Connect with us

Business News

Ceylon Capital Management Acquires 23 Million Shares in Browns Investments PLC

Published

on

In a landmark development for Sri Lanka’s capital market, Ceylon Capital Management, led by dynamic entrepreneur and Chairman Amila Basnayaka, has acquired 23 million shares in Browns Investments PLC, further cementing its status as a major force in the country’s investment landscape.

Over the recent trading sessions, Mahesh strategically increased his stake in Browns Investments by purchasing an additional 19 million shares at market prices ranging from Rs. 6.80 to Rs. 7.30 per share. This sizable investment of approximately Rs. 134 million raises Ceylon Capital Management’s total holdings to 23 million shares, highlighting long-term confidence in Browns’ value trajectory and growth prospects.

Browns Investments PLC: A Key Growth Catalyst and Strategic Arm of LOLC Group


As a dynamic subsidiary of the LOLC Group, Browns Investments PLC spearheads strategic investments across plantations, agriculture, leisure and travel, construction, manufacturing, and real estate. With a strong focus on enhancing its core holdings and pursuing calculated acquisitions, the company continues to expand LOLC’s presence across vital sectors of the economy.

Browns Investment’s major shareholding in Hatton National Bank highlights its long-term strategy to align with top-performing institutions that promote economic growth and financial inclusion.

For the nine months ending December 2024, Browns Investments PLC reported a total profit of LKR 47.57 billion—up 117% from the previous year. Earnings per share recorded at 3.31, marking a 116% increase year-on-year. Additionally, the Net Asset Value per share was recorded at 12.07.

The company’s diversified operations span across several key sectors, including:

●      Leisure & Travel: Eden Hotel Lanka PLC, Dolphin Hotels PLC, Hotel Sigiriya PLC, Excel World

●      Agriculture: Hapugastenne Plantations PLC, Udapussellawa Plantations PLC, Browns Plantations Kenya, and the strategic acquisition of Lipton

●      Engineering & Construction: Colombo Port City through the construction of The Colombo Marina, Browns Metal and Sands, Sierra Cables

This acquisition reflects the culmination of a journey that began in 2019, when Mr. Amila Basnayaka began personally accumulating shares in Browns Investments. Over six years, his disciplined and methodical strategy has matured into a sizable institutional presence through Ceylon Capital Management.

A Broader Vision Beyond Equities

Ceylon Capital Management is not limited to equities. Under Basnayaka’s leadership, the company has diversified into high-growth sectors that align with Sri Lanka’s and the region’s future economic landscape:

●      Hospitality: Wellness Ceylon Global Pvt Ltd, focused on luxury wellness tourism

●      Traditional Healing: Seth Siri Arana Global Pvt Ltd, promoting Ayurveda and meditation

●      Tourism: Unithinc International Pvt Ltd, curating immersive Sri Lanka–Maldives travel experiences

●      Automotive Solutions: CBN Group Pvt Ltd, meeting demand for quality vehicles

●      Real Estate: Total Trust Global Pvt Ltd, facilitating sustainable property development

Each venture contributes to a cohesive long-term strategy of creating sustainable value across multiple industries and borders.

Chairman’s Insight: The Promising Future of the Colombo Stock Exchange (CSE)

By Amila Basnayaka, Chairman – Ceylon Capital Management

As the capital markets evolve, the Colombo Stock Exchange (CSE) is entering a golden era. At Ceylon Capital Management, we are excited to be at the forefront of this transition. With Sri Lanka’s economy rebounding on the back of political stability and infrastructure investment, the CSE offers a solid platform for scalable growth.

✅ Political Stability as a Launchpad for Economic Confidence

Investor sentiment is intimately tied to stability, and with a renewed focus on good governance and pro-business reforms, Sri Lanka is regaining investor trust. This is creating fertile ground for capital formation and corporate growth.

✅ Ambition to List 500 Companies by 2026

The CSE’s drive to expand its listings to 500 companies by 2026 will significantly deepen market opportunities for both retail and institutional investors. This broader base enables better diversification, liquidity, and transparency.

✅ Government-Owned Listings: A Structural Shift

The upcoming listing of state-owned enterprises represents a major policy reform that will bring transparency and public participation into the management of national assets—setting a strong example for corporate accountability.

✅ Port City as a Magnet for FDI

The Colombo Port City project is poised to attract global capital flows into finance, real estate, and logistics. With this momentum, foreign investors will increasingly view the CSE as a regional gateway to emerging Asian markets.

✅ A Hidden Gem: Lowest PE Ratio in the Region

The CSE currently offers one of the lowest price-to-earnings (PE) ratios in Asia. For discerning investors, this is a clear indicator of underlying value, offering a rare opportunity to invest in fundamentally strong companies at discounted valuations.

Expanding Horizons: Business Advisor Global – Your Gateway to the Maldives

In addition to his local ventures, Amila Basnayaka also serves as the Director of Business Advisor Global, a consultancy focused on connecting foreign investors with high-potential opportunities in the Maldives. With over 15 years of experience in the Maldivian market, the team offers:

●      Regulatory guidance and market entry strategy

●      Business planning, feasibility studies, and compliance

●      Partnership development and stakeholder engagement

●      Sectoral insights in tourism, fisheries, hospitality, and real estate

Whether you’re a first-time investor or an established enterprise, Business Advisor Global provides trusted local expertise to drive success in the Maldives.

From strategic acquisitions on the Colombo Stock Exchange to bold ventures in wellness, tourism, and regional advisory services, Ceylon Capital Management under Amila Basnayaka’s visionary leadership is redefining what it means to invest in Sri Lanka. The future of Sri Lanka’s capital market is not only promising—it’s already unfolding.

Business News

Sri Lankan-founded startup Logical accepted into Y Combinator, raises over Rs. 150 Mn

Published

on

By

A Sri Lankan founded artificial intelligence startup has achieved a major international milestone after being accepted into Y Combinator (YC), one of the world’s most prestigious startup accelerators, while also raising more than Rs. 150 million in initial funding to accelerate its global expansion.

Logical, founded by Sri Lankan engineers Samurdhi Karunaratne (Sam Karu) and Anushka Idamekorala, is believed to be the first startup established entirely by a Sri Lankan founding team to join the highly selective Silicon Valley accelerator. The investment provides the company with a strong platform to develop a globally competitive artificial intelligence product from the United States.

The company is developing a proactive desktop AI copilot designed for knowledge workers. Unlike conventional AI chatbots, Logical understands a user’s work context across multiple applications and proactively assists with drafting emails, preparing documents, summarising meetings, identifying action items and streamlining workflows with minimal prompting.

Chief Executive Officer Samurdhi Karunaratne said acceptance into Y Combinator reinforces the belief that Sri Lankan entrepreneurs should aspire to build globally significant technology companies. Co Founder and Chief Technology Officer Anushka Idamekorala added that the team’s ambition is to demonstrate that world class AI products can be created by Sri Lankan engineers competing on the global stage.

The two founders first met at Dharmaraja College, Kandy, before pursuing engineering degrees at the University of Peradeniya and the University of Moratuwa respectively. Both later continued advanced studies in the United States before launching Logical in Silicon Valley.

The achievement represents an important milestone for Sri Lanka’s innovation ecosystem, highlighting the country’s growing capability to produce globally competitive technology entrepreneurs and reinforcing its reputation as an emerging source of AI talent and deep technology innovation.

Continue Reading

Business News

First Fuel Station to be Established in Delft Island

Published

on

By

The Ceylon Petroleum Corporation (CPC) says a fuel station will be established for the first time on Delft Island in Sri Lanka.

CPC Managing Director Dr. Mayura Neththikumarage said the initiative is expected to boost tourism development and support livelihoods on the island.

He added that the current fuel distribution process in the Delft Island has been disorganised and the new facility aims to improve efficiency and access.

Dr. Neththikumarage further stated that the foundation stone for the fuel station was laid on the Delft Island today, with construction expected to be completed within the next few months.

Continue Reading

Business News

Evolution Auto Launched the Xpeng G6 in Sri Lanka Marking a New Era in Premium Electric Mobility

Published

on

By

Evolution Auto Private Limited the authorised distributor for Xpeng in Sri Lanka, officially launched the New Generation Xpeng G6 at its multi brand showroom in Colombo 05 on 22 May 2026, marking a significant milestone in the country’s rapidly evolving electric vehicle landscape.

The launch event brought together media representatives, industry stakeholders, and invited guests for the official unveiling of the premium intelligent electric SUV. The evening featured a formal vehicle reveal, live demonstrations, and opportunities for test drives, allowing attendees to experience the Xpeng G6 firsthand.

The introduction of the Xpeng G6 arrived at a crucial moment for Sri Lanka’s New Energy Vehicle market. While consumer interest in electric mobility continues to grow, the segment has faced challenges including range anxiety, limited premium offerings, and concerns over aftersales support. The arrival of the G6 aimed to directly address these gaps by introducing a globally competitive intelligent EV backed by advanced technology and strong international partnerships.

Speaking at the launch, Ashan Wickramasinghe Head of Marketing Evolution Auto stated:

“We are not just bringing a car to Sri Lanka. We are bringing a new standard in technology, in ownership experience, and in what Sri Lankan consumers should expect from a modern electric vehicle.”

Positioned as a premium electric SUV competing in the global mid to upper EV segment, the Xpeng G6 offered a WLTP certified driving range of up to 480 kilometres. The vehicle was powered by an electric motor delivering 110 kW of output and 440 Nm of torque, providing a balance of efficiency, performance, and everyday usability.

A key highlight of the G6 was XPILOT, Xpeng’s proprietary Level 2 Advanced Driver Assistance System. The system included Adaptive Cruise Control, Lane Centering, automated parking, and remote summon functionality. Designed to enhance safety and convenience, XPILOT supported drivers while maintaining full driver responsibility in accordance with Level 2 autonomy standards.

Inside, the Xpeng G6 showcased a strong emphasis on digital integration and comfort. The cabin featured a 15.6 inch central touchscreen infotainment system, the XOPERA 2.0 premium sound system with 18 speakers, ventilated and massaging front seats, and dual glazed soundproof glass with active noise cancellation. These features collectively positioned the vehicle as a technologically advanced and comfort focused electric SUV.

Xpeng, the manufacturer of the G6, is a globally listed technology company headquartered in Guangzhou China and traded on the New York Stock Exchange under the ticker XPEV. The company has evolved beyond traditional automotive manufacturing, expanding into artificial intelligence, robotics, and advanced mobility systems.

Its strategic partnership with the Volkswagen Group further reinforces its global positioning. In 2023, Volkswagen acquired a 4.99 percent stake in Xpeng and entered a joint development agreement focused on next generation electric vehicle platforms, highlighting strong industry confidence in Xpeng’s technological capabilities.

The Xpeng G6 is part of a broader innovation ecosystem developed by the company, which includes autonomous mobility research, humanoid robotics under its IRON platform, and flying vehicle development through its ARIDGE division. These initiatives reflect Xpeng’s long term vision of integrating physical AI across multiple modes of transport and intelligent systems.

For Sri Lanka, the launch of the G6 represents more than the introduction of a new vehicle model. It signals the entry of a globally significant technology brand into the local market, bringing with it advanced mobility solutions and new expectations for the EV ownership experience.

Evolution Auto emphasized that the introduction of the Xpeng G6 aligns with its long term commitment to expanding premium electric mobility options in Sri Lanka. The company noted that full aftersales support, service infrastructure, and customer experience enhancements would accompany the brand’s entry into the market.

As Sri Lanka continues its transition toward sustainable transportation, the arrival of the Xpeng G6 is expected to play a key role in shaping consumer expectations and accelerating adoption of intelligent electric vehicles in the premium segment.

Evolution Auto (Pvt) Ltd

Evolution Auto (Pvt) Ltd is the sole authorized distributor for Xpeng electric vehicles in Sri Lanka. The company operates a multi-brand showroom at R. A. De Mel Mawatha, Colombo 05, and provides full aftersales service through a dedicated multi-brand workshop with a fully stocked parts inventory.

Contact evolution auto on 0744112132 or visit www.xpeng.lk to learn more about evolution auto & Xpeng. 

Continue Reading
Advertisement

Trending