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ComBank raises Rs 10 bn. after debenture oversubscribed on opening day

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The Commercial Bank of Ceylon has announced that its Rs 10 billion debenture issue closed within hours of opening after it was oversubscribed on opening day, Thursday 1st December 2022, in a noteworthy vote of confidence from investors.

The debentures to the value of Rs 10 billion are being issued to further strengthen the Tier 2 capital base of the Bank, bridge maturity mismatches in the assets and liabilities portfolio of the Bank and raise funds for the expansion of the Bank’s lending portfolio, especially in segments such as Small and Medium Enterprises (SME) and export-oriented industries in the interest of supporting the national economy.

Commenting on the oversubscription of the Issue, Commercial Bank Managing Director/CEO Mr Sanath Manatunge said: “The trust and confidence in the future prospects of the Bank implicit in the response of institutional as well as individual investors, is extremely encouraging for Commercial Bank as well as the sector in general. This injection of capital further strengthens the Bank and is expected to further stimulate growth.”

Commercial Bank’s Basel III-compliant, Tier 2, Listed, Rated, Unsecured, Subordinated Redeemable Debentures with a Non-viability Conversion feature at the value of Rs 100 each were offered in three tenures – Type A with a five-year tenure, Type B with a seven-year tenure, and Type C with a 10-year tenure.

The five-year debentures carry a fixed interest rate of 28.00% p.a. (AER 29.96%) payable semi-annually, while the seven and 10-year debentures offer a fixed interest rate of 27.00% p.a. (AER 28.82%) and 22.00% p.a. (AER 23.21%) respectively, also payable semi-annually.

The debentures are rated A (lka) on Rating Watch Negative by Fitch Ratings Lanka Limited. Commercial Bank’s National Long-Term Rating has been set at AA- (lka)/ Rating Watch Negative by Fitch. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue.

For the nine months ending September 2022 the Commercial Bank Group reported gross income of Rs 195.573 billion, total operating income of Rs 103.837 billion, profit before tax of Rs 22.036 billion and profit after tax of Rs 15.460 billion, with total assets reaching Rs 2.390 trillion, loans and advances totalling Rs 1.243 trillion and total deposits exceeding Rs 1.853 trillion as at 30th September 2022.



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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

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The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

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Sri Lanka Food Processors Association holds 29th Annual General Meeting

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The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

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Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

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New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.

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