Business

LOLC Holdings concludes largest non-bank debenture issue worth Rs. 10 billion

Published

6 years ago

2021/02/20

By Hiran H.Senewiratne

LOLC Holdings PLC concluded the largest non-bank listed debenture issue worth Rs. 10 billion. LOLC issued 75 million listed rated, senior, unsecured, redeemable debentures at Rs. 100 each with an option to offer a further 25 million debentures in the event of over-subscription of the initial amount, stock analysts said.

LOLC said that it received applications for over Rs. 10 billion and the issue was closed the previous day. The original plan was to raise Rs. 6.5 billion but LOLC increased it to Rs. 10 billion.NDB Investment Bank acted as the managers to the issue and as Joint Placement Agents. The other Placement Agent was People’s Bank Investment Banking Unit.The funds generated from the debenture issue are to be utilised for refinancing short term debt facilities as well as to strengthen the company’s short-term maturity buckets.The proceeds of up to Rs. 7.5 billion raised from the initial issue of debentures will be utilised by the company to re-finance an equal amount of short term/money market borrowings obtained from commercial banks in the country.

Meanwhile, CSE activities yesterday were almost flat and LOLC and Browns Investments dominated and contributed mainly to the All Share Price Index which went up by 61.58 points and S and P SL20 by 10.84 points. Browns Investments contributed 16 points to the All Share Price Index and LOLC contributed more than 11 points to the Index.

The turnover stood at Rs. 3.39 billion with a single crossing, reported in Sampath Bank, which crossed 826,000 shares to the tune of Rs. 131 million, its shares trading at Rs. 159.

In the retail market, top five companies that mainly contributed to the turnover were; Browns Investments Rs. 758 million (127 million shares traded), LOLC Rs. 613 million (1.5 million shares traded), Sampath Bank Rs. 213 million (1.3 million shares traded), JKH Rs. 164 million (one million shares traded) and TJLanka Rs. 157 million (3.6 million shares traded). During the day, 200 million share volumes changed hands in 24787 transactions.

It is believed that the market has now largely bottomed out and that it provides a good opportunity for investors to be appropriately positioned in fundamentally strong stocks that will outperform over the longer term. “Investors are advised to carefully revisit their portfolios and start exiting from fundamentally weak and non performing counters, while repositioning themselves in quality stocks with strong growth prospects, analysis said.

The Sri Lanka rupee closed at 196.50/197.00 to the US dollar in the one-week forward market on Thursday, while some bond yields edged up, dealers said. The rupee last closed in the spot market at 195.00/198.00 to the dollar on Wednesday.

‘There is no trading in the spot market with heavy moral suasion not to trade above 195 to the US dollar, market participants said.

Sri Lanka has printed a large volume of money, putting pressure on the rupee and triggering balance of payments deficits and downgrades, market sources said.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

18 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

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

Published

18 hours ago

2026/09/30

Sahan Weerasooriya

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

Published

18 hours ago

2026/09/30

Sahan Weerasooriya

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.