Business
Regulators watching LOLC Development Finance PLC’s meteoric rise to fame in no time
By Hiran H. Senewiratne and Sanath Nanayakkare
The small-scale LOLC Development Finance PLC (NIFL) gaining a rapid and phenomenal increase in its share-price within just under a month is reverberating in Sri Lanka’s capital market sector today.
This is more so as there has been no price-sensitive information disclosed to the CSE by NIFL.
Shares of LOLC Development Finance closed at 618.75 rupees a share on June 29, i.e. 123.75 rupees or 25.00 percent up from the previous day.
In comparison to its end-May price of Rs. 73, closing at 618.75 rupees a share on Tuesday June 29 reflected a dramatic and controversial total gain of 747% in a little under a month.
On June 28, LOLC Development Finance shares rose to 495 rupees, up 23 percent, valuing the small finance company at 117 billion rupees making it the fourth-largest company by market capitalization.
It now has a market cap bigger than Commercial Bank, the country’s largest private commercial bank.
It is also valued more than Sampath Bank and Hatton National Bank.
NIFL is now only behind parent company LOLC, JKH and CTC.
When The Island contacted Ajith Nivard Cabraal, the State Minister of Finance, Capital Markets and State Enterprise Reforms about this development, he asked The Island to enquire it from the SEC.
In response, Tushara Jayaratne, Director SEC- External Relations and Capital Market Education said the SEC has also observed this undue pattern of the share price movement in question and has called for information from CSE. |
“The SEC too is evaluating the manner in which the transactions have taken place and we are analysing the pattern and behaviour of the investors. If we find any malpractices, we will take stern action against those whore involved in it,” Jayaratne said.
CSE Chairman Dumith Fernando said that CSE has closely monitored the situation and would take all appropriate action within the current regulatory framework.
Pressed for more information, the CSE chairman said,”As a practice, we do not comment on ongoing market surveillance related matters, but all appropriate action would be taken,”
Former Minister Eran Wickramaratne said that their should be some rationale for investors to buy shares in a small company like that.
He said that if such a thing is happening it should be investigated by the relevant authorities. Maybe outside investors are getting inside information about the parent company and are buying shares of NIFL. There must be some reason for investors at the stock market to purchase shares in this manner,” he said.
Head of Sales in Softlogic stockbrokers Eardly Kern said that NIFL’s basic earnings for the share year ended 31 March 2021 reflected 65 percent, which was also a very big amount in the stock market and its net assets value per share is Rs. 11.83. The company’s free float witnessed above shares of top 20 companies, he said.
The company has only 34,100 shares in public which is 0.01 percent out of the total issued shares and the balance 99.89 percent are with the owners and due to this inequality in the distribution of its shares, it maybe trading at an extraordinary price, Kern said.
Meanwhile Chairman of Sri Lanka Insurance Chairman Jagath Wellawatta said
Sri Lanka Insurance Corporation (SLIC) bought 2.5 million LOLC shares (LOLC parent company) for Rs. 1 billion on Tuesday.
“It was a business decision taken by our investment committee which reviews and makes such decisions on a periodical basis. When we see the opportunity, we will sell them at a higher price and make a profit in the interest of Sri Lanka Insurance Corporation,” he said.
Business
Birthday gift turned lifeline: US-based young environmentalist steps up for Sri Lanka
For Daham Perera, a December birthday celebration this year became something far more meaningful than cake, candles or gatherings with friends. Instead, it turned into a deeply personal act of solidarity with a country he calls his motherland.
Perera, a young environmental enthusiast based in Los Angeles, says his bond with Sri Lanka remains unbroken despite living thousands of miles away. “Although I live in America, my parents and all my relatives live in beautiful Sri Lanka. That connection is something I carry with me every day, he said.
Having visited Sri Lanka in August, Perera spent weeks traveling across the island, reconnecting with relatives and visiting historical and environmentally significant sites. “I saw the true beauty of Sri Lanka – its people, its biodiversity, and its rich heritage. Those memories are among the most beautiful in my life, he recalled.
That joy, however, was short-lived. Soon after his return, the devastating Ditwah cyclone struck the island, leaving a trail of destruction. Homes were damaged, livelihoods disrupted and families displaced. “When I saw images of my friends losing their homes, books soaked in mud, clothes ruined by floodwaters, I felt a pain I cannot put into words, Perera said.
As an environmentalist, the damage to Sri Lanka’s fragile ecosystems troubled him deeply. “Sri Lanka’s biodiversity is priceless. When disasters like this strike, it is not just people who suffer, but forests, wildlife and entire ecosystems that take years to recover, he noted.
With his birthday falling on December 9, Perera made an unconventional decision. “Normally, my father and I celebrate our birthdays by going to the temple and spending time with friends. But this year, celebrating didn’t feel right when my people were suffering, he explained. “I kept asking myself—what can I do, even from afar?”
The answer was simple but powerful. Perera chose to donate all the money he had saved for his birthday celebrations, along with additional contributions from his family, towards relief efforts in Sri Lanka. “Economic support at times like this is critical. Even a small contribution can help a family rebuild, restart a livelihood, or regain dignity, he said.
The donation was formally handed over to Sri Lanka’s Consul General in Los Angeles, Charith Yattegoda, at the Consulate premises. For Perera, the gesture carried deep emotional significance. “If I can replace my personal happiness with smiles on the faces of people back home, that is the most beautiful birthday I could ever celebrate, he reflected.
He describes the letter of appreciation he received in return as his most treasured gift. “That thank-you letter is not just paper. It is a reminder that loving your country means standing by it in its darkest moments. It will always remain one of the most meaningful keepsakes of my life, Perera said.
Perera hopes his story will inspire other young Sri Lankans living overseas to stay connected and give back. “Distance should never weaken our responsibility. Supporting Sri Lanka—its people, its economy, and its environment—is something we can all do, no matter where we live, he added.
In turning a birthday into an act of compassion, Daham Perera has offered a quiet but powerful reminder: sometimes, the greatest gifts are the ones we give away.
By Ifham Nizam
Business
John Keells Foundation partners Sri Lanka Police in combatting violence against women and children
As part of its ongoing commitment to combat violence against women and children towards empowering a healthy and progressive nation, John Keells Foundation (JKF) continues to empower law enforcement agencies through Project WAVE (Working Against Violence through Education) – its flagship of over ten years – to combat gender-based violence and child abuse.
These activities include a strategic collaboration through which JKF supported the Sri Lanka Police to enhance their response to crimes involving women and children through the sponsorship of a global cutting-edge investigative software for use in the Cyber Investigation Unit (CIU) at the Bureau for the Prevention and Investigation of Abuse of Children and Women (BPIACW). The software enables officers to analyse and connect data efficiently, strengthening their ability to investigate and prevent online exploitation and related offences. BPIACW reported that the new platform had directly contributed to a significant and measurable improvement in their investigative capacity, recording the rescue of 22 children, the arrest of 21 suspects, and the filing of 111 cases in courts within the first year of its deployment.
Speaking on the partnership with JKF, Deputy Inspector General of Police – Ratnapura, and Former DIG – Children & Women Abuse Prevention 8 Investigation Range, Renuka Jayasundara said, “We extend our sincere gratitude to JKF for your steadfast partnership and for serving as a cornerstone of our efforts to strengthen child protection services through Project WAVE. Your contribution is making a tangible and quantifiable difference as evidenced by the growing numbers of successful investigations and legal referrals.”
Beyond technological support, JKF has also conducted a series of Train-the-Trainer (ToT) programmes, to improve the ability of officers to respond to GBV and CP in a sensitive and effective manner. The sixth such ToT was conducted from 24th to 26th of September 2025 for the benefit of nominated officers of the Homagama, Kaduwela and Maharagama police divisions. To date, 162 officers across 60 police stations have been impacted.
Business
SLANZBC appreciative of help from Australia and New Zealand
The Sri Lanka Australia–New Zealand Business Council (SLANZBC) has extended its profound gratitude to both the Australian and New Zealand governments for the generous and timely assistance provided to Sri Lanka during the recent flood devastation.
Chandana Amaradasa, SLANZBC president, noted that both governments donated one million dollars each, in their respective currencies, at a critical moment for Sri Lanka — support that will play a significant role in helping communities rebuild their livelihoods.
The government of New Zealand has pledged NZ$1 million to support humanitarian relief efforts in Sri Lanka following Cyclone Ditwah.
This assistance will be channeled through an international
humanitarian partner to strengthen ongoing rescue and relief operations.
Similarly, the Australian government announced on November 30, 2025 that it will provide AUD 1 million in humanitarian aid to bolster Sri Lanka’s response to Cyclone Ditwah.
These compassionate and timely gestures, Amaradasa said, once again demonstrate the unwavering commitment of both countries to stand beside the Sri Lankan people in times of crisis. He also recalled that
Australia and New Zealand have consistently supported Sri Lanka, stepping forward during previous national emergencies as well.
Today’s humanitarian assistance further reaffirms the depth of these longstanding relationships and the true spirit of friendship that binds the nations — a bond built on mutual respect, shared values and enduring goodwill.
“Our association deeply appreciates this kind and meaningful support and remains committed to fostering even closer ties between the people of Sri Lanka, New Zealand, and Australia, he added.
By Hiran H Senewiratne
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