Business
CSE gearing to offer ample opportunities for growth and investment in 2023

By Sanath Nanayakkare
The participation of active retail investors in the Colombo Stock Exchange (CSE) is encouraging. Foreign investors have infused capital at an all-time high in 2022 despite domestic turbulences. With the planned introduction of green bonds, perpetual bonds, high-yielding bonds and flexible rules on speculative trading in the forthcoming quarters, the investor sentiment on the Colombo Stock exchange is likely to see an uptick in 2023. There is a strategy by CSE for 2023/2024 to make CSE a broad-based, seamless platform for high net-worth Individuals, foreign investors, institutional investors and retail investors alike.
This was revealed at a media briefing held by the CSE on Wednesday at Shangri La Colombo. Dilshan Wirasekara, Chairman of the Colombo Stock Exchange said,” Last year was quite challenging for all industries as Sri Lanka went through its worst economic crisis post-independence. However, through the crisis, despite the fact the some of the gains we had made in the previous year had reversed, we were able to perform relatively well in 2022 with some notable achievements. We saw growing confidence of foreign investors in our market. We had all-time high foreign investments in excess of Rs. 50 billion which was quite a significant achievement given that we really couldn’t attract any other foreign investments or foreign currency into the country.
CSE remains profitable along with its subsidiary, the Central Deposit System (CDS). This augurs well for the institution because we are on a solid footing in a financial perspective. This is important because we need to make significant investments into software development, human resources, infrastructure, market education etc. The market itself even though it declined by 30%, we believe that it offers a good upside in the medium term for investors because of low valuations. Our market continues to be one of the cheapest markets out there. I think we are trading at a lower than one time from price to book value and around five times in earnings. So even through these challenges our market valuations are attractive and it is something that we want to make sure the public are aware of, and all stakeholders can capitalize on.”
Rajeeva Bandaranaike. Chief Executive Officer of CSE highlighting key achievements of the organization during 2022 and laying out strategy direction for 2023 said,” We had a 30% decline in All Share Price Index (ASPI) last year. S&P SL 20 index also declined during the year by 7%. However, the good thing about trading was that the market volume was robust even though it was not at the same level as in 2021 which was an exceptional year. The market capitalization remained Rs. 8.8 trillion and the daily average turnover almost touched Rs. 3 billion last year. It was not as good as previous year but was better than most of the past years. The market capitalization as a percentage of GDP was 22% last year which was still higher than some of the previous years. In terms of capital raising, last year was not too good a year. We raised both in terms of debt and equity capital, Rs. 22 billion as against Rs.
123 billion that we raised in 2021. This was partly due to the difficulty we went through as a result of the interest rate environment. The number of new listings was not that great as we had lesser numbers than last year. Notably in 2022, domestic investors were dominating the market accounting for 95% of the volume. But there was somewhat of an increase in foreign flows in 2022- a marginal increase. Retail investors continued to be active in the market and the volumes kept going. If we take the primary market and the secondary market, we had a total net foreign inflow of Rs. 51 billion. This is encouraging news for the market and for the future as well as there are foreign investors looking at our market and are confident in our listed companies to make investments in. One of the reasons why we have a fairly large, active retail base is as a result of the end-to-end digitization process that we have achieved. The Central Counter Party System commissioned last year will help minimize settlement risks to a large extent. In terms of regulation, we completely revamped the entire set of rules of the Stock Exchange to be in conformity with the new SEC Act. In terms of expanding the market, we continued our broad-basing strategy and investor education awareness programmes .We have now conducted over 500 seminars all over the country.”
“We continued to engage with foreign investors, CSE conducted a forum in London last January mainly to engage with existing foreign investors to allay their concerns about Sri Lanka. In September-October 2022, a group of foreign investors visited Sri Lanka on the invitation of a stockbroking firm and met with the President and the governor of the Central Bank. This galvanized their confidence and encouraged them to be active in market.”
“In 2023, we will focus on new product development in debt and equity. We are already working to introduce new products during the course of this year and next year. Our teams are currently working on, for example, to launch green bonds, perpetual bonds, high-yielding bonds etc. and also the secondary trading of corporate debt. A lot work is being done these fronts. In terms of improving risk management, we are hoping to go live with the implementation of the Central Counter Party System. This we will do through the incorporation of another subsidiary of the CSE (CSE Clear). This will be a significant development in Risk management. Also, we will have a new grievance handling procedure to cater to investor complaints. We will form an independent panel – independent of CSE – to hear complaints and investor grievances in order to strengthen the confidence of investors and the market. We will continue to improve the timely informational quality of information disseminated by the listed companies. We are also working on a project where we are trying to standardize the templates for the release of financial results of companies which will be useful for analysts, institutional and foreign investors.”
“In terms of developing market accessibility and convenience to stakeholders, we will continue to expand our branch network and we have planned two more branches during the first half of this year. One in in Panadura (in the next month or two) and another one in Batticaloa, in order to broad base the market because we see a strong retail base. We have seen a notable increase in the number of retail investors over the last three years. A younger section of investors has come in particularly after the enhanced digitization. About 80% of accounts that are opened are by investors who are below 40 years of age. They seem to be replacing the traditional over 55-year old investor base. And with more intensity in our efforts in 2023, we will continue to focus on new listings as well as opportunities for local companies to raise funds in multi-currency or USD denominated capital.” he said.
Business
Sublime W15 Hanthana Estate

By a correspondent
The Hanthana mountain range softly breathes, alive with the sound of silence. A pristine white bungalow sits facing these emerald-clad hills, its colonial crevices invoking the charm and nostalgia of a bygone era. A face from another time, kissed by the warm rays of the sun or caressed by the cool fingers of the mist. This is the resplendent Hanthana Estate by the W15 Collection, a place of beauty, a place of peace, where transcendent excellence is an apt description.
I took the early morning Ella Odessey train to Kandy, a comfortable journey that was accentuated by breathtaking vistas closer to Kandy. I was picked up at the station by the W15 driver and my personal butler for my stay. The first inkling of how my stay would pan out came when I was pleasantly surprised with the regular hotel welcome inside the Land Rover. The offer of a cool towel, the choice of a warm or cold beverage to ease fatigue, even before one steps into the foyer of a hotel, was an astute gesture towards ensuring customer delight.
W15 Hanthana Estate is a deliberately crafted blend of colonial charm (the bungalow being over 125 years old, lovingly and attentively restored to its present glory by renowned architect Chamika de Alwis) and modern opulence. The main bungalow unfolds like a tapestry of sepia and cream, weaving together six exclusive suites with four more situated a little beyond in the two storied stables, which boast an awe-inspiring view of the Uragala and Katusukonda mountains. I’m told that these mountain ranges have a certain significance to movie buffs who might recall that the famed “Indiana Jones and the Temple of Doom (1984) had certain shots filmed in the vicinity.
They offer numerous activities such as trekking in some of the most scenic hiking routes of the island, mountain biking, bird and butterfly watching, wildlife excursions (for the uninformed like myself, there are leopards, elusive yes but still roaming these jungles along with the more common sambar deer), nature sessions with the in-house naturalist or scenic walks and visits to nearby temples to interest you. Hanthana Estate also offers cookery lessons where you could pick your own vegetables from their herb and vegetable garden and have the pleasure of making your own lunch with the help of their chefs. One could also set off on an invigorating and informative drive through the tea plantations in their vintage Land Rover along with their naturalist who has a wealth of knowledge about the mountains, the flora and fauna, history and folklore. With kudos to the management for keeping history alive, Hanthana Estate also offers its guest a traditional, colonial inspired delectable high tea with finely cut finger sandwiches, flaky pastries, dainty fairy cakes and freshly baked scones with a pot of Ceylon tea. This high tea in a picnic form or cocktails as per guest preference, can also be enjoyed at a rock outcrop just a ten-minute jeep drive away from the bungalow which they call the ‘Rock Bar’, while the setting sun paints the skies in vivid hues.
This land initially belonged to Oodewella tea plantation, founded in 1880 which is one of the oldest tea estates in the country, considering that the tea cultivation in the country, established by James Taylor, dates back to 1867. Hanthana Group was created between 1985-1988 where Oodwella group was amalgamated with the Hanthana Estate. It would have seemed like a flashback when the great grandson of Gordon Pyper visited Hanthana Estate recently. The first Gordon Pyper had come to Sri Lanka in 1872 when Hanthana was a coffee plantation and following the coffee blight, planted tea in this beautiful estate. His son and grandson were superintendents at Hanthana and the current Gordon Pyper lived the first 11 years of his life in these environs. He affirms that its “wonderful to be back to the Hanthana of his childhood and W15 Hanthana Estate has given him wonderful memories to cherish always.”
It is an understatement to say that W15 Hanthana Estate caters to every whim and fancy of their discerning guest as they operate on an all-inclusive basis. Your personal butler is just a call away, your food is an exquisitely crafted story, your bed an epitome of comfort which entices you to linger, a shower is more of a response of sensual indulgence with irresistible Spa Ceylon products. Once you tear yourself away from your suite, the bungalow with its art, cosy chesterfield sofas and warm lighting and verdant hills that call you name – all this and more is what W15 promises. In my eyes, what makes Hanthana Estate special is not just beautiful surroundings and peace- I feel what makes this wonderous place feel like home, is the attention they pay to details such as the offer of a warm shawl when a guest involuntarily shivers, the evening turn down service where a hot water bottle is left beneath the duvet, the cushy slippers placed just right, and a myriad of little things that makes you smile or sigh contentedly.
I leave Hanthana Estate feeling a little lighter. All I can feel is that my soul is quieter and softer and more sublime.
Business
BOI invests Rs. 763 Mn in Horana Export Processing Zone: Next leap of Sustainable Best Practices

The newfound government is accelerating its efforts to attract Foreign Direct Investment (FDI) to the country by providing much-needed infrastructure to existing and new investors. The Horana Economic Processing Zone (HEPZ) is a center of attraction due to its location.
One key feature of the BOI zones is the provision of services that enable investors to operate their businesses smoothly, and investors always prefer the “turn-key nature” of these facilities. Electricity, water, and drainage systems; inbound illumination systems; and internal roads are the key attractions to the investors. These essential facilities enable investors to conduct commercial operations or constructions immediately after signsing of agreement with the BOI.
The constituency of the Horana EPZ consists of more manufacturing-led investors, and the wastewater treatment plant (CWWTP) is an integral part of the operation. Most importantly, the Horona EPZ’s long-term viability and compliance with the ESG framework of the organization make it even better at meeting the UN’s Sustainable Development Goals (Goal 15).
Hence, it was identified by the BOI that the capacity of the existing Common Wastewater Treatment Plant (CWWTP) needs to increase its capacity, which is used for the treatment of wastewater discharges from industries at HEPZ, and therefore, augmentation of CWWTP up to a capacity of 3000 m³ per day is essential to cater to the present influent volume of 1750 m³/day and forecasted additional volume of wastewater generated from the expansion of the existing projects and new projects to be established in vacant lands while uplifting the environmental sustainability of the zone and mitigating the health issues.
The BOI Capital Budget lists this project as a priority activity to reduce any possible environmental impacts and meet the CEA’s requirements for getting an Environmental Protection License (EPL) for the Horana Export Processing Zone.
The bids were invited through the National Competitive Bidding process, which had eleven (11) bidders that submitted the bids, and only four (04) applicants were eligible for the detailed evaluation. Bids were evaluated; at the evaluation stage, the Technical Evaluation Committee (TEC) determined the least substantially responsive bidder that had fulfilled the relevant qualifications and experience required for awarding the contract.
Hence, the Cabinet of Ministers, by decision dated 05/06/2023, has granted approval for the proposed enhancement of the common wastewater treatment plant (CWWTP) at Horana Export Processing Zone, utilizing BOI funds, after the competitive bidding process and technical evaluation are completed. On 9th December 2024, the Cabinet took the final decision and approved the contract award to Luminex PLC, located at No. 24, New Galle Road, Moratuwa.
The BOI always works with the Central Environmental Authority, takes necessary action to mitigate imminent adverse environmental and health issues, and follows instructions to maintain the treatment efficiency of the existing wastewater treatment plant at HEPZ. Because of this, the proposed addition should make the treatment system efficient and effective, Further, it will strengthen the existing Common Wastewater Treatment Plant (CWWTP) and fully meet the discharge effluent standards and CEA requirements. (BOI)
Business
Mr. Burger opens third outlet in Wattala, expanding its reach in Colombo’s suburbs

Mr. Burger, one of Sri Lanka’s emerging fast-food brands, has officially opened its third outlet in Wattala, marking another milestone in its steady expansion. Since launching in 2017, the brand has grown in popularity for its signature fusion-style burgers, now serving customers from three key locations: Bambalapitiya, Rajagiriya, and Wattala.
The new Wattala branch strengthens Mr. Burger’s presence in the Colombo suburbs, offering its full menu of customer favorites, including the Chicken Pounder, Dual Mode, and Monster Chicken burgers. Known for its focus on quality and affordability, the brand has built a loyal customer base by consistently delivering fresh, flavorful meals.
Open from 11 AM to 2 AM daily, Mr. Burger caters to both daytime and late-night diners. The company also operates its own delivery service alongside availability on Uber Eats and PickMe, ensuring convenience for customers across all three locations.
Speaking about the latest expansion, founder and CEO Ikram Salam highlighted the brand’s commitment to growth while maintaining its core values. “The Wattala opening is an exciting step for us. We’ve always focused on providing a great product with a strong customer-first approach, and this new outlet allows us to serve more customers while staying true to what makes Mr. Burger special.”
With its expansion into Wattala, Mr. Burger continues to strengthen its footprint in Sri Lanka’s fast-food industry, reinforcing its commitment to accessibility, quality, and customer satisfaction.
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