Business
Shares of Agarapatana Plantations will trade as “AGPL” on the CSE
Subsequent to the successful conclusion of its heavily oversubscribed IPO, Agarapatana Plantations Limited has announced that its shares will begin trading on the Diri Savi Board of the Colombo Stock Exchange, under the ticker symbol, “AGPL”. The announcement comes as the Company, together with the Managers to the Issue, has completed the allotment of shares and fulfilled all of the other listing and regulatory requirements of the Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka. Accordingly, the shares of AGPL are expected to commence trading on the Colombo Stock Exchange with effect from 4th September 2023.
The Issue saw 83,070,111 or 16.61% of the Ordinary Voting Shares of Agarapatana Plantations Limited being offered to the Public at an Issue Price of LKR 9.00 per share, with the Company seeking to raise a total of LKR 747,630,999/-. However, the Company received LKR 1,477,609,200/- worth of total subscriptions, resulting in the offer being oversubscribed.
Thus, special care has been taken to ensure that allotments have been made fairly and in a transparent manner, in accordance with the basis of allotment disclosed in its prospectus. Meanwhile, Agarapatana Plantations Limited now looks forward to utilizing the capital it has raised to fulfil its stated objectives. The Company takes this opportunity to thank its new investors and looks forward to delivering on its commitments.
In its prospectus, the Company disclosed its stated objectives for the capital raised as follows – LKR 672.6 million to develop its factories into “State-of-the-Art Processing Centres” by investing in new technology and gradually replacing old machinery with modern equipment, while allocating LKR 75 million towards reducing financing costs through high-cost debt retirement.
Agarapatana Plantations Limited focuses on growing and producing Ceylon Tea, and holds well-established Garden Marks, under the Western-High and Uva-High elevation categories, at the Colombo Tea Auction. The Company also has extensive access to green leaf from smallholders, allowing for scalability in production. It has developed the Historical Site of Lipton’s Seat for tourism, and is exploring creating value through its other facilities located within proximity to tourist hotspots. The company also prioritizes renewable energy and sustainable practices, and generates its own hydropower with further plans to expand this capacity. Agarapatana Plantation Limited’s recent IPO offered investors a valuable opportunity to invest in Sri Lanka’s tea plantation sector, which is expected to yield sustainable returns and provide insulation from exchange rate risks over the medium to long term.
Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.
His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.
He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.
The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.
Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.
Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.
Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.
Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.
In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.
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