Business
LOLC Holdings concludes largest non-bank debenture issue worth Rs. 10 billion

By Hiran H.Senewiratne
LOLC Holdings PLC concluded the largest non-bank listed debenture issue worth Rs. 10 billion. LOLC issued 75 million listed rated, senior, unsecured, redeemable debentures at Rs. 100 each with an option to offer a further 25 million debentures in the event of over-subscription of the initial amount, stock analysts said.
LOLC said that it received applications for over Rs. 10 billion and the issue was closed the previous day. The original plan was to raise Rs. 6.5 billion but LOLC increased it to Rs. 10 billion.NDB Investment Bank acted as the managers to the issue and as Joint Placement Agents. The other Placement Agent was People’s Bank Investment Banking Unit.The funds generated from the debenture issue are to be utilised for refinancing short term debt facilities as well as to strengthen the company’s short-term maturity buckets.The proceeds of up to Rs. 7.5 billion raised from the initial issue of debentures will be utilised by the company to re-finance an equal amount of short term/money market borrowings obtained from commercial banks in the country.
Meanwhile, CSE activities yesterday were almost flat and LOLC and Browns Investments dominated and contributed mainly to the All Share Price Index which went up by 61.58 points and S and P SL20 by 10.84 points. Browns Investments contributed 16 points to the All Share Price Index and LOLC contributed more than 11 points to the Index.
The turnover stood at Rs. 3.39 billion with a single crossing, reported in Sampath Bank, which crossed 826,000 shares to the tune of Rs. 131 million, its shares trading at Rs. 159.
In the retail market, top five companies that mainly contributed to the turnover were; Browns Investments Rs. 758 million (127 million shares traded), LOLC Rs. 613 million (1.5 million shares traded), Sampath Bank Rs. 213 million (1.3 million shares traded), JKH Rs. 164 million (one million shares traded) and TJLanka Rs. 157 million (3.6 million shares traded). During the day, 200 million share volumes changed hands in 24787 transactions.
It is believed that the market has now largely bottomed out and that it provides a good opportunity for investors to be appropriately positioned in fundamentally strong stocks that will outperform over the longer term. “Investors are advised to carefully revisit their portfolios and start exiting from fundamentally weak and non performing counters, while repositioning themselves in quality stocks with strong growth prospects, analysis said.
The Sri Lanka rupee closed at 196.50/197.00 to the US dollar in the one-week forward market on Thursday, while some bond yields edged up, dealers said. The rupee last closed in the spot market at 195.00/198.00 to the dollar on Wednesday.
‘There is no trading in the spot market with heavy moral suasion not to trade above 195 to the US dollar, market participants said.
Sri Lanka has printed a large volume of money, putting pressure on the rupee and triggering balance of payments deficits and downgrades, market sources said.
Business
VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.
Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.
The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.
Business
El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.
El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.
Evolution of a Landmark Estate
Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.
Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.
Business
FitsAir expands Dhaka operations with additional weekly flights

FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.
The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.
“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”
FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.
-
News7 days ago
SLAS senior to be HC in London, several new dpl appointments
-
Features7 days ago
Ken Balendra’s impact on John Keells
-
Life style7 days ago
Polished to Perfection
-
Midweek Review4 days ago
How USAID influenced Sri Lanka
-
Features7 days ago
The Ceylon Journal’s Second Issue: A Captivating Dive into Sri Lanka’s Rich History and Culture
-
Editorial7 days ago
Cat out of the bag
-
Opinion7 days ago
The Birth of the Harry Jayawardena Empire (1977)
-
Editorial5 days ago
Needed: ‘Ministry of Excuses’