once it is formed,
The stakes in three companies under LOLC Holdings would be transferred to the new entity. The move is expected to attract large- scale foreign investors to support LOLC companies to grow even further.
Namely these companies would be, LOLC Finance Commercial Leasing and Lanka LOLC Development Finance would be under the new entity. It is said that 44.8 percent stakes belonging to LOLC Finance, 98.9 percent belonging to Commercial Leasings and 55.6 percent of Lanka LOLC Development Finance would be transferred to the new company.
The purpose of this move is to comply with the CSE listing rule where the company could hold only 90 percent or below of any listing company and also minority shareholders to invest in the company. stock market analysts said.
Amid those developments the Colombo Stock Exchange ( CSE) remained buoyant recording above average high turnover and indices on the up thanks to sustained investor interest.
The All Share Price Index (ASPI) gained by 78.61 points and the S&P SL20 Index moved up by 24.80 points. Turnover was an impressive Rs. 8.5 billion seven crossings. Those crossings were reported in Cargills, which crossed in one million shares to the tune of Rs 225 million and its sahre price traded at Rs 225, Dipped Products 325,00 shares crossed for Rs 118 million and its share price traded at Rs 365, NDB 1.5 million shares crossed for Rs 118.5 million and its share price traded at Rs 79, JKH 426,000 shares crossed for Rs 65 million and its sahre price traded at Rs 153, Hayleys 125,000 shares crossed for Rs 55 million and its share price traded at Rs 440, Renuka Holdings three million shares crossed for Rs 51 million and its share price traded at Rs 17 and Royal Ceramic 105,000 shares 21 million aand its share price traded at Rs 17.
In the retail trade top five companies that mainly contributed to the turnover were Browns Investments Rs 2.7 billion (387,000 shares traded), Expolanka Rs 1.06 billion (26.4 million shares traded), Hayleys Rs 417 million (940,000 shares traded), Dipped Products Rs 280 million (776,000 shares traded) and LOLC Rs 230 (1.4 million shares traded). During the day 545 million share volume changed hands in 46391 transactions.
Controlling shareholder, the Malaysia based investor Vijayeswaran S. Vijayaratnam bought out the Japanese investors in Asia Capital PLC for Rs. 160 million on Monday.
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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