Business
LTL Holdings announces the largest IPO to take place on Colombo Stock Exchange
An opportunity for the public to buy shares of the fully integrated power sector conglomerate
Existing shareholders include CEB, West Coast Power, Teckpro Investment and Peradev
Future pipeline includes lucrative businesses in the power sector
LTL Holdings Limited, Sri Lanka’s leading fully integrated power sector conglomerate which has a 40-year track record, announced on 3rd Sep 2024, its plans to launch an Initial Public Offering (IPO) and be listed on the Colombo Stock Exchange (CSE), making this the largest IPO to take place on the CSE.
The IPO is an offer for subscription of up to 1,379,310,400 new ordinary voting shares at an issue price of LKR 14.50 per share via an initial issue of LKR 16 billion, with a greenshoe option to increase the total to
LKR 20 billion through the IPO, offering a stake of up to 22.3% of LTL to the Public. The IPO opens on September 10, 2024, and applications for the subscription of shares are now accepted.
Out of the IPO proceeds, LKR 13.5 Bn will be utilized to part finance the equity investment towards the construction of a 350 MW combined cycle power plant in Kerawalapitiya (Sahasdhanavi Ltd), which would be the second power plant to operate on LNG in Sri Lanka and LKR 6.0 billion will be allocated towards investing in a 50% equity stake in the 100 MW Siyambalanduwa Solar Power Project (Rividhanavi (Pvt) Ltd).
LTL operates across multiple sectors, including power generation, engineering services for power plants as an EPC (Engineering, Procurement and Construction) and O&M (Operations and Maintenance) contractor, manufacturing of power distribution equipment, and heavy engineering. With a strong focus on cleaner energy investments, the IPO represents an important milestone in the company’s growth strategy. LTL is set to embark on new ventures in clean energy while reinforcing its position as a leading player in Sri Lanka’s energy sector.
With 894 MW of existing power generation capacity in Sri Lanka, Bangladesh and Nepal and over 450 MW in secured pipeline projects, LTL is on track to become the first Independent Power Producer (IPP) in Sri Lanka to have an installed capacity of over 1,000 MW, positioning the Company as the largest listed IPP on the CSE.
In addition, LTL boasts a significant market leadership position in transformer manufacturing and galvanizing operations, with a strong export footprint in over 30 countries including a well-established international presence in South Asia and Africa. LTL, through its Indian subsidiary company is also engaged in the manufacturing of switchgear products required by power utilities in the domestic Indian market and other Asian, Middle East and African countries.
The Company’s future pipeline includes power generation projects, expansion of manufacturing facilities in overseas markets, and exploration of upstream opportunities in LNG infrastructure.
The Company’s existing shareholders include the Ceylon Electricity Board (CEB), West Coast Power (Pvt) Ltd, Teckpro Investment Limited and Peradev Limited and LTL’s Board of Directors features experienced members from diverse fields.
LTL’s operations are characterized by strong financial performance backed by significant technical expertise. LTL recorded Rs. 59.8 Bn Consolidated Revenue which translated to a Profit after Tax of Rs. 5.8 Bn for the latest financial year ended 31st March 2024, where 70% of revenue was foreign currency-linked. Total Group Assets and Total Group Equity of LTL stood at Rs. 133.6 Bn and Rs. 74.4 Bn, respectively as at 31st March 2024. LTL has achieved a 5-year average profit after tax margin (PAT margin) of 35% and 5-year average return on equity (ROE) of 27% during FY2020 to FY2024. The Company’s financial performance is expected to further increase with the commissioning of the 350MW Sobadhanavi power plant in Kerewalapitiya. As a fully integrated player across the power sector value chain, LTL is well-positioned to capitalize on emerging energy trends in Sri Lanka and overseas.
The IPO is jointly managed by NDB Investment Bank Limited and CT CLSA Capital (Private) Limited. F J & G de Saram is the Lawyers to the Issue, SSP Corporate Services (Private) Limited is the Registrars to the Issue and Hatton National Bank PLC and Sampath Bank PLC are acting as the Bankers to the Issue.
For information and to invest in the IPO, visit www.ltl.lk/ipo/.
Business
Climate compliance pressure mounts on Lankan businesses
Lankan businesses are facing increasing pressure to strengthen climate governance, compliance, and risk management frameworks as climate-related disclosure requirements, investor expectations, and regulatory standards continue to evolve.
Against this backdrop, Genesis – the Dilmah Centre for a Sustainable Future will host a specialised post-summit technical workshop titled “Climate Action: A Strategic Executive Workshop on Climate Resilience and Business Continuity” on June 12, in Colombo.
The programme is designed as a continuation of discussions initiated at the Sri Lanka Climate Summit 2026 and will bring together sustainability managers, compliance officers, ESG professionals, risk specialists, and corporate decision-makers. It aims to translate climate commitments into practical business strategies.
The workshop will focus on implementation rather than advocacy, examining emerging disclosure frameworks, financing mechanisms, and regulatory pathways shaping corporate climate action in Sri Lanka.
Keynote speaker Dr. Lalanath de Silva, an internationally recognised environmental lawyer and governance expert, will address the evolving legal and compliance landscape influencing climate-related business decisions.
Technical sessions will cover IFRS S2 climate-related disclosures, climate risk governance, green finance opportunities, internal carbon pricing, and access to climate financing. Speakers will include climate risk specialist Rohan Cooray, Shiranee Yasaratne of Biodiversity Sri Lanka, and Suganthi Samarasinghe of UNDP Sri Lanka.
Organisers said climate readiness is increasingly becoming a business necessity rather than a sustainability option, with growing scrutiny from global markets and regulators.
Participation is free of charge, but prior registration is required due to limited seating for professionals in sustainability, governance, compliance, and risk management roles.
Business
SPAR Sri Lanka Opens New Outlet in Kurunegala
SPAR Sri Lanka has expanded its retail network with the opening of a new outlet in Kurunegala, marking another milestone in the supermarket chain’s growth across the country.
The new store, strategically located to serve the growing population of the North Western Province, offers a wide range of products, including fresh fruits and vegetables, premium meat products, bakery items, household essentials and both local and international brands.
The outlet also features several specialty sections, including a Coconut Corner, Wellness Corner and a dedicated area catering to pet care products.
Speaking at the opening, SPAR Sri Lanka Chief Executive Officer Kumar de Silva said the new outlet reflects the company’s commitment to delivering a “glocal” shopping experience by combining international retail standards with local customer preferences.
“Our Kurunegala outlet reflects our dedication to providing customers with the best range, superior quality and exceptional service under one roof,” he said.
The store also offers SPAR’s signature fresh food concepts, including in-store bakery products, ready-to-eat meals and freshly prepared juices aimed at meeting the needs of busy consumers.
The company said customers will benefit from a range of promotional offers, loyalty rewards, weekend deals and seasonal discounts.
SPAR Sri Lanka said the expansion would also contribute to local economic development through employment generation and support for local suppliers, further strengthening the country’s retail sector.
Pic and Text by SK Samaranayake
Business
Royal end title drought with dramatic shootout triumph
Royal College, Colombo, emerged unbeaten champions of the All-Island Under-20 Hockey Tournament after defeating defending champions St. Thomas’ College, Matale, in a nail-biting sudden-death penalty shootout at the Rajarata University Grounds in Mihintale last week.
The final ended in a 1-1 draw after Royal equalised five minutes from time to cancel out the Matale side’s earlier lead.
With the penalty shootout also ending in a 4-4 deadlock, the match proceeded to sudden death. The Reid Avenue outfit eventually prevailed in the second round of sudden-death penalties to clinch the title.
A brilliant save by goalkeeper Stefan Anthonipillai, who stretched to his right to deny a crucial attempt, and the decisive conversion by Rumal Jayasinghe helped Royal secure the Under-20 championship for the first time since the tournament’s inception in 2014.
Royal’s centre-forward Savain Karunasiri was one of the team’s standout performers throughout the tournament, scoring crucial goals, including strikes in both the semi-final and the final. Anthonipillai was equally impressive, guarding the goal superbly throughout the seven-match campaign.
Royal finished runners-up when the tournament was held in Matale last year.
The Colombo school produced a series of consistent performances despite having to play on an uneven grass surface that was not ideally suited to the fast-paced modern game.
Royal began their campaign with a 2-0 victory over Christ Church College, Matale, before defeating arch-rivals St. Thomas’ College, Mount Lavinia, 1-0. They then beat Kingswood College, Kandy, 2-0 and Maris Stella College, Negombo, 2-1 to top their group.
In the quarter-final, coach Damith Panditharatne’s side overcame fancied Dharmadutha College, Badulla, by 2-0.
Royal then edged out St. Joseph Vaz College, Wennappuwa, 1-0 in the semi-final, adopting a disciplined defensive approach against the aggressively attacking Puttalam outfit.
In the other semi-final, St. Thomas’ College, Matale defeated Trinity College, Kandy, 3-1. St. Joseph Vaz later beat Trinity 1-0 in the third-place playoff.
Panditharatne’s five-year development programme, with a strong emphasis on fitness, stamina and technical skills, played a key role in Royal’s success. The title marked Royal’s first national Under-20 tournament triumph since winning the National Schools Games in 2017.
A former national player, Air Force striker and Sri Lanka Police coach, Panditharatne has focused on addressing the weaknesses of individual players while building a cohesive unit. The former Christ Church College, Matale player has been coaching Royal since 2022 with the support of the Royal College Hockey Club (RCHC), comprising former Royal hockey players.
For his outstanding performances, Anthonipillai was adjudged the Best Goalkeeper of the Tournament. Royal College was also named the Most Disciplined Team of the Tournament.
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