News & market updates

Odel PLC has revised its Odel Mall plan, prioritising completion of Zone 1 within 18-24 months and deferring Zone 2. Construction has recommenced, significant contracts and capital commitments remain, and the company is pursuing a reduced-scope financing plan plus loan restructuring with a HNB-led banking consortium.

ODEL PLC has disclosed that construction on Zone 1 of the Odel Mall Project in Colombo 07 has re-commenced and is expected to be completed within 1½-2 years. The company said Zone 2 (100-perch) will be held for future development and provided the update to curb speculation.

Colombo Stock Exchange closed higher, the ASPI rose 0.20% (41.92 pts) to 21,229.14 and turnover was Rs 2.02bn with retail leading at Rs 1.04bn. SANASA Life said escrow proceeds were released and invested in government securities, and Odel restarted construction on Zone 1 of its mall with completion expected in 1.5-2 years.

The Body Shop Sri Lanka launched a Mid-Season Sale offering up to 50% off select skincare, bodycare, haircare, makeup and fragrance items until 31 July 2026. The promotion runs across all outlets including the brand’s shop at Odel Alexandra Place and online.

Odel founder Otara Gunewardene will be a keynote speaker at the BNI Sri Lanka National Conference on 24 July at Cinnamon Lakeside Colombo. The event will also feature Zoho director Rajendran Dandapani and aims to connect SMEs through networking and leadership sessions.

Softlogic Holdings has raised 2.03 billion rupees of a targeted 10 billion-rupee equity raise and sold Odel's Koswatta land for about 1.5 billion rupees as part of a restructuring after both Softlogic and Odel were placed on the Colombo Stock Exchange Watchlist. Odel restructured 90% of bank facilities, converted a 3.2 billion-rupee intercompany loan to equity and scaled down the Odel Mall project to 6.28 billion rupees.

Odel has been named the exclusive retail partner in Sri Lanka for Moose Clothing Company's official ICC Men's T20 World Cup 2026 merchandise, giving Odel first rights to sell the licensed collection. The range will also be available at Moose stores and online.

Odel PLC appointed Dr. Trevor Mendis as an Independent Non-Executive Director. Dr. Mendis is a strategist, former banker and academic with experience at ANZ, the UN and ADB and expertise in corporate governance and strategy.

Odel PLC's GLOMARK launched the 'ගෙට BETTER LIFE' wellness-focused rebrand, repositioning the supermarket from premium to purpose-driven, wellness retail. The relaunch includes educational product curation and a wellness-themed children's storybook to promote healthy eating.

Softlogic Holdings PLC appointed Imran Furkan as an Independent Non-Executive Director effective 29 August 2025. Furkan, CEO of Tresync (Australia), has prior board roles including at Odel, Asiri Surgical Hospital and Maharaja Foods and experience across health, retail and IT.

Softlogic Group appointed Kong Leong Chan as Adviser to Chairman, Terry O’Connor OBE as CEO of Odel PLC and Strategic Adviser on Retail, and Sid Solanki as CEO – Leisure & Group Asset Management. The hires are intended to revamp the group's retail and leisure operations and optimise asset value.

Odel appointed Terry O’Connor as chief executive officer and strategic advisor to the chairman on retail, effective July 15.

ODEL PLC appointed Dilan Christostom as a Non-Independent Non-Executive Director. Christostom is Director Finance for Retail and Financial Services at the Softlogic Group and an executive director of Softlogic Retail entities.

Odel PLC appointed Imran Furkan as an Independent Non-Executive Director; Furkan is a Fellow of CPA Australia and CIMA, holds an MBA, and is currently CEO of Tresync.

Odel Plc appointed Imran Furkan as an independent non-executive director effective Jan 6, the company said in a stock exchange filing. Furkan is CEO of Tresync Australia and former head of SLASSCOM; ODEL stock was down 0.93% at 10.70 on Tuesday.

Odel PLC won a 3–4 year contract to operate branded men's and women's clothing outlets in the departure and transit areas of Bandaranaike International Airport; the Cabinet approved awards to Odel and Insomn and recalled bids for additional shops.

Odel PLC was selected to operate branded clothing outlets in the departure/transit area of Bandaranaike International Airport, Katunayake. Two outlets were awarded (to Odel and Insomnia) and tenders will be reissued for the remaining stores.

The CSE warned Odel, Softlogic Capital and Softlogic Holdings they face trading suspensions from Dec 10, 2024 unless they submit overdue annual reports for the year ended March 31, 2024 by Dec 6, 2024 under Listing Rule 7.5(e).