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‘LOLC Finance poised to fuel economic resurgence’

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In one of the most historic mergers in Sri Lanka, LOLC Finance PLC, the largest NBFI in the country merged with its sister company, Commercial Leasing & Finance PLC (CLC), to become the largest Non-Banking Financial Institution (NBFI) in Sri Lanka earlier this year. The market capitalization of the merged LOLC Finance PLC stands at over Rs. 180Bn, placing it among the top 3 companies on the Colombo Stock Exchange by market capitalization.

This strategic amalgamation yet again reflects the far-thinking vision of the LOLC Group, one of the most profitable globally diversified entities in Sri Lanka and the first off the starting blocks in taking strategic initiatives, which gives it a strong growth momentum. Propelled ahead with its powerful synergies, the combined entity delivered a pro forma colossal Profit Before Tax (PBT) of LKR. 25.6 Bn and Profit After Tax (PAT) of LKR. 23.5Bn as at 31st March 2022, which places LOLC Finance PLC among the highest value creating institutions in the country.

The merged entity, LOLC Finance, is boosting investor confidence in the Sri Lankan economy at this critical juncture. As an inclusive financial services provider to the micro, small & medium enterprises providing thrust to many economic sectors such as agriculture, manufacturing, transportation, tourism and exports, LOLC Finance is now ideally placed to empower existing and new businesses to upscale and expand, and drive financial inclusion to uplift living standards and boost entrepreneurism, building on its ethos of non-discrimination and its women entrepreneur empowerment. An idea of the company’s powerful financial standing is evidenced by the fact that while total assets of the NBFI sector stood at LKR. 1,488 Bn by end-2021, representing 21% of Sri Lanka’s financial system, LOLC Finance’s assets stand at LKR.311.6Bn, clearly dominating the NBFI sector with healthy performance risk management indicators across every key parameter including capital, capital adequacy, business performance and thereby maintaining utmost investor confidence. It is further noteworthy that the company maintains a very high standard of integrity, transparency and customer protection principles.

LOLC Finance promises a secure NBFI with a mammoth balance sheet size of LKR.311.60Bn with total advances of LKR.206.83Bn which makes it resilient to economic shocks, thereby encouraging more businesses to avail of loans due to its well capitalized nature and its asset backed products.

The strategic amalgamation by two of the largest NBFIs in the country, both within the LOLC Group, signals the dynamic role the merged entity LOLC Finance will play in supporting the economic recovery of the nation. This historic merger also conforms to The Central Bank of Sri Lanka (CBSL)’s Master Plan for Consolidation of Non-Bank Financial Institutions Sector to stabilize the financial sector even further. The entity is further strengthened with CLC’s takeover of Sinhaputhra Finance PLC (SFL), once again under the consolidation master plan.

The birth of new entity, LOLC Finance, has many beneficial implications for stakeholders in general as it will give rise to massive efficiencies due to the combined expertise, branch network and technology platforms including iPay, LOLC Finance’s digital payment platform, which is winning accolades and fast becoming the number one preferred payment platform and lifestyle fin-tech product. In addition, as the most technologically advanced NBFI, LOLC Finance offers Credit Cards, Online and Mobile Banking Services, and the entire spectrum of Lending and Deposits, earning a reputation for being the largest MSME financier and provider of Islamic Finance, and the leading factoring and agricultural equipment financier in the industry.

LOLC Finance now commands a network of 210 branches, a burgeoning customer base of over 600,000, total lending portfolio of over LKR. 200 Bn, and an impressive deposit base of over LKR. 150 Bn, which accounts for nearly 20% of the entire industry. This amply reflects the trust and confidence placed by depositors in the financial stability and professional management of LOLC Finance.

The prudent financial discipline demonstrated by the Company is evident in the fact that LOFC successfully maintained its Non-Performing Loan (NPL) ratio at 6.69% as at 31st March 2022, which is less than half of the industry average, thus reflecting the healthy portfolio of the company. The merger also implies that the combined technical expertise and goodwill in the industry of LOLC Finance is multiplied many times over.

With industry leadership comes recognition on both local and international platforms. In 2021/22, LOLC Finance was awarded the Most Valuable Consumer Brand 2022 (Financial services) by Brand Finance Sri Lanka; Most Innovative Financial Services Brand Sri Lanka 2021 and Most Trusted Financial Services Brand Sri Lanka 2021 at the Ninth Edition of the Global Brand Awards 2021; Financial Services Brand of the Year at the SLIM-Kantar Peoples Awards 2022; and Gold awards for NBFI of the Year for Financial Inclusivity, NBFI of the Year for Excellence in Customer Convenience, Financial Institution of the Year for Best Digital Payment Strategy, Best Mobile Application for Retail Payments Via Just Pay (Banks and NBFI), Overall Award Excellence in Inter-Bank Digital Payments (NBFI) and a Merit Award for the Most Popular Digital Payment Product (Banks and NBFI-Mobile Payment App) at the 4th edition of the LankaPay Technnovation Awards by Lanka Clear.

One of the highlights of LOLC Finance will be how it leverages on its unique business model and advanced technology platforms to power business growth and profitability. The merger has also boosted capital markets as both are listed entities and some of the blue chip stocks on the Colombo Stock Exchange (CSE).

As the largest NBFI in the country, LOLC Finance is uniquely positioned to drive economic growth by financing grassroots businesses to expand while supporting the nation’s trading and export communities to seize opportunities for growth and diversification.



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Low-floor buses launched to boost accessible public transport for differently-abled

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A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).

The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.

Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.

Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.

The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.

Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.

He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.

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Nestlé Lanka Announces Change in Leadership

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Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.

Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”

Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.

“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”

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Majestic Cineplex Returns Bigger Better and More Immersive

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Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.

For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.

The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.

Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.

Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”

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