CSE News Updates

15/08/2026

JXG to re-enter general insurance market with Rs. 5 b acquisition of Continental Insurance Lanka

Janashakthi PLC (JXG) yesterday said it has entered into a Share Purchase Agreement (SPA) with Melstacorp PLC (MELS), the sole shareholder of Continental Insurance Lanka Ltd., (CILL), to acquire a 100% stake in CILL, subject to the approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL).

The transaction will see JXG acquire an initial 81% controlling stake, followed by the acquisition of the balance stake on a staggered basis, with 9% to be acquired in the first year and 10% in the subsequent year for a total consideration of over Rs. 5.14 billion.

JXG said this marks a significant step in expanding its footprint in the general insurance sector and delivering on the strategic commitments outlined at its Initial Public Offering (IPO).

The transaction positions JXG to re-enter a market where it has a strong legacy, further strengthening its position as one of Sri Lanka’s leading financial conglomerates and advancing its vision of building a fully integrated financial services ecosystem.

The acquisition is expected to further strengthen JXG’s financial services platform by combining its proven expertise, strong governance, and disciplined ex*****on with CILL’s established market presence. Leveraging technology as a key differentiator, JXG aims to accelerate innovation, enhance customer experience, and deliver broader, more integrated financial solutions across its growing portfolio.

Ranked among Sri Lanka’s leading general insurers, CILL provides JXG with a strong platform for future growth.

As of the financial year ended 31 December 2025, CILL recorded a Gross Written Premium (GWP) portfolio of Rs. 10.73 billion, an investment portfolio of Rs. 6.64 billion, and total assets of Rs. 14.2 billion. The company brings with it a diversified general insurance business, an extensive distribution network comprising 61 business locations across the country, and a workforce of more than 700 employees.

The acquisition provides JXG with a strong foundation to further scale its insurance business while creating long-term value for customers, employees, and shareholders.

In 2018, Janashakthi sold its general insurance business, in a mega deal worth Rs. 16.5 billion, to global giant Allianz. At the time, it was the biggest sale in the insurance industry and one of the biggest corporate deals.

The buy-side adviser was KPMG and the sell-side adviser was CT Smith Capital.

Source - ft.lk

14/08/2026

27/07/2026

27/07/2026

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30/03/2021

Global PE giant Blackstone with $ 620 b in assets enters Sri Lanka

# In landmark deal via Indian entity 56.45% of Piramal Glass Ceylon sold for Rs. 6.2 b
# Move part of broader acquisition of Indian container glass packaging firm for $ 1 b announced in mid-December
# Mandatory offer announced at Rs. 11.60 per share
# Confidence by private equity firm augurs well for SL, say analysts
# Asia Securities Group figures in the deal as buy-side advisor and executing stockbroker
# Sole glass bottle manufacturer Piramal Ceylon Glass doubled first 9 months after tax profit to Rs. 694 m
# Boosts prospects for exports with new product launches in 3Q

Read more at - http://www.ft.lk/front-page/Global-PE-giant-Blackstone-with-620-b-in-assets-enters-Sri-Lanka/44-715652

24/03/2021

Windforce IPO biggest in 9 years opens today; billed to be heavily oversubscribed

Renewable energy giant Windforce Ltd.’s Initial Public Offering (IPO) worth Rs. 3.2 billion, the biggest in nine years, will have its official opening today, heralding a landmark milestone for both the company and the capital market.

Styling itself as Sri Lanka’s biggest and fastest growing producer of renewable energy, the Windforce IPO offers 15% stake or 202,615,341 new ordinary voting shares of par value of Rs. 10 at Rs. 16 each. The previous biggest IPO in recent years was that of People’s Leasing (PLC) worth Rs. 7 billion in 2012.

More at - http://www.ft.lk/front-page/Windforce-IPO-biggest-in-9-years-opens-today-billed-to-be-heavily-oversubscribed/44-715266

16/03/2021

JKH makes formal disclosure to CSE on WCT

Premier blue chip John Keells Holdings PLC (JKH) yesterday made a formal disclosure to the Colombo Stock Exchange (CSE) on the proposed West Container Terminal (WCT) of the Colombo Port.

It said that a consortium consisting of Adani Ports and Special Economic Zone Ltd., and JKH have received a Letter of Intent from the Ministry of Ports and Shipping and the Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, to develop and operate the WCT in the Port of Colombo as a public private partnership project pursuant to the approval granted by the Cabinet of Ministers.

The WCT is part of Colombo's south port development. WCT is a deep-water terminal with an alongside depth of 20 metres and annual capacity of approximately three million TEUs.

“A concession agreement is expected to be executed in due course. JKH will have a material equity stake in the project,” the Company said in its disclosure.

It added that further details of the operating and structuring arrangements will be announced to the CSE as and when required.

16/03/2021

BreadTalk outlets to be shut indefinitely from Saturday

All BreadTalk outlets will be closed from 20 March until further notice due to poor business.

RIL Property PLC said its fully owned subsidiary FoodBuzz Ltd., has put the closure down to adverse market conditions resulting from the Easter Sunday attacks as well as the ongoing pandemic. Thus, FoodBuzz Board of Directors have decided to temporarily suspend their business operations until a decision is taken going forward.

At present there are 10 BreadTalk outlets in the country.

In FY20, FoodBuzz reported a loss of Rs. 59 million with revenue at Rs. 413 million.

04/03/2021

Prabhash Subasinghe becomes 2nd largest shareholder at Sampath Bank

# Doubles stake to 10% via investment arm Ayenka Holdings since December 2020

# Recent quantities collected for over Rs. 2.6 b with average price of Rs. 150 per share

# Sampath Bank stake in addition to near 30% holding in Ceylinco Insurance and 15% in SDB bank

# Foreigners have been net sellers of 30 million shares worth Rs. 5 b Sampath Bank since late January

Read more at - http://www.ft.lk/front-page/Prabhash-Subasinghe-becomes-2nd-largest-shareholder-at-Sampath-Bank/44-714205

04/03/2021

Growth-bullish, biggest renewable energy firm goes for Rs. 3.2 b IPO

# With 27 power plants in SL and abroad having installed-capacity of 218 MW, WindForce to use new equity to fund further expansion

# First SL firm to set up renewable energy plants in Pakistan, Uganda and Ukraine

# Rs. 2.3 b to be used as equity for new wind power project in Mannar and solar power plant in Senegal

# Post-expansion installed capacity will be 263 MW, with about 60% in SL

# 15% stake offer of new shares at Rs. 16 each now up for grabs, official opening on 24 March

Read more at - http://www.ft.lk/front-page/Growth-bullish-biggest-renewable-energy-firm-goes-for-Rs-3-2-b-IPO/44-714283