Business

ASPI hits record high for fourth consecutive day

Published

4 years ago

2022/01/7

By Hiran H.Senewiratne

The CSE was on a high yesterday with both indices gaining by over 10 per cent and turnover hitting a healthy record due to strategic deals and an active retail market. The All- Share Price Index of the CSE surged 92.49 points to close at a record all- time high of 13.169.40 for the fourth consecutive day, stock market analysts said.

The stock market was positive throughout, driven by LOLC Group counters and other such blue-chip counters. One reason for the market to move up was the Central Bank decision to grant permission for Commercial Leasing and Finance and Sinhaputhra Finance to merge according to a consolidation plan. Under this proposed merger, Sinhaputhra Finance shareholders having 10000 shares of the company, will obtain 7803 shares in Commercial Leasing and Finance.

Further, LOLC Holdings has rolled out a major business consolidation master plan where they strengthen the financial sector entities. Under this plan one of its subsidiaries, LOLC Finance, will merge with Commercial Leasing and Finance. With this merger Commercial Leasing and Finance will exit the business, analysts said.

Amid those developments LOLC Holding companies’ share prices appreciated in the stock market. During the day Lanka IOC stocks also appreciated with the announcing of the possible joint venture with Ceylon Petroleum Corporation. The new joint venture would be Trinco Petroleum Terminals Ltd and it is expected to get Cabinet approval this week.

Accordingly, both indices moved upwards. The All -Share Price Index went up by 92.5 points and S and P SL20 rose by 46.9 points, which also reached the 4500 level. Turnover stood at Rs 9.4 billion with three crossings. Those crossings were reported in LBL Energy Fund, which crossed six million shares to the tune of Rs 66 million and its shares traded at Rs 11, Windforce 1.3 million shares crossed for Rs 24.7 million, its shares trading at Rs 19 and Browns Investments 49000 shares crossed for Rs 20 million, its shares fetching Rs 402.

In the retail market seven companies that mainly contributed to the turnover were, LOLC Finance Rs 1.2 billion (40.7 million shares traded), Browns Investments Rs 966 million (51.8 million shares traded), Sunshine Holdings Rs 683 million (10.5 million shares traded), Hayleys Rs 446 million (3.1 million shares traded), Expolanka Holdings Rs 384 million (985,000 shares traded), Royal Ceramic Rs 380 million (4.8 million shares traded) and LOLC Holdings Rs 363 million (253,000 shares traded). During the day 418 million share volumes changed hands in 67000 transactions.

On the previous day, Browns Investments’ acquisitions of Sierra Cables (Rs. 1,792 million – consisting of 29.50 per cent of an outstanding number of shares) and Agstar PLC (Rs. 1,123 million – consisting of 43.75 per cent of Voting shares and 66.66 per cent of non- Voting shares) pushed turnover to reach a four-month high at Rs. 15,561 million. However, that momentum continued yesterday as well.

Due to that Agstar and Sierra Cables share prices appreciated. Agstar share price appreciated by 45 per cent or Rs 3.60. Its share price shot up to Rs 11.40 from Rs 8. Sierra Cables share price appreciated by 40 per cent or Rs 10.90. Its share price appreciated to Rs 16 from Rs 11.50. Further, Softlogic Holdings share price appreciated by 28 per cent or Rs 10.90. Its share price appreciated to Rs 48.80 from Rs 39.10.

It is said that high net worth and institutional investor participation was noted in JKH, Teejay Lanka and Softlogic Capital. Mixed interest was observed in Expolanka Holdings, Lanka Orix Finance and LOLC Holdings, while retail interest was noted in Sierra Cables, Agstar and Browns Investments.

Yesterday, the US dollar was quoted at Rs 202.06, which was the Central Bank controlled price to prevent price escalations of the essential imports. This artificial suppression of the dollar as against the rupee created some negative impact to the economy, sources said.

All News Advertisement

Business

Embedding human rights, equity and integrity into business leadership

Published

21 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

21 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

21 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.