Business
Blackstone Capital acquires controlling stake in Piramel Glass for Rs. 6.2 billion
By Hiran H.Senewiratne
US-based Blackstone Capital acquired CSE listed Piramal Glass (Pvt) Ltd. for a consideration of Rs. 6.2 billion. Blackstone Capital purchased a controlling stake in a transaction by way of a crossing, stock market analysts said.
A mandatory offer is expected to follow with Blackstone getting a 56 percent stake in the firm, through PGP Glass. This transaction was a crossing in the CSE, which contributed more than 88 percent to the turnover, stock analysts said.
PGP Glass, a Blackstone unit, purchased India’s Piramal Glass and several affiliated companies including the Sri Lanka firm.
The new owners have the know-how to develop the glass firmly and boost exports, analysts say.”Blackstone is interested in the export potential of Piramal Glass,” they explained.
Meanwhile, Asia Securities said in a press release:’Asia Securities Advisors (Pvt) Ltd. acted as the buy-side advisor and Asia Securities (Pvt) Ltd acted as the executing stockbroker to the Blackstone Group in its landmark acquisition of Piramal Glass Ceylon PLC. This transaction reaffirms Asia Securities’ position as the preferred investment banking and stockbroking partner to the most sophisticated investors for cross-border M&A transactions in Sri Lanka. The acquisition price implies a total enterprise value of LKR 13.9 Billion for the target company.’
Blackstone had acquired Gerresheimer AG, a German glass and plastics packaging maker for pharmaceuticals in 2004, developed it and earned a 7.5 times return in about four years.
Amid those developments the CSE yesterday indicated mixed reactions. The All Share Price Index went down by 12.57 points and S and P SL20 rose by 6.76 points. Turnover stood at Rs. 7.45 billion with three crossings. Main crossings happened in Piramal Glass (Pvt) Ltd, which crossed 6536 million shares to the tune of Rs. 6.2 billion, its shares traded at Rs. 11.60, Hayleys 500,000 shares crossed for Rs. 31 million, its shares traded at Rs. 62 and Kandy Hotel 4.2 million shares crossed for Rs. 23.1 million, its shares trading at Rs. 5.50.
In the retail market, five companies that mainly contributed to the turnover were; Piramal Glass (Pvt) Ltd. Rs. 313 million (28.5 million shares traded), JKH Rs. 181.7 million (1.2 million shares traded), Commercial Bank Rs. 82.2 million (910,000 shares traded), Sampath Bank Rs. 78 million (1.37 million shares traded) and HNB Rs. 67.6 million (319,000 shares traded), During day 619 million share volumes traded in 10730 transactions.
With the recording of foreign selling mainly in Commercial Bank, HNB and Sampath Bank on the previous day, investors were a bit careful in purchasing those stocks. However, Commercial Bank, Sampath Bank and HNB have announced exclusive dividend schemes, where the shareholders are entitled to a certain number of shares who have made share purchases before March 30. Since Piramal Glass (Pvt) Ltd contributed more than 88 percent to the turnover all other companies contributed only Rs. 916 million.
Sri Lanka’s rupee quoted weaker at 199.50/201 to the one week US dollar on Tuesday, while yields remained unchanged in dull market trade, dealers said. The rupee last closed in the one-week forward market at 199.25/75 to the US dollar on Monday.
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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