The landmark announcement of JAT Holdings’ acquisition of Mirotone (NZ) Ltd, New Zealand’s No. 1 industrial wood-coatings company, took place on Nov. 4th at ITC Ratnadipa, drawing leading diplomats, business leaders and industry stakeholders. The event was seen as a “trailblazing moment” for New Zealand- Sri Lanka bilateral economic ties by New Zealand’s High Commissioner to Sri Lanka David Pine.

New Zealand’s High Commissioner Pine, delivering the keynote remarks, went on to describe the acquisition as “a powerful example of responsible foreign investment; strengthening a proud New Zealand brand.”

“What we really want to see a lot more of in New Zealand—just like every other country—is high-quality foreign investment, Pine said. “And just as important is ensuring companies that have done well for decades find responsible new owners, especially after challenging periods.”

He said the acquisition was “preserving and strengthening a New Zealand company that deserved a secure future” and added:

“This is the most significant investment to date by a Sri Lankan company in New Zealand. I hope we will look back on this night—and on you, Aelian, and your team—as trailblazers.”

Aelian Gunawardene, Founder and Managing Director of JAT Holdings, said that throughout his travels across Asia and Australia, one brand consistently stood out—Mirotone, seen as a respected and dominant name in Australia, New Zealand, Malaysia, Singapore and beyond.

“For nine decades, this company led the wood-coating industry in the Asia-Pacific region, he said. “It was a brand I admired, benchmarked and looked up to. Today, to be its custodian feels almost unreal.”

He recalled the intense negotiations—early morning calls, late-night meetings, and the JAT board’s approval of a USD 3 billion allocation to acquire a top-tier international coatings brand.

“This isn’t just about growth, Gunawardene added. “It’s about joining hands with a 90-year-old legacy of craftsmanship and innovation.”

He expressed gratitude to the original founders and said JAT looked forward to celebrating the brand’s 100th anniversary in 2035.

JAT Holdings CEO Nishal Ferdinando walked stakeholders through the strategic transformation the acquisition will unlock over the next 24–30 months.

He emphasised JAT’s groundbreaking R&D capabilities, including South Asia’s first water-based wood-coating binder, developed by only four companies globally.

By Ifham Nizam

Sampath Bank PLC recently signed a Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd., an authorised distributor of Mahindra vehicles in Sri Lanka. The partnership aims to offer customers enhanced vehicle financing solutions and exclusive benefits that make vehicle ownership more affordable and convenient.

Through this collaboration, Sampath Bank will extend a range of financial privileges to customers purchasing Mahindra vehicles from Ideal Motors. These include a 0.5% per annum reduction in the published leasing interest rates, loans to cover vehicle insurance premiums with no interest if settled within two months, and Sampath Credit Cards with no joining fee, enabling customers to pay their insurance premiums at 0% interest for up to 12 months.

Commenting on the partnership, Deepal De Silva, Chief Operating Officer, Sampath Bank PLC, said, “This partnership represents our commitment to delivering practical financial solutions that support our customers’ lifestyle aspirations. The collaboration with Ideal Motors enables us to offer more accessible financing and flexible repayment options, empowering individuals and businesses to make confident vehicle ownership decisions. It also reflects our broader vision of being a trusted financial partner that continuously anticipates and responds to customer needs.”

Expressing her thoughts on the partnership, Ms. Nimisha Welgama, Director – Legal and Corporate Affairs, Ideal Motors (Pvt) Ltd., said, “We are pleased to collaborate with Sampath Bank to offer customers a selection of Mahindra vehicles complemented by attractive financing options, enhancing both value and the overall ownership experience.”

The CSE kicked off on a bullish note yesterday because the All Share Price Index topped the 23000 points level mainly due to positive corporate earnings amid conducive macroeconomic conditions in the county.

The All Share Price Index went up by 158.99 points while the S and P SL20 rose by 57.10 points.

Turnover stood at Rs 6 billion with ten crossings. Top seven crossings were reported in Laugfs Gas where 3.95 million shares crossed for Rs 276.7 million; its shares traded at Rs 67.50, Hemas Holdings 4.9 million shares crossed for Rs 172 million; its shares traded at Rs 31, JKH 7.75 million shares crossed for Rs 168.5 million; its shares traded at Rs 20.90, NTB 450,000 shares crossed for Rs 135 million; its shares sold at Rs 300, People’s Leasing and Finance 2 million shares crossed for Rs 58 million; its shares traded at Rs 29, Commercial Bank 200,000 shares crossed for Rs 41.6 million; its shares sold at Rs 208 and HNB 90000 shares crossed for Rs 35.8 million; its shares fetched Rs 396.

In the retail market top seven companies that mainly contributed to the turnover were; Colombo Dockyard Rs 451.3 million (one million shares traded), Laugfs Gas 304 million (4.5 million shares traded), JKH Rs 260 million (11.97 million shares traded), Sierra Cables 231 million (7.6 million shares traded), Sunshine Holdings Rs 231 million (5.6 million shares traded), NDB Rs 203 million (1.4 million shares traded) and Digital Mobility Solutions Rs 196 million (1.2 million shares traded). During the day 187 million share volumes changed hands in 43220 transactions.

It is said that the banking and finance sector performed well, especially NTB, while the manufacturing sector also performed well, especially JKH, Hemas and several other companies. IT sector also performed well.

Yesterday the rupee was trading weaker at Rs 304.80/305.00 to the US dollar in the spot market from 304.55/80 on Tuesday, dealers said, while bond yields dropped by about 3-4 basis points.

By Hiran H Senewiratne