Business
CSE and USAID’s SME forum draws considerable interest
“USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Program, businesses can unlock fresh pathways for growth, capitalize on capital market opportunities, and contribute to the nation’s economic prosperity.” – Mark Peters- Economic Growth Advisor, USAID.
“A listing will not only strengthen your company’s capital and corporate image, but it will also have a significant impact on the company’s growth prospects.” – Rajeeva Bandaranaike, CSE CEO
“Fundraising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME, as well as creating a platform for future funding and growth.” – Ms. Amani Ranaweera, Acuity Partners (PVT) Ltd.
“Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs; hence, listing on the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure, and thereby successfully face challenges in the business environment.” – Rohan Senewiratne, Atarah Capital (Pvt) Limited
The Colombo Stock Exchange (CSE) conducted an Issuer Relations Forum titled “Unlocking funding opportunities for SMEs through the Colombo Stock Exchange”, in association with the U.S. Agency for International Development (USAID) in Sri Lanka on 15th August 2023 at the Mövenpick Hotel Colombo.
The forum provided insights for small- and medium-sized enterprises in key sectors, such as Agribusiness and Information, Communication & Technology (ICT), to discover capital-raising opportunities available at the CSE via listing on the Empower and Dirisavi Boards of the Exchange.
The forum was attended by the USAID Economic Growth Advisor, Mark Peters, USAID CATALYZE PSD Activity Team Lead Juan Forero, CSE Chief Executive Officer (CEO) Rajeeva Bandaranaike, Chief Regulatory Officer (CRO) Renuke Wijayawardhane, Senior Vice President, Commercial Ms. Punyamali Saparamadu, Atarah Capital (Pvt) Limited Managing Director Rohan Senewiratne, Acuity Partners (Pvt) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera and representatives from investment banks, SMEs interested in raising capital, USAID, and CSE.
Delivering the opening remarks, USAID Economic Growth Advisor, Mark Peters, said “Sri Lanka’s sustainable development and recovery hinge on bolstering capital markets while creating additional funding avenues for SMEs across the nation. USAID is working with MSMEs to improve their ability to attract private capital. Through enrollment in the MSME Funding Readiness Programme, businesses can unlock fresh pathways for growth, capitalise on capital market opportunities, and contribute to the nation’s economic prosperity.”
Through the USAID CATALYZE Private Sector Development (PSD) Activity, USAID Sri Lanka boosts private capital in vital Sri Lankan sectors. Such programs support the private sector in fostering inclusive economic growth and facilitating affordable financing access.
CSE CEO Rajeeva Bandaranaike, in his remarks, stated, “We are pleased to have received a positive response for this initiative today. Over the years we have seen numerous companies listing on the Colombo Stock Exchange, with both the company and its shareholders benefitting in the process.”
“We have witnessed a dynamic growth in the capital market of Sri Lanka. The Government’s recent Domestic Debt Optimization (DDO) process also had a positive impact on the CSE. We are actively looking at new products to be introduced to the market,” Bandaranaike added.
Encouraging the participants to list on the CSE, he further said, “A listing will not only strengthen your company’s capital and corporate image, but it will have a significant impact on the company’s growth prospects. Therefore, we encourage companies to make use of this opportunity.”
Addressing the gathering, Acuity Partners (PVT) Ltd Senior Vice President – Corporate Finance, Ms. Amani Ranaweera said “We are seeing tangible signs of an economic revival. After several challenging years, now is the time for SMEs to put the appropriate framework and processes in place to take advantage of capital raising opportunities.”
“Fund raising through the CSE is a feasible option for SMEs to raise funding while maintaining control, enhancing the image and visibility of the SME as well as creating a platform for future funding and growth. With USAID’s CATALYZE project gaining access to funding is now more affordable to SMEs,” she added.
Speaking at the forum, under the subject of “Listing on the CSE as a Game Changer”, Mr. Rohan Senewiratne, Managing Director of Atarah Capital (Pvt) Limited stated “SMEs comprise more than 75% of enterprises, account for more than 20% of Sri Lankan exports, 45% of employment and 52% of the GDP.”
“SMEs can play a vital role in the economic recovery of Sri Lanka if they are able to gain access to raise equity capital. Sacrificing cash flows as interest payments to lenders will hamper this opportunity for SMEs hence listing in the Colombo Stock Exchange is a great pathway to access equity capital, strengthen the capital structure and thereby successfully face challenges in the business environment,” Mr. Senewiratne added.
To catalyze bilateral trade and investment and drive regional economic integration, the Consulate General of Sri Lanka in Mumbai facilitated a series of high-level strategic engagements between The Ceylon Chamber of Commerce and leading Indian commercial institutions on May 13 and 14.
The delegation from The Ceylon Chamber of Commerce was led by its Chairman Krishan Balendra, CEO of John Keells Holdings Pvt Ltd and comprised a distinguished group of Sri Lankan industry leaders from Hirdaramani Group, Maliban Biscuit Manufactories (Pvt) Ltd, Sierra Cables PLC, A. Baur & Co. (Pvt) Ltd, Jetwing Travels (Pvt) Ltd, Ceylon Biscuits Ltd, Hayleys PLC, Vidullanka PLC, MAS India Clothing (Pvt) Ltd, Tudawe Brothers (Pvt) Ltd, David Pieris Holdings (Pvt) Ltd, Bank of Ceylon, Aitken Spence PLC, LTL Holdings Ltd. and Orel IT Pvt. Ltd.
On May 13, The Confederation of Indian Industry (CII) and The Ceylon Chamber of Commerce jointly hosted the ‘India–Sri Lanka Business Forum: Partnering in Sri Lanka’s Growth and Investment’ and an exclusive CEO interaction in Mumbai. The forum convened senior government officials, policymakers, and industry leaders from both countries.
These included, among others, High Commissioner of Sri Lanka to India Mahishini Colonne; Consul General of Sri Lanka in Mumbai Priyanga Wickramasinghe; Senior Economic Advisor to the President of Sri Lanka Duminda Hulangamuwa; Secretary (Protocol, FDI, Diaspora & Outreach) and Chief of Protocol Government of Maharashtra Rajesh Ravindra Gawande; Co-chairman, CII Western Region Sub-committee on International Trade & Investment and Chief Executive Officer, Polycab India Ltd. Anurag Agarwal; Chairman, CII Western Region Sub-Committee on Tourism and Hospitality and Executive Director, Kamat Hotels India Ltd Vishal Kamat and Secretary General & CEO of The Ceylon Chamber of Commerce Shiran Fernando.
Conversations centered on accelerating cross-border cooperation across high-priority sectors, including technology, manufacturing, healthcare, renewable energy, and digital transformation.
On May 14, the delegation engaged in productive Business-to-Business sessions with the IMC Chamber of Commerce and Industry, culminating in the formal renewal of the Memorandum of Understanding between The Ceylon Chamber of Commerce and IMC. The delegation also participated in an interactive session hosted by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI).
The two-day mission concluded with a robust exchange of views cementing a strong foundation for sustained bilateral collaboration and paving the way for a new era of industrial synergy between Colombo and Mumbai. (Consulate General of SL, Mumbai)
Demonstrating its commitment to supporting the nation’s next phase of economic transformation, Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to enter into an agreement to establish a fully-fledged branch at Port City Colombo, marking a significant step in the Bank’s strategic expansion into the country’s emerging international financial hub.
The agreement was signed by Sanath Manatunge, Managing Director/CEO of Commercial Bank, and Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. The partnership further reinforces Commercial Bank’s position at the forefront of Sri Lanka’s evolving financial landscape.
The proposed branch will function as a fully-fledged banking branch, offering a full spectrum of products and services tailored to the needs of corporates, investors, businesses and retail customers operating within the Port City Colombo ecosystem. These will include digital banking facilities, trade services, foreign currency transactions, corporate banking solutions, deposits, lending, card services and remittance facilities.
By establishing a presence within Port City Colombo, the Bank said it aims to further strengthen its ability to support cross-border business and investment flows while positioning itself to meet the sophisticated requirements of global investors, multinational corporates and high-net-worth individuals expected to operate within the Special Economic Zone.
Commenting on this ground breaking initiative, Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s decision to establish a fully-fledged branch within Port City Colombo reflects both its long-term confidence in the project and its readiness to support the evolving needs of a globally integrated financial ecosystem.
“As Sri Lanka’s largest private sector bank with a strong track record in serving corporates, international clients and high-value businesses, we see Port City Colombo as a pivotal development in the country’s economic future,” he said. “Our presence within this Special Economic Zone will enable us to seamlessly support cross-border transactions, facilitate international trade and investment, and deliver world-class banking solutions backed by advanced digital capabilities. Being one of the first banks to formalise plans for a full-service branch within Port City Colombo reaffirms our role as a pioneer in driving financial innovation and supporting national development.”
A 269-hectare extension of Sri Lanka’s central business district, Port City Colombo is being developed as a multi-service Special Economic Zone designed to serve as a regional financial centre, business and lifestyle hub. One of the largest public-private partnership projects in the country, it is envisioned as a catalyst for high-value investments, underpinned by advanced infrastructure, cutting-edge technology and a progressive regulatory framework.
“Our role as master developer goes beyond building the city itself. It is about creating the foundations for a functioning international business and financial hub,” said Mr Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd. “The establishment of institutions such as Commercial Bank within Port City Colombo is an important part of that process, because it brings real operational depth and credibility into the ecosystem from an early stage. It reflects the broader momentum behind the project and the growing shift towards a more globally connected, investment-driven economy in Sri Lanka.”
Sri Lanka’s renowned specialty tea brand “Singharaja Wiry Tips,” produced by Lumbini Tea Valley Ceylon, has won two major accolades at the prestigious “The Leafies International Tea Awards” held recently at Fortnum and Mason in the United Kingdom.
The award-winning low-grown Ceylon tea secured the titles of “Best Ceylon Black Tea” and the overall “Best of All Black Teas,” emerging as the top black tea entered at the international competition.
With these latest honours, “Singharaja Wiry Tips” has now earned its 43rd and 44th international awards, further strengthening its reputation as one of the world’s most highly awarded black teas.
Classified as FBOPF EX SP (Flowery Broken Orange Pekoe Fannings Extra Special), the tea is named after its distinctive golden-tipped wiry leaves and unique flavour profile derived from the ecosystem surrounding the UNESCO World Heritage-listed Singharaja Rainforest, which borders the Lumbini plantation.
Lumbini Tea Valley’s latest innovation, “Lumbini Screw Buds,” also received high commendation at this year’s competition, highlighting the company’s continued excellence in producing premium Ceylon teas.
Chairman and Managing Director Chaminda Jayawardena, who accepted the awards in London, credited the achievement to the dedication of the Lumbini workforce and the support of nearly 1,800 tea farmers supplying high-quality green leaf harvested using the traditional “two leaves and a bud” method.
by SK Samaranayake
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