Business
NDB summons EGM to get shareholders approval to raise Rs. 11 bn. zero cost equity
The National Development Bank PLC (NDB) has summoned a virtual extraordinary General Meeting on April 9 to get shareholder approval for a rights issued and a private placement of shares to the Norwegian Development Fund for Developing Countries fully owned by the Government of Norway to raise over Rs. 11.1 billion zero cost equity capital for the bank.
Existing shareholders of NDB will get their rights shares at Rs. 75 per share while the Norwegian fund will pay Rs. 82.50 – both less than half the bank’s net asset value per share of Rs. 192.49.
The rights issue/private placement will see the bank issuing approx. 106.78 million new shares by way of rights and up to approx. 37.67 million shares through the private placement in the proportion of 28 new shares for every 61 already held (rights) at Rs. 75 a share. Unsubscribed shares will be aggregated and allotted to shareholders seeking additional shares at the same 75-rupee price on what the bank’s directors regard to be a “reasonable basis” depending on availability and subject to shareholding restrictions placed by the Banking Act.
Shares remaining unsubscribed will be initially allotted to Norfund up to 9.99% of bank’s equity and thereafter, if available, to others including legal entities seeking unsubscribed shares, NDB said last week in a circular to shareholders. This will be subject to Banking Act restrictions.
It said that the maximum number of shares Norfund can subscribe for will not trigger the SEC’s mandatory offer requirement under its Takeovers and Mergers Code. This requires any person/entity acquiring up to 30% of any listed company to offer other shareholders the highest price paid for the share in the preceding 12-month period.
Norfund which currently hold a stake in Soflogic Life Insurance as its only investment here
is looking for further potential investments in Sri Lanka, NDB said. This fund which has committed investments worth over 2.88 million USD up to the end of 2019 prioritizes investments in clean energy, financial institutions, green infrastructure and scalable enterprises aligned with UN sustainable development goals, has invested in 163 projects in 29 core strategy countries in Asia, Africa and Latin America.
If it succeeds in achieving its objective of investing in a 9.99% stake in NDB, it will be the second largest shareholder in the bank behind the EPF which holds 10%. Other big shareholders include the Bank of Ceylon (8.36%) Sri Lanka Insurance Corporation (SLIC) general fund (6.39%), SLIC life fund (4.37%) and Dr. Sena Yaddehige (4.37%).
Softlogic Insurance, ETF and Perpetual Treasuries, Richard Pieris, HNB and Phoenix ventures are the other biggest private shareholders while individually, Messers. Ashok Pathirage and Merril J. Fernando are also in the Top 20 list of shareholders of NDB.
In the event Norfund is unable to to secure any shares under the rights issue, a maximum of 37.67 million ordinary shares will be allotted to it at the Rs. 82.50 price raising over Rs. 3.1 billion zero cost equity for NDB.
“The private placement will only take place in the event Norfund is unable to get the 9.99% stake under the rights issue,” NDB said.
The funds raised will be used to further strengthen NDB’s equity base and improve its capital adequacy ratios in line with Central Bank guidelines, NDB said
Two years ago an NDB rights issue (at a much higher price than this) was heavily under-subscribed in the context of the bank’s share trading in the secondary market at prices substantially below the rights price. Given the structuring of the present offer, analysts do not expect an under-subscription of this issue.
The NDB share closed on Thursday at Rs. 80, trading between Rs. 79-80 for a small quantity of 28,343 shares transacted in 66 trades. Friday’s close was also Rs. 80 with 30,060 shares transacted between Rs. 79.20 – 80 in 47 trades.
The rights may be traded on the CSE and brokers expect them to command a price.
Business
Samagi Spice Exports to launch Ceylon Cinnamon based beverage range
Samagi Spice Exports (Pvt) Ltd is set to introduce SPICEUP, a new Sri Lankan beverage brand, at its grand launch on Saturday 17 October 2026 at the University of Ruhuna, Matara.
With a history dating back to 1969, Samagi Spice is taking a new step in its business journey by expanding beyond traditional spice exports into value added consumer products.
Through SPICEUP, the company aims to connect Sri Lanka’s internationally recognized cinnamon heritage with contemporary beverage innovation, creating a distinctive identity in the country’s beverage market.
The SPICEUP range will feature a variety of products, including Original, Cream Soda, Power, GO, Cool, Burn, Memo+ and Zingy. Designed to offer consumers a range of refreshment experiences, the products will be available in two packaging formats: cans and plastic bottles, catering to different consumer preferences and occasions.
At the heart of the initiative is the potential of true Ceylon cinnamon as a value-added ingredient in the beverage industry. Rather than limiting cinnamon to its traditional uses, SPICEUP seeks to explore new opportunities for bringing this iconic Sri Lankan spice into everyday consumer experiences.
The initiative also highlights the broader potential of transforming the country’s agricultural resources into innovative products with commercial value.
The launch ceremony will be attended by legendary Sri Lankan cricketer Sanath Jayasuriya as the Chief Guest, alongside representatives from the Export Development Board (EDB), Industrial Development Board (IDB), Cinnamon Research Academy and other industry stakeholders.
A major highlight of the occasion will be the official unveiling of the SPICEUP product range, followed by the launch of the brand’s official website. The event will also feature the signing of a Memorandum of Understanding (MoU) between Samagi Spice Exports and the University of Ruhuna, marking an important step towards strengthening collaboration between industry and academia.
The proposed collaboration will provide a platform for future research, product innovation and value addition involving true Ceylon cinnamon. By bringing together business expertise and university-based knowledge, the initiative aims to support the development of innovative, value-added products and contribute to Sri Lanka’s potential in international markets.
With its roots in the country’s spice industry and its ambitions in the beverage sector, SPICEUP is poised to begin a new chapter in Samagi Spice’s journey—one that seeks to bring the distinctive identity of Ceylon cinnamon to a new generation of consumers.

Business
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
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