Business

LOLC General Insurance debuts trading on CSE

Published

5 years ago

2022/01/1

The shares of LOLC General Insurance (CODE: LGIL-N-0000) commenced trading on the Colombo Stock Exchange (CSE). The shares have been listed on the Diri Savi Board of the CSE under the “Property & Casualty Insurance” sector. The occasion was marked with a special Bell Ringing Ceremony.

Representing LOLC General Insurance Limited (LGIL), Chief Executive Office Mr. Kithsiri Gunawardena, Deputy General Manager Mr. Imaz Iqbal, Head of Underwriting Mr. Karthigun Silva and Head of Corporate Sales Mr. Sanjaya Attanayake attended the event. Financial advisors and joint managers to the issue, PW Corporate Secretarial (Pvt) Ltd Director Ms. Lasanthi Abeykoon, Capital Trust Securities (Pvt) Ltd Head of Research Mr. Hasitha Leanage and Head of Corporate Finance Ms. Divya Casie Chetty Alles represented the event.

The CSE was represented at the event by Chief Executive Officer, Mr. Rajeeva Bandaranaike and Chief Regulatory Officer, Mr. Renuke Wijayawardhane.

Speaking at the ceremony, the CEO of the CSE, Mr. Rajeeva Bandaranaike, congratulated LGIL on its initiative to go public. “2021 is a record year for the CSE’s primary market, and over Rs. 118 billion in terms of capital has been raised from debt equity, rights issues, and private placements. We have had 13 equity issues this year, raising nearly Rs. 12 billion. The CSE is seeing a healthy appetite among local investors for equity IPOs, and the demand for LGIL was no different. LGIF had a very successful IPO and was oversubscribed on the opening day itself. The CSE believes that it is important to have companies in the insurance industry with a strong track record, with a commitment to excellence in our listed portfolios so that they can offer more diversified opportunities for the growing base of investors.

Commenting on the listing history of 2021, Mr. Bandaranaike added, “As we close the year, December has been a record month where we are seeing seven equity IPOs. This not only shows the confidence that investors have in our listed companies, but also, increasingly, we are seeing listed companies coming into and making use of the capital market for their funding requirements. We are happy to welcome LGIF as our 296th listed company.”

Speaking at the event, the Chief Executive Officer of LOLC General Insurance Limited, Mr. Kithsiri Gunawardena, commented, “LGIL, in the recent past, has seen tremendous growth despite the severe challenges faced by the company and the industry at large due to the pandemic. The remarkable results over the past couple of years stand witness to the company’s grit towards challenges faced then, now and in the future. The insurance industry in Sri Lanka in 2020 had a negative growth of 2.24% whereas LGIL witnessed a growth of 13%. This statement says it all in terms of the kind of team that we have, the kind of culture that we have instilled as being part of LOLC Group, and the kind of growth strategy that we are looking at. This is not only in Sri Lanka, but outside as well, as LOLC group already has business presence in 17 countries and plans to expand into three more countries in the near future including Rwanda. From an insurance perspective, we believe there is great opportunity for global expansion. As a company, we already own 45% of Serendib insurance company in Cambodia and we aspire to expand further. The motto in general insurance has always been “It’s not the price that we compete with, but it’s the service.” There is absolutely no compromise when it comes to serving our customers. “

Commenting on the event, Mr. Gunawardena thanked the CSE, PW Corporate Secretarial (Pvt) Ltd, Capital Trust Securities (Pvt) Ltd and the colleagues at LGIL for the support extended during the IPO.

LOLC General Insurance is a subsidiary of one of Sri Lanka’s largest diversified conglomerates namely LOLC Holdings PLC.

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Business

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

Published

23 hours ago

2026/09/30

Sahan Weerasooriya

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.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

23 hours ago

2026/09/30

Sahan Weerasooriya

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.

Business

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

Published

23 hours ago

2026/09/30

Sahan Weerasooriya

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.