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Softlogic Life has redefined the nation’s corporate reporting landscape with the launch of its ground-breaking 2024 Annual Report themed ‘CHANGE MAKER.’

Introducing a suite of cutting-edge, AI-powered features, the company reinforces its unwavering commitment to transparency, accountability, governance, and sustainability. This latest innovation cements Softlogic Life’s position as a trailblazer in Sri Lanka’s financial reporting sphere, transforming traditional corporate reporting from a static obligation into a dynamic, interactive, and AI-driven experience that seamlessly integrates financial performance with long-term sustainability.

The 2024 Annual Report introduces a suite of first of its kind innovations that fundamentally change how stakeholders interact with corporate information. The Customised AI powered report feature enables personalised access by tailoring content to an individual’s preferred type, language, length, and style, making complex information more relevant, simple and accessible. Complementing this is the introduction of gamification, where stakeholders, especially the youth, can test their knowledge through interactive AI generated quizzes, compete on leaderboards, earn certifications and engage with business insights in a more dynamic, inclusive and memorable way.

With a clear vision, Softlogic Life stands out among Sri Lanka’s future-ready organisations for its belief in AI and technology as engines of scalable growth. Continuing its track record of industry firsts, this reinforces Softlogic Life’s position as a progressive, tech-led insurer redefining industry standard. Going beyond strong performance, Softlogic Life has reaffirmed its commitment to transparency, accountability, governance, and sustainability.

At the 59th CA TAGS Awards 2024, the company earned a prestigious Top 3 placement among Sri Lanka’s leading corporates, becoming the only stand-alone company to achieve this milestone for the fourth consecutive year. In addition, Softlogic Life was honoured with the Bronze Award for Overall Excellence in Corporate Reporting, along with six other distinguished industry accolades, highlighting its consistent pursuit of corporate excellence. For Softlogic Life, innovation is a responsibility towards strengthening trust, democratising access to information, and building a more resilient future for all.

At the core of these innovations is Softlogic Life’s belief in profits with purpose. For the company, financial performance is not an end in itself but a means of enhancing the quality of more than one million Sri Lankan lives, employees, investors, and wider society. By aligning reporting with its purpose-driven strategy, Softlogic Life ensures that every stakeholder can clearly see how profitability is directly linked and impacts towards customer wellbeing, employee growth, shareholder value, and environmental stewardship. The integration of AI, personalisation, and sustainability metrics into reporting reflects this philosophy, demonstrating that true progress comes from balancing growth with responsibility, and impact with transparency.

Softlogic Life has successfully implemented the Sri Lanka Financial Reporting Standards (SLFRS) S1 and S2, demonstrating its continued leadership in transparency, governance, and sustainability reporting. The implementation reflects a comprehensive and forward-looking approach, fully integrating sustainability disclosures across the company’s operations and strategy. Importantly, Softlogic Life obtained independent external assurance for its SLFRS S1 and S2 disclosures, reinforcing the credibility and reliability of the reported information. What sets Softlogic Life apart is its pioneering effort to link S1 and S2 sustainability disclosures directly with its financial statements, ensuring consistency and alignment between financial performance and sustainability outcomes. This integration provides stakeholders with a holistic view of the company’s value creation, risk management, and long-term resilience an achievement that distinguishes Softlogic Life as a benchmark setter within the Sri Lankan insurance sector. Through this initiative, Softlogic Life reaffirms its commitment to transparency, accountability, and sustainable growth in alignment with global best practices.

Softlogic Life Managing Director, Iftikar Ahamed said: ‘Our philosophy has always been that business success is measured not only by financial growth, but by the impact we create in people’s lives. By embedding profits with purpose into our reporting, we are making it clear that every milestone in innovation, market leadership, or sustainability to be directly contributing to improving the quality of life for our stakeholders. As pioneers in reimagining corporate reporting, we see this as part of a continuous journey to redefine how business can drive progress with transparency, inclusivity and accountability.’

This milestone builds on Softlogic Life’s established track record of redefining how corporate information is presented customised to its various stakeholders across generations. The company pioneered Sri Lanka’s first video Annual Report back in 2017, breaking industry norms by presenting integrated reporting through engaging infographics and visual storytelling. In 2024, it introduced Sri Lanka’s first AI-enabled Annual Report Analyser, complete with ‘Lifey’, a voice- and text-enabled AI assistant capable of analysing complex financial and operational data in real time. This made Softlogic Life the first company in Sri Lanka to integrate AI capabilities of this magnitude into annual report analysis.

Softlogic Life Chief Financial Officer Nuwan Withanage said: ‘Corporate reporting can no longer be a retrospective exercise. It must empower stakeholders to understand not just where we have been, but where we are going and why it matters. With tools like AI-powered personalisation, real-time insights, we are transforming disclosure into dialogue. This ensures that performance is understood in the context of purpose; how our financial strength translates into greater resilience, better customer outcomes, and sustainable value creation for society at large.’

SLT-MOBITEL, has been recognised on the global stage, at the 39th Annual International ARC Awards, the world’s largest and most respected competition for annual reports, clinching five honours of three Gold and two Bronze, in multiple creative and technical categories.

The company’s 2024 Annual Report, titled ‘Where Life Syncs’, delivers a broader scope than financial disclosures to present a comprehensive view of SLT-MOBITEL’s overall performance. The report covers financial results and also communicates sustainability efforts, strategic initiatives, operational highlights, and stakeholder value creation, portraying the company’s role as a trusted national brand connecting people, businesses, and communities through technology.

The integrated approach provides greater transparency and accountability, providing stakeholders a holistic understanding of the organisation’s direction, priorities, and long-term impact. Including non-financial aspects such as sustainability, innovation, and governance, the report strengthens trust, demonstrates responsible corporate citizenship, and positions SLT-MOBITEL as a forward-looking leader in the industry.

At the awards, SLT-MOBITEL earned high praise from the international judging panel, with the report recognised with a Gold Award for Written Text, demonstrating the value of including non-financial information complementing traditional reporting. Within the Telecommunications Service Provider category, the company also received Gold awards for Interior Design and Infographics, showcasing excellence in both creative execution and strategic communication.

Additionally, SLT-MOBITEL received Bronze awards for Cover Photo/Design and Illustrations, reinforcing commitment to visual storytelling and brand presentation. These honours highlight the organisation’s dedication to elevating industry standards through innovation, design, and impactful messaging.

Recognition among the world’s most prestigious annual report competition affirms SLT-MOBITEL’s position as a leader in Sri Lanka’s digital transformation journey. The awards signify creative capabilities, dedication to transparency, accountability, and telling the story in a way that inspires trust and pride. At the 2024 ARC Awards, SLT-MOBITEL secured a Gold and a Certificate of Honour.

The International ARC Awards is the world’s largest and most prestigious competition dedicated to honouring excellence in annual reporting. Often referred to as the ‘Academy Awards of Annual Reports,’ the ARC Awards are organised by MerComm Inc., USA. The awards celebrate the highest standards in corporate communication, design, and storytelling, recognising outstanding achievements in categories such as Traditional Annual Reports, Cover Design, Infographics, and Interior Design. They span a wide range of industries from finance and telecommunications to food and beverage. The 2025 competition drew 1,375 entries from 28 countries, with only the top 30% of reports worldwide achieving award status.

In its 39th edition, the 2025 ARC Awards continued to set the global benchmark for creativity, clarity, and effectiveness in stakeholder reporting. The event showcases best-in-class reporting and also strengthens the role of annual reports as powerful tools for transparency, brand positioning, and investor engagement.

Cabinet Spokesman Minister Dr. Nalinda Jayatissa yesterday said the Cabinet of Ministers has approved Sri Lanka’s decision to sign the United Nations Convention against Cybercrimes (UNCC), adopted at the UN General Assembly in December 2024.

The joint proposal was presented by the President, who also serves as Minister of Digital Economy, along with the Ministers of Justice and National Integration, and Foreign Affairs, Foreign Employment, and Tourism.

Jayatissa said Sri Lanka’s participation will strengthen its ability to prevent and combat cybercrimes, improve cross-border cooperation, recover illicit assets, protect victims and witnesses, and enhance access to technology and capacity building.

Sri Lanka has named an eight-member squad to participate in the Hong Kong Sixes Cricket tournament which will be played at the Tin Kwong Road Recreation ground from 7 to 9 November.

Hard hitting all-rounder Lahiru Madushanka who led Sri Lanka to emerge champions last year will once again captain the side.

Sri Lanka squad:

Lahiru Madushanka (Captain), Dhananjaya Lakshan, Thanuka Dabare, Nimesh Vimukthi, Lahiru Samarakoon, Tharindu Rathnayake, Sachitha Jayatilake, Movin Subasinghe (Standby).

At the heart of Sri Lanka’s climate accountability efforts stands the National Cleaner Production Centre, Sri Lanka (NCPCSL)-the country’s leading Greenhouse Gas (GHG) verification body. As a trusted, third-party verifier, NCPC ensures organizations’ GHG inventories are accurately assessed in accordance with ISO 14064-3:2019 standards.

NCPC leads as a GHG verification body in few aspects. NCPC has highly competent individuals as in-house verifiers. The organizational competencies in the fields of energy, water, chemical and environment management further enhances its industry leadership.

The Centre’s credibility is further strengthened through its formal accreditation by the Sri Lanka Accreditation Board (SLAB) under ISO 17029:2019 and ISO 14065:2020, and recognition under the International Accreditation Forum’s Multilateral Recognition Arrangement (IAF-MLA). This international recognition authorizes NCPC to carry out independent verification of GHG emissions, ensuring that Sri Lankan organizations’ climate disclosures meet global standards.

From manufacturing and plantations to healthcare, hospitality, and transportation, NCPC has successfully verified leading organizations across diverse sectors. By ensuring that emissions data is accurate, consistent, and transparent, NCPC helps businesses build stakeholder trust, avoid greenwashing, and align with global climate goals such as the Paris Agreement.

Beyond organizational-level verifications, NCPC offers comprehensive validation and verification services across multiple domains:

Project-Level Emissions and Removals (ISO 14064-2:2019):

Turning emission reductions into verified carbon credits-creating both climate impact and economic opportunity.

Product Carbon Footprints (ISO 14067:2018):

Ensuring credible carbon footprint claims that support informed emission reduction strategies and market transparency.

Carbon Neutrality Claims (ISO 14068-1:2023):

Verifying that emissions have been quantified, reduced, and offset-making sustainability claims verifiable and trustworthy.

Type II Environmental Labelling (ISO 14021:2016):

Validating self-declared environmental claims to ensure accuracy and credibility.

Type III Environmental Declarations (ISO 14025:2006):

Ensuring life-cycle environmental data remains transparent and dependable.

NCPC’s role extends far beyond verification. The Centre is the leader in national level capacity building by offering training programs on carbon footprint quantification and GHG management. Through in-house training sessions and its annual consultant development program-now in its 11th consecutive year; NCPC continues to nurture a generation of climate professionals and sustainability champions.

In response to the emerging sustainability reporting landscape, NCPC has also expanded its capacity-building efforts to support Sri Lanka Financial Reporting Standard (SLFRS) S2 on sustainability-related disclosures. This initiative is a timely and critical need for listed companies in Sri Lanka, helping them align their sustainability reporting with globally recognized frameworks and investor expectations. By equipping corporate entities with the knowledge and tools to meet these new disclosure requirements, NCPC ensures Sri Lanka’s private sector remains competitive, transparent, and future-ready.

The Centre also supports organizations in setting Science Based Targets (SBTi), enabling Sri Lankan industries to align emission reduction efforts with global temperature goals.

Contributing to National Climate Transparency

On a national scale, NCPC played a pivotal role as the key technical service provider for the preparation of Sri Lanka’s First Biennial Transparency Report (BTR1) to the UNFCCC in 2024 and Sri Lanka’s Second Biennial Transparency Report (BTR2) to be submitted in 2026. This contribution reflects the Centre’s deep technical expertise and commitment to strengthening Sri Lanka’s climate reporting and transparency framework under the Enhanced Transparency Framework (ETF).

A Catalyst for a Greener Tomorrow

Greenhouse gas verification is more than a compliance requirement-it is a commitment to the planet’s future. Through its leadership, technical excellence, and unwavering integrity, the National Cleaner Production Centre, Sri Lanka, is helping organizations transition toward accountability, resilience, and sustainability.

By verifying trust and empowering change, NCPC is not only guiding industries but also leading the nation toward a greener, low-carbon future.

Climate change is no longer a distant concern; it is today’s defining challenge. The rising concentration of greenhouse gases (GHGs) in the atmosphere continues to drive global warming, threatening ecosystems, economies, and communities worldwide. To counter this, nations and organizations alike are taking urgent steps to measure, manage, and mitigate their emissions. But effective climate action begins with a critical foundation; accurate quantification and independent verification of greenhouse gas emissions.

The Parliament Secretariat yesterday said the Committee on Public Finance (CoPF) has approved higher Special Commodity Levies (SCL) on imported big onions and potatoes while issuing sweeping directives to reform Sri Lanka’s tariff regime, strengthen excise duty enforcement, and improve agricultural productivity.

The levy on imported big onions was raised by Rs. 10 per kilogram, from Rs. 40 to Rs. 50, and the levy on imported potatoes increased by Rs. 20 per kilogram, from Rs. 60 to Rs. 80, effective 26 August 2025.

The move aims to ensure fair prices for local farmers during the 2025 Yala season.

Officials acknowledged that although the SCL was originally meant to be phased out, it continues to be used to protect local producers.

However, COPF emphasised that Sri Lanka’s tariff structure must be sustainable, simple, transparent, and predictable.

The committee instructed the Ministry of Trade and the Ministry of Finance to align existing laws with the National Tariff Policy and conduct a full assessment of the planned shift to a four-band import duty system and the gradual phase-out of para-tariffs, including SCL and CESS, between 2027 and 2030.

A progress report was requested by March 2026.

To reduce dependence on temporary tariff protection, COPF recommended that the Department of Agriculture implement a national project to promote high-yield cultivation kits for big onions across all growing regions within five years.

The initiative should form part of a broader strategy incorporating temperature-controlled storage, buy-back schemes, and future contracts to reduce post-harvest losses and stabilise farmer income.

In addition, COPF approved new rules under the Excise Ordinance to tighten enforcement and improve duty collection from liquor manufacturers. Under the revised regulations, production by non-paying manufacturers will be suspended after 30 days and all distribution and sales halted after 90 days.

The committee noted that the existing 3% monthly penalty on unpaid duties has been insufficient due to weak recovery mechanisms in the Excise Act.

DIMO, the authorised distributor for Jeep in Sri Lanka, has officially introduced the all-new 2025 Jeep Wrangler and Jeep Gladiator, marking a new chapter for the legendary brand while delivering both adventure and everyday practicality to customers.

The launch was celebrated through Legends Unleashed 2025, a three-day expedition that blurred the lines between product reveal and real-world experience. Starting from DIMO 800 in Colombo, a convoy of Jeep Gladiators and Wranglers roared toward Minneriya National Park before heading to Giritale and Habarana. Along the way, customers were immersed in the world of Jeep-from off-road trails and rooftop cocktails under the stars to a BBQ night filled with trivia, music, and the camaraderie of a convoy moving as one. It was less a launch than a declaration that Jeep’s ethos, ‘One Jeep, Many Lives,’ is alive and well in Sri Lanka.

The 2025 Jeep Wrangler carries forward its reputation as the most capable SUV in its class, redefining the premium 4×4 segment with unmatched authenticity. Its signature removable roof and doors turn every drive into an open-air experience, while Trail-Rated 4×4 engineering ensures no terrain is off-limits. The Wrangler attracts professionals, entrepreneurs, and families who want individuality, reliability, and freedom in equal measure. It is also the natural choice for outdoor enthusiasts chasing safaris, road trips, or weekend escapes.

The Jeep Gladiator, meanwhile, enters the pickup segment as a category-defining force. With heavy-duty towing, high ground clearance, and rugged trail-rated durability, it stands as a workhorse with the soul of an adventurer. Its distinction lies in being the only pickup with a true open-air driving experience, removable roof and doors included, bridging the gap between utility and lifestyle. For those who demand a truck tough enough for the back roads yet refined enough for daily use, the Gladiator offers the best of both worlds.

DIMO General Manager – Premium Passenger Vehicle Sales Tharanga Gunawardena said: ‘Jeep has long been synonymous with rugged, off-road adventures, but today’s customers want vehicles that deliver both capability and everyday usability. With the Wrangler and Gladiator, we are introducing models that embody adventure while fitting seamlessly into the modern lifestyle. They are premium vehicles designed for everyday living, yet they never compromise on Jeep’s legendary rugged spirit.’

Backing the Wrangler and Gladiator is DIMO’s comprehensive after-sales ecosystem, designed to match the promise of the vehicles themselves. Every Jeep sold comes with a five-year or 150,000 km warranty, access to MOPAR-certified technicians trained on the latest models, and repairs carried out exclusively with MOPAR’s specialised tools and genuine parts. Owners benefit from software updates that keep their vehicles running at peak performance, while digital service records help protect long-term value when it comes time to sell or upgrade.

DIMO extends the Jeep promise far beyond the showroom with islandwide 24-hour roadside assistance. Whether it’s a flat tire in Colombo or a sudden breakdown in Jaffna, help is never more than a phone call away. Add in the guidance of dedicated Jeep service advisors, and ownership becomes an experience defined by confidence and peace of mind.

In launching the Wrangler and Gladiator, DIMO has not only brought two new vehicles to Sri Lanka-it has expanded the Jeep lifestyle itself. Adventure now meets everyday practicality, rugged spirit meets refined service, and with DIMO’s backing, Sri Lankans can embrace Jeep ownership with the assurance that every journey, whether urban commute or wilderness trail, is fully supported.

Survivors and families of victims of the 1989 Valvettithurai massacre have submitted a detailed reparations claim to the Office for Reparations, seeking $ 15 million (about Rs. 4.5 billion) in compensation for mass killings and destruction carried out by the Indian Peace Keeping Force (IPKF) 36 years ago.

The claim, filed by the Citizens’ Committee of Valvettithurai, is the first to demand reparations for a mass atrocity committed by a foreign military on Sri Lankan soil. At least 66 civilians were killed and 34 others injured during a three-day assault from 2 to 4 August 1989. In addition, 123 houses and 43 shops were destroyed, while more than 250 homes were damaged.

‘Although the perpetrators were foreign troops, these atrocities occurred within the Sovereign territory of Sri Lanka, and the victims were Sri Lankan citizens. Accordingly, the Government of Sri Lanka bears full responsibility to recognise, compensate, and restore justice to its own people,’ Citizens’ Committee representative N. Anantharaj said in a letter to the Director General of the Office for Reparations.

A copy of the reparations claim and a report containing eyewitness testimonies were also handed over to President’s Counsel and former MP M.A. Sumanthiran.

Sri Lanka’s next generation of golfing talent has set off for Bahrain, ready to test their skills against Asia’s finest at the 3rd Asian Youth Games Golf Championship, taking place from Today (23) to 25 October at the Royal Golf Club.

The team, made up of four exceptional young golfers – Kaya Daluwatte, Reshan Algama, Jevahn Sathasivam, and Adithya Weerasinghe – will compete under the experienced guidance of Mithun Perera, one of Sri Lanka’s most accomplished professionals and the son of national legend golfer, Nandasena Perera. Mithun serves as both Coach and Manager for the contingent.

Leading the charge is 17-year-old Reshan Algama, currently ranked 489th in the World Amateur Golf Ranking (WAGR) and recognised as Sri Lanka’s second-highest ranked amateur golfer, who has built a reputation for consistency and mental toughness, qualities that have made him a standout in both local and regional tournaments.

Joining him in the Men’s division is fellow 17-year-old Jevahn Sathasivam of Asian International School, Colombo, the reigning Sri Lanka Amateur Champion and one of the best talents from Sri Lanka with his superb long range shots at his best.

Adithya Weerasinghe, a promising 16-year-old from Ananda College, adds youthful enthusiasm and a sharp competitive edge to complete the Men’s line-up.

In the Girls’ segment, 16-year-old Kaya Daluwatte, pursuing her studies in India, will represent Sri Lanka. Ranked 529th in the WAGR, she continues to make waves as the country’s top female golfer and only Sri Lankan woman listed on the world rankings, showing the depth of potential in the nation’s junior ranks.

The Asian Youth Games are considered the junior equivalent of the Asian Games, an event that mirrors the spirit and stature of the Olympics, where young athletes come together not merely to compete, but to represent their countries on one of Asia’s most prestigious multi-sport stages. For these Sri Lankan juniors, wearing the national colours in Bahrain is a moment of pride, purpose, and promise-the culmination of years of discipline and the beginning of something far greater.

The tournament will bring together players from Thailand, India, China, Japan, Singapore, Malaysia, the United Arab Emirates (UAE), Qatar, Pakistan, Vietnam, and host nation Bahrain, among others setting the stage for a high-calibre competition that blends youthful energy with elite-level skill.

For Sri Lanka, the event offers far more than medals. It represents a chance for these young golfers to gain experience on an international platform, competing shoulder-to-shoulder with the continent’s best under the steady mentorship of Mithun Perera. Their performances in Bahrain will not only reflect their personal growth but also signal the steady progress of junior golf in Sri Lanka, a sport steadily finding its rhythm in the Asian region.

Olympic Council of Asia Exco Meeting takes place in Bahrain

The Olympic Council of Asia had its Exco Board Meeting, which was represented by Olympic Council Asia (OCA) Executive Board Member representing South Asia Niloo Jayatilake.

A few important decisions were taken, including the handing over of the next Asia Youth Games in 2029, which was handed over to Uzbekistan as Cambodia failed with the deadlines.

Meanwhile, Saudi Arabia presented their next year’s Asian Indoor and Martial Arts game with powerful presentations and meeting their deadlines, which was well received by the Exco of the OCA.

Iran dash Sri Lankan hopes in Kabaddi

Iran dashed all hopes of the Sri Lankan medal when they beat Sri Lanka 93/22 in the Men’s Kabaddi encounter.

The opening ceremony took place yesterday night in Bahrain.

Niloo meets next AYG Chairman

OCA Executive Board Member Niloo Jayatilake (right) with Uzbekistan National Olympic Council Chairman Otabek Umarov

Olympic Council Asia (OCA) Executive Board Member representing South Asia Niloo Jayatilake yesterday met with 2029 Asian Youth Games (AYG) hosts Uzbekistan’s National Olympic Council Chairman Otabek Umarov.

Sri Lanka’s most diversified conglomerate Hayleys PLC yesterday announced plans to pursue strategic entry into the large-scale supermarket sector.

In a statement Hayleys said the move represents a bold step forward that marks the beginning of a new chapter in its 148-year legacy of diversification and value creation.

‘This move underscores the Group’s strategic thrust towards bringing quality, reliability and service excellence closer to everyday Sri Lankan consumers, redefining the modern retail experience. Hayleys is uniquely positioned to build a value-driven retail ecosystem across the country, leveraging its unparalleled reach across value chains, brand strength, dynamic leadership team and commitment to sustainable business,’ the statement said.

The Group intends to commence operations with 100 outlets strategically located across key urban and suburban areas.

Hayleys said its entry into this space is expected to further diversify its earnings profile and contribute to long-term financial stability and broad-based stakeholder value creation.

With improving macroeconomic conditions, increasing urbanisation, and the growing sophistication of consumer lifestyles, Hayleys said it sees tremendous potential for growth in the country’s retail sector. ‘This venture will harness the Group’s deep expertise in logistics, manufacturing, and service excellence to deliver greater accessibility, quality, and choice to customers- reaffirming Hayleys’ enduring commitment to inclusive growth and national development,’ the statement added.

Hayleys Group in FY25, delivered a 52% y-o-y growth in Profit After Tax to 22.51 billion supported by a 13% top-line growth to Rs. 492.2 billion.

At present the modern trade sector features several prominent chains including Cargills Food City, Keells Super, Arpico Super Centre, LAUGFS Supermarket, Lanka Sathosa, Softlogic Glomark and Spar.

Modern trade penetration in Sri Lanka is estimated at 17%, one of the lowest in the region.

Harischandra share price rockets past Rs. 11,000 as Hayleys announces mandatory offer of Rs. 3,300

Share price closes the day at Rs. 9,369.50, up by over 600% since Hayleys acquisition whilst net asset value is Rs. 931.54 per share

Harischandra Mills PLC saw its share price rocket past the Rs. 11,000 figure momentarily yesterday amidst Hayleys PLC’s mandatory offer at Rs. 3,300 per share.

The market yesterday saw 1,854 of highly illiquid shares of Harischandra changing hands via 456 trades for Rs. 19 million. The share price traded between a high of Rs. 11,020.25 and a low of Rs. 9,280.25 before closing at Rs. 9,369.50, up by Rs. 553.25 or 6.28%.

Hayleys PLC on Friday acquired 778,946 shares or 40.59% stake in family-controlled Harischandra at Rs. 3,300 per share in a deal worth Rs. 2.5 billion after which the stock price shot up to a new high of Rs. 7,424.50. The seller of the 40% block was Senthilverl Holdings Ltd.

The sharp spike in Harischandra share price comes as Hayleys PLC announced yesterday the mandatory offer to acquire the remaining stake of 59.42% or 1.14 million shares at Rs. 3,300.

Analysts linked the spike partly to speculators whilst others said some investors saw huge upside potential post-Hayleys acquisition.

Yesterday’s closing of share price is 607% higher than the mandatory offer price. The net asset value per share of Harischandra was Rs. 931.54 as at end-June 2025. The public holding of Harischandra is 54.96% held by 602 shareholders.

Core business of Harischandra is manufacture of food and soap products and marketing of fuel and lubricant. In FY25, the company saw only 0.3% increase in revenue to Rs. 6.3 billion whilst profit rose by 12.6% to Rs. 253 million.