Business
Raynor Silva purchases 5 percent Seylan Bank shares from Dhammika Perera, further diversifying his presence in financial sector
High net worth investor of media industry fame Raynor Silva purchased five percent Seylan Bank shares that belonged to another top business leader, Dhammika Perera, for Rs. 1.57 billion, market analysts said.
Rayynor paid Rs. 105 per voting share in buying 15 million shares in Seylan Bank. As at June 30, 2025, Dhammika Perera held 20 million shares or a 6.55 percent stake but had been selling down recently leading up to exiting from the company. Overall Seylan Bank saw 16.68 million of its shares change hands via 300 trades for Rs. 1.76 billion. It closed at Rs. 110, up by Rs 1, market analysts said.
With the entry into Seylan, Raynor has further diversified his strong holdings in the financial sector. Via Phantom Investments Ltd., Rayynor already owns 10 percent of Sampath Bank and 9.73 percent of DFCC, in addition to picking up 1 percent in Commercial Bank recently.
Amid those developments both indices indicated mixed reactions yesterday. The All Share Price Index went up by 13.85 points while S and P SL20 declined by 12.33 points. Turnover stood at Rs 6.6 billion with 11 crossings. Top seven crossings were reported in Lee Hedges, where one million shares crossed to the tune of Rs 223 million; its shares traded at Rs 195, ACL Cables 920,000 shares crossed for Rs 200 million; its shares traded at Rs 220, Seylan Bank one million shares crossed to the tune of Rs 136 million; its shares sold at Rs 110, Colombo Dockyard 847,000 shares crossed to the tune of Rs 123 million; its shares traded at Rs 146, Cargills Ceylon 65000 shares crossed to the tune of Rs 53 million; its shares fetched Rs 830, Sampath Bank 200,000 shares crossed to the tune of Rs 30 million; its shares traded at Rs 115, and Hemas Holdings 800,000 shares crossed for Rs 25 million; its shares sold at Rs 35.
In the retail market top seven companies that mainly contributed to the turnover were; CIC Holdings Rs 205 million (five million shares traded), JAT Holdings Rs 204 million (four million shares traded), Central Finance Rs 191 million (640,000 shares traded), ACL Cables Rs 195 million (845,000 shares traded), Sierra Cables Rs 159 million (five million shares traded), JKH Rs 156 million (seven million shares traded) and CIC (Non- Voting) Rs 145 million (five million shares traded). During the day 217 million share volumes changed hands in 43000 transactions.
The banking and financial sector performed well. The manufacturing sector also performed well, especially ACL Cables and Sierra Cables.
Yesterday, the rupee was quoted at Rs 303.20/25 to the US dollar, weaker from Rs 303.05/15 the previous day, while bond yields were broadly steady, dealers said.
An auction of Rs 70,000 million Treasury bills was ongoing.
A bond maturing on 15.12.2026 was quoted at 8.30/35 percent, up from 8.25/35 percent.
A bond maturing on 15.09.2027 was quoted at 8.80/85 percent, up from 8.75/85 percent.
A bond maturing on 01.07.2028 was quoted at 9.25/30 percent, up from 9.20/30 percent.
A bond maturing on 15.12.2029 was quoted at 9.65/73 percent, up from 9.65/70 percent.
A bond maturing on 15.12.2032 was quoted flat at 10.50/65 percent.
A bond maturing on 01.11.2033 was quoted flat at 10.67/75 percent.
The telegraphic transfer rates for the American dollar was 299.7000 buying, 306.7000 selling; the British pound was 399.7236 buying, and 411.0854 selling, and the euro was 345.5209 buying, 356.8841 selling.
By Hiran H Senewiratne
Business
India’s rise in manufacturing sector seen as holding out possibilities for SL
India’s rapid rise as a global manufacturing hub and consumer market is reshaping South Asia’s apparel landscape, creating both urgency and opportunity for Sri Lanka to reposition itself through deeper regional integration, Acting Indian High Commissioner to Sri Lanka Dr. Satyanjal Pandey said recently at the Sri Lanka Apparel Exporters Association (SLAEA) Annual General Meeting in Colombo.
Addressing industry leaders at Cinnamon Life, Dr. Pandey said the next phase of growth in South Asian apparel will be driven not by competition within the region, but by collaboration across it, particularly between India and Sri Lanka.
“India and Sri Lanka bring very different but highly complementary strengths, he said. “India offers scale, raw materials, a vast labour pool and a rapidly expanding domestic market. Sri Lanka brings world-class manufacturing standards, compliance, speed, flexibility and trusted relationships with premium global brands. Together, these strengths can create globally competitive regional value chains.”
Dr. Pandey revealed that India had concluded a major trade agreement with the European Union earlier in the day, granting tariff-free access across more than 9,000 product lines, including apparel, with tariffs reduced from 12 percent to zero.
The agreement, he noted, reinforces India’s growing centrality in global trade and underscores the need for Sri Lanka to move swiftly in aligning its trade and investment strategies with regional developments.
He stressed that India’s objective is not to displace Sri Lankan apparel producers, but to grow together in an increasingly complex global market where buyers are demanding resilience, sustainability and regional diversification.
India today is one of the world’s fastest-growing major economies, with a large and youthful population, expanding middle class and rising apparel consumption. For Sri Lankan manufacturers, this presents opportunities not only as a sourcing partner, but also as an export destination for value-added apparel, technical textiles and sustainable fashion.
Against this evolving landscape, Sri Lankan industry leaders highlighted the urgency of aligning domestic policy and regulatory frameworks with India’s accelerating trade momentum.
Sri Lanka Exporters Association chairperson Ms. Rajitha Jayasuriya said global regulatory compliance has become a prerequisite for market access, particularly in Europe.
She pointed to the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), enhanced traceability requirements and Digital Product Passports (DPPs) as measures that will increasingly shape trade flows.
“These are no longer optional standards. They are a licence to operate, she said, adding that Sri Lanka must urgently build national support systems to help SMEs and supply chain compliance through transparency, sustainable materials and robust data systems.
Jayasuriya warned that failure to secure the renewal of Sri Lanka’s GSP Plus facility would further weaken competitiveness, especially as India strengthens its trade position with the EU.
“With India moving ahead rapidly, Sri Lanka must mobilise faster to protect preferential access and avoid erosion of market share, she said.
India also featured prominently in the industry’s forward-looking trade agenda.
Jayasuriya said priorities for 2026 include securing quota-free access to the Indian market, ensuring predictable trade flows and deepening Sri Lanka’s integration into India-centric regional value chains.
“A stronger India–Sri Lanka apparel corridor is not just an economic opportunity; it is a strategic imperative, she said.
Policy reform at home was identified as a critical enabler of regional integration.
Jayasuriya called for accelerated digital reforms, including the introduction of a fully fiscalised e-invoicing system for exporters, to improve liquidity, compliance and transparency.
She noted that countries such as India have already moved ahead in this area, strengthening their competitiveness.
The apparel industry’s performance in 2025, she said, demonstrated what is possible when factory-level resilience is matched by responsive policymaking. However, she cautioned that regional competitors such as Cambodia, Vietnam and Bangladesh continue to move aggressively on scale, automation and trade agreements.
By Ifham Nizam
Business
Arpico NextGen Mattress gains recognition for innovation
Arpico, the longstanding frontrunner in Sri Lanka’s mattress industry, recently received the award for 2nd Runner-Up in the category of Innovative Product of the Year at the 2025 PRISL Industry Awards. Hosted by the Plastic and Rubber Institute of Sri Lanka (PRISL), the awards honour outstanding industry contributions to the plastics, rubber, latex, and recycling sectors.
Awarded for Arpico’s NextGen mattress, the recognition reaffirmed the company’s commitment to crafting state-of-the-art sleep solutions and providing its customers with seamless retail experiences.
The Arpico NextGen mattress stands as a distinctive example of Arpico’s vision. With its inclusion of profile-cut air-cooling pocket technology, the NextGen mattress is the product of intensive research and development, designed to align with Arpico’s mission to innovate products that enrich everyday living. Built using cutting-edge German Computer Numerical Control (CNC) foam-cutting technology, the NextGen’s design aims to amplify cooling, essentially enhancing sleep quality through its superior comfort, adaptive support, and long-lasting performance, allowing sleepers to wake rejuvenated.
Discussing the award, Lalith Wijeyesinghe, Managing Director of Arpitech (Pvt) Ltd, Richard Pieris & Company PLC, said, “The award is a testament to the efforts and ingenuity of our team, led under the visionary guidance of our Group Chairman, CEO, and Managing Director of Richard Pieris & Company PLC, Dr Sena Yaddehige. It reaffirms our endeavours to design products that integrate emerging technologies for the benefit of our customers. Furthermore, we recognise the award as an incentive to continue pushing the boundaries of our achievements and pursue ever greater heights of success.”
Arpitech (Pvt) Ltd is a leading trailblazer in polyurethane foam and spring mattresses, sheets, cushions, and siliconised fibre pillows, backed by a corporate legacy spanning over four decades of manufacturing excellence. The company upholds the highest quality standards, having secured the prestigious ISO 9001:2015 certification. Furthermore, Arpico adheres to the SLS standard for its acclaimed Arpifoam. Renowned as a trusted brand, Arpitech (Pvt) Ltd draws from the 90-year legacy of its parent company, the Richard Pieris & Company PLC. From a modest beginning as a filling station in 1932, Richard Pieris & Company has grown into one of Sri Lanka’s most diversified business conglomerates with interests in retail, plantations, rubber, furniture, tyres, plastics, insurance, stockbroking, financial services, and logistics. It is one of the largest listed entities on the Colombo Stock Exchange, with a remarkable annual turnover.
Business
Advice Lab unveils new 13,000+ sqft office, marking major expansion in financial services BPO to Australia
Advice Lab, a leading provider of financial services BPO solutions to the Australian market, announced the opening of its new 13,000+ square‑foot office in Colombo, one of the most modern and dynamic workspaces in Sri Lanka. The move marks a significant milestone in the company’s rapid growth as a BPO and highlights its ongoing commitment to creating valuable job opportunities across Sri Lanka’s professional workforce.
The state‑of‑the‑art facility has been thoughtfully designed to support the company’s expanding operations and its growing portfolio of Australian financial advisers, accountants, and mortgage professionals. Purpose‑built for scale and efficiency, the workspace accommodates larger teams and advanced technology infrastructure while prioritizing employee well‑being and productivity. This emphasis on a people‑first culture is reflected in the inspiring, comfortable, and energizing environment created throughout the new office.
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