News & market updates

LVL Energy Fund PLC to raise up to Rs. 507.1 million via a rights issue of up to 67,619,394 shares at Rs. 7.50 to repay outstanding debt. Lanka Ventures PLC holds a 52.48% stake; the issue is subject to CSE and shareholder approval.

Kusal Jayawardana has been appointed Chairman of Lanka Ventures PLC and LVL Energy Fund PLC. He brings over 27 years of investment banking and sustainable finance experience, including work on green and social bonds, which the companies say should strengthen leadership and support growth in their energy portfolios.

Kusal Jayawardana has been appointed Chairman of Lanka Ventures PLC and LVL Energy Fund PLC. He brings over 27 years of experience in investment banking and sustainable finance, including senior roles at Alliance Finance and NDB Capital, and is expected to strengthen governance and support growth in venture investments and renewable energy.

Lanka Ventures (LVEN.N0000) and LVL Energy Fund (LVEF.N0000) have appointed private equity veteran Nissanka Weerasekera as an Independent Non-Executive Director.

Lanka Ventures PLC and LVL Energy Fund PLC have appointed HNB COO Sanjay Wijemanne as a Non-Independent Non-Executive Director.

Colombo bourse rose 252.16 points (1.25%) as ASPI closed at 20,471 with turnover Rs.7.74bn; banking sector led turnover (28%) and top contributors included COMB, CARS, MELS, JKH and DFCC, while some stocks (e.g. PKME) fell.

Colombo market closed flat as the ASPI fell 0.23% (47 pts) to 19,929 with turnover around Rs.7.1bn and foreign net selling of Rs.28.5m amid profit-taking. Transportation led turnover (20%) driven by Digital Mobility Solutions Lanka, while banking contributed strongly with activity in Sampath Bank and HNB.

Colombo stocks closed down as the ASPI fell 0.23% to 19,928.67 with turnover of Rs 7 billion, including a Rs 1.4 billion trade in PickMe; Lanka Ventures rose while Hayleys, Sampath Bank, Central Finance and NDB were top decliners. Sampath Bank's interim profits fell 17% to Rs 6.7 billion in the June quarter.

Colombo market extended its rally after the Central Bank held policy rates, with the ASPI up 151.15 pts (0.79%) to 19,243. Turnover was Rs.6.23bn (235.33m shares) while foreigners were net sellers (Rs.99.6m); DFCC, Richard Pieris, NDB, Carson, NTB, JKH, Dockyard, Sunshine and RIL were among top contributors/movers.

Colombo stocks closed marginally down, with the ASPI falling 0.23% to 18,100 and the S&P SL20 down 0.22% to 5,347. Seylan Bank received in-principle CSE approval for a Rs15bn Basel III debenture issue, and Tal Lanka Hotels listed 32,228,524 ordinary voting shares after a private placement.

HNB PLC appointed Damith Pallewatte as Managing Director/CEO effective 22 November 2024. He has been Acting CEO since April; under his leadership HNB recorded Rs. 38.7 billion PBT for 9 months of FY24 and outlined priorities including MSME revival, digital banking, trade/export facilitation and a potential Bangladesh acquisition.