Business
WTS launches milestone IPO of Ordinary Voting Shares
Wealth Trust Securities Limited (WTS), one of Sri Lanka’s leading non-bank Primary Dealers licensed by the Central Bank of Sri Lanka, yesterday announced its intention to launch an Initial Public Offering (IPO) of Ordinary Voting Shares, marking a significant milestone in its growth trajectory and long-term capital strengthening strategy.
Through this IPO, the company will offer 71,548,244 Ordinary Voting Shares at Rs 7.00 per share, raising LKR 500.8 million, for a 5.84 percent stake in the company, with the objective of further strengthening its core capital base and enhancing its ability to absorb market and interest rate risks in the evolving interest rate environment. This IPO will take place on December 17, market analysts said.
Amid those developments the CSE showed heavy selling pressure due to profit- takings. It was observed that investors were selling their stocks at a higher price, analysts said.
The All Share Price Index went down by 338.72 points, while the S and P SL20 declined by 76.80 points. Turnover stood at Rs 4.95 billion with nine crossings.
Top seven crossings were reported in Hemas Holdings where 11.2 million shares crossed to the tune of Rs 396 million; its shares traded at Rs 35.30,York Arcade 369,000 shares crossed to the tune of Rs 340.5 million; its shares traded at Rs 925.75, Colombo Dockyards 351,500 shares crossed for Rs 139.8 million; its shares sold at Rs 400, JKH five million shares crossed for Rs 113.8 million; its shares traded at Rs 22 70, Haylays 300,000 shares crossed for Rs 58.5 million; its shares sold at Rs 195, Sunshine Holdings one million shares crossed for Rs 33.7 million; its shares sold at Rs 33.70 and Access Engineering 400,000 shares crossed to the tune of Rs 27 million; its shares fetched Rs 67.50.
In the retail market top seven companies that mainly contributed to the turnover were; United Motors Rs 232.4 million (698,000 shares traded), Colombo Dockyards Rs 215.5 million (541,600 shares traded), Renuka Agri Rs 191.5 million (two million shares traded), JKH Rs 189.7 million (8.4 million shares traded), VallibelOne Rs 173 million (1.65 million shares traded), HNB Rs 147 million (356,000 shares traded) and Brown’s Investments Rs 140.5 million (20.9 million shares traded). During the day 145.87 million share volumes changed hands in 38253 transactions.
The manufacturing sector, especially JKH, performed well, while the financial sector also performed well. The construction sector, especially Access Engineering, also performed notably.
Yesterday the rupee opened at Rs 307.80/308.00 to the US dollar in the spot market, flat from Rs 307.80/95 the previous day, dealers said, while bond yields were steady.
A bond maturing on 15.03.2028 was quoted flat at 9.00/05 percent.
A bond maturing on 15.09.2029 was quoted at 9.48/52 percent.
A bond maturing on 01.07.2030 was quoted at 9.57/60 percent.
A bond maturing on 15.12.2032 was quoted at 10.25/30 percent, up from 10.22/28 percent.
The telegraphic transfer rates for the American dollar was 304.2500 buying, 311.2500 selling; the British pound was 397.0983 buying, and 408.4601 selling, and the euro was 347.8929 buying, 359.2561 selling.
Business
ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka
The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.
The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.
“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”
Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.
Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.
Business
USD 40.84m pipeline to secure aviation fuel supplies to BIA
By Ifham Nizam
The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.
Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.
‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.
The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.
The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.
Business
CSE activity up, turnover weak at Rs. 1.4 billion
By Hiran H Senewiratne
Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.
Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.
In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.
The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.
Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.
Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.
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