Connect with us

Business

Maharaja Foods launches pioneering IPO on CSE’s Empower Board

Published

on

(L-R) Activity Team Lead, PSD, USAID, Juan Forero; Vice President Listing, CSE, Kanishka Munasinghe; Inclusive Finance Director, PSD, USAID, Jude Fernando; CEO, CSE, Rajeeva Bandaranaike; Deputy Director, Economic Growth Officer, USAID, Dennis Wesner; Chairman, CSE, Dilshan Wirasekara; U.S. Ambassador to Sri Lanka, Julie Chung; Co-founder/Non-Independent Executive Director, Maharaja Foods Limited (MFL), Ms. Thavamalar Guganathan; Managing Director, MFL, Vithyanath Guganathan; Chairman, MFL, Vijayananth Guganathan; Managing Director of Atarah Capital (Pvt) Ltd., Rohan Senewiratne; Director of GTV Global Holdings, Gohulnath Guganathan, and Strategic Investor, Dr. Thirugnanasambandar Senthilverl

Maharaja Foods Limited, marked a significant milestone on 26th July 2024, becoming the first woman-owned enterprise in the agribusiness sector with roots in the northern province, to list its shares on the Empower Board of the Colombo Stock Exchange (CSE). The Board is dedicated to facilitating efficient global capital raising for small and medium-sized companies (SMEs).

Ms. Thavamalar Guganathan, Non-Independent Executive Director and leader of the company rang the opening bell at a special ceremony on the CSE trading floor, symbolizing the company’s historic entry into the capital market and its commitment to growth through transparent and robust financial practices.

Maharaja Foods Limited’s Initial Public Offering (IPO) of 25,000,000 ordinary voting shares at LKR 5.00 per share aimed to raise LKR 125,000,000 for expanding operations and enhancing market presence. The IPO exceeded expectations with demand nearly three times its offering size. It received 662 applications for 64.436 million shares valued at Rs. 322.183 million, highlighting strong investor confidence.

Reflecting on this remarkable milestone, Vijayananth Guganathan, Chairman of Maharaja Foods Limited, expressed that, “When Maharaja Foods was founded, our vision was clear: to bring Sri Lanka’s authentic flavours and rich culinary heritage to kitchens worldwide. Over the years, we have stayed true to this vision, delivering quality products to our consumers. The listing has opened global market doors, boosting consumer confidence in our standards. We aim to expand exports and support Sri Lanka’s economy.”

Maharaja Foods Limited is one of the key companies that were identified by the United States Agency for International Development (USAID) and CSE through the joint capital-raising awareness events for SMEs hosted in Jaffna, Matara, Colombo and other regional hubs. These events aimed to inform SMEs on the benefits of listing and raised awareness about the additional support offered by USAID through its CATALYZE Private Sector Development project’s “Funding Readiness” program.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Stealer malware leaked over 2 million bank cards

Published

on

The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

Continue Reading

Business

ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

Published

on

Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

Continue Reading

Business

UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

Published

on

(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

Continue Reading

Trending