Category: Daily Financial Times

GP Certified has announced the launch of GP Labs, Sri Lanka’s first and only dedicated plastic testing facility, designed to bring scientific precision and international quality standards to the country’s growing plastic recycling and polymer manufacturing sectors.

With plastic waste and sustainability becoming global concerns, Sri Lanka’s recycling sector has often faced the challenge of the lack of scientific validation for recycled plastic. GP Labs directly addresses this gap by offering comprehensive testing for both recycled and virgin plastics, enabling recyclers, manufacturers, and FMCG brands to ensure their products meet the highest standards in quality, safety, and environmental responsibility.

Located close to Colombo, GP Labs offers an extensive range of plastic testing services across general, mechanical, thermal, and chemical properties. This includes tests such as tensile strength (ASTM D638), melt flow rate (ISO 1133), ash content, colour analysis, and oxidation induction time. The lab is fully equipped to evaluate common plastic types like PET, HDPE, LDPE, PP, PVC, and PS in various forms including pellets, flakes, and finished goods.

In addition to plastics testing, GP Labs also provides environmental monitoring services, including indoor air quality and water testing for production facilities which is an important feature for manufacturers committed to safe, compliant, and sustainable operations.

The lab offers several flexible service models: GP Test Assay: A full-spectrum test package for recycled plastics; Individual Testing: Customised testing based on material type or need and

Environmental Monitoring: Testing for air, water, and emissions in industrial environments

Custom Services: Tailored solutions for R and D and new polymer innovation.

With rapid turnaround times, instant digital reporting, and cost-effective packages, GP Labs aims to elevate the standard of plastic processing in Sri Lanka while supporting industry growth and compliance with international benchmarks.

GP Certified Chief Technical Officer Yugantha Perera said: ‘GP Labs is a major step forward for Sri Lanka’s recycling and manufacturing industries. It not only promotes quality but also builds the credibility of recycled plastics for local and global markets.’

GP Labs is now open to recyclers, manufacturers, and exporters looking to validate, improve, and scale their plastic products responsibly.

Singer (Sri Lanka) PLC, has announced its entry into the electric mobility sector through the introduction of TAILG Electric Motorbikes in Sri Lanka.

Singer’s ongoing expansion into sustainable product categories and its goal of increasing access to affordable, environmentally friendly transportation solutions are reflected in this collaboration with TAILG, one of the world’s largest electric two-wheeler manufacturers.

Singer PLC Group Managing Director Mahesh Wijewardene said: ‘At Singer, we believe that future mobility must be useful, affordable, and environmentally friendly. An important step in fostering sustainable innovation in Sri Lanka’s transportation sector is our partnership with TAILG.’

TAILG Marketing Director for Asia Lin Peng said: ‘We are proud to partner with Singer Sri Lanka, a brand that shares our vision for a sustainable and cleaner world. Combining Singer’s local strength with TAILG’s global expertise in electric mobility, this partnership goes beyond business-it’s a shared commitment to a greener future for generations to come.’

Established in 2004, TAILG has developed into a global manufacturer with exports to over 90 countries. The company’s electric two-wheelers are recognised for their range, performance, and design standards. The partnership combines Singer’s national retail and service infrastructure with TAILG’s technological expertise to deliver electric vehicles that meet international performance benchmarks and are supported locally through a reliable after-sales network.

The new TAILG model line-up introduced in Sri Lanka comprises the F71, F55, and F72, designed to meet the practical and performance requirements of local users. With a 1500W motor and a 72V 38Ah battery, the TAILG F71 can travel up to 100 kilometres at a maximum speed of 55 km/h. With a 2000W motor and a comparable 72V 38Ah battery, the F55 can travel 100 kilometres at a maximum speed of 65 km/h. With a 96V 52Ah battery and a 3000W motor, the flagship F72 can travel 200 kilometres at a top speed of 60 km/h. All models come equipped with 12-inch tires, front and rear disc brakes, and advanced battery management systems and come in red, grey, green, and white.

Aligned with its global tagline, ‘Long Range Electric Vehicles,’ TAILG focuses on maximising energy efficiency and minimising maintenance requirements. The electric motorbikes provide zero-emission mobility and significantly lower running costs compared to fuel-powered vehicles, making them suitable for urban commuters, delivery riders, and other daily users.

In celebration of the launch, Singer is providing an introductory customer package that includes attractive financing options two free services and more. Making the TAILG electric bike ownership more accessible and cost-effective for Sri Lankan consumers.

The Agricultural and Agrarian Insurance Board (AAIB) announced that it is actively assessing the impact of recent heavy rains on crops across the country, even as the 2025/26 paddy cultivation season begins with fields reported largely unaffected.

Although land preparation for the new paddy season has commenced, officials confirm that paddy cultivation lands are safe and no damage has been recorded so far. However, the Board is keeping a close watch on other crops covered under free insurance, including maize, onion, potato, soya and chilli, which may have been affected by the recent downpours.

AAIB Chairman Pemasiri Jasingharachchi said district officials are currently gathering detailed information from farmers to estimate the full extent of crop damage and are preparing relevant programs to provide relief.

‘As per the Government policy, compensation for damage to paddy fields is paid at Rs. 100,000 per hectare, up to a maximum of five acres. For other insured crops such as maize, onion, potato, chilli and soya, free crop damage compensation is provided up to 2.5 acres,’ he noted.

He stated that additional compensation is also available to farmers holding insurance coverage from the AAIB for affected crops.

Authorities continue to urge farmers to report any damage promptly to ensure timely assistance and support for affected communities

The second round of political consultations between the Democratic Socialist Republic of Sri Lanka and the Kingdom of the Netherlands took place in The Hague, on Wednesday.

The Dutch delegation was led by the Director of the Asia and Oceania Department of the Ministry of Foreign Affairs of the Netherlands, Dominique Kuhling, while the Sri Lankan delegation was led by the Ministry of Foreign Affairs Europe and North America Division Director-General Sugeeshwara Gunaratna.

The meeting was held in a spirit of the longstanding friendship, mutual respect and cooperation, and shared values. Whilst reaffirming the commitment to the bilateral relationship, both delegations reviewed the full spectrum of the ongoing cooperation and emphasised the need for a renewed focus, amongst others, on maritime and cultural cooperation, as both countries look ahead to celebrating 75 years of diplomatic relations in 2026. Both sides discussed ways and means of marking the 75th anniversary of diplomatic relations in a fitting manner.

The two delegations welcomed the ongoing cultural collaboration as a cornerstone of the relationship. The Sri Lanka side appreciated the commitment of the Netherlands to addressing historical legacies through the respectful return of items of cultural heritage. The ongoing Dutch-Sri Lanka collaboration between the National Archives of the Netherlands and the National Archives of Sri Lanka to conserve, restore, and digitise the archives currently deposited at the Sri Lanka Archives, was welcomed by both sides.

The two sides reviewed the current level of trade, investment, and tourism ties between the two countries and explored new opportunities for economic cooperation emphasising the need to explore greater collaboration between the relevant trade chambers. The Sri Lankan side noted that currently, the Netherlands is among the top 10 source markets for tourism and outlined the attractions Sri Lanka offers as a tourist destination, as well as the opportunities available for investment in tourism infrastructure.

Discussions emphasised the importance of collaboration in areas such as port development and maritime safety, highlighting the long-term technical and commercial partnerships that the Sri Lanka Ports Authority has maintained with Dutch institutions.

The two sides also discussed regional and international developments and cooperation at multilateral institutions, as well as possible support for each other’s candidacies within the United Nations system. Further, both sides underscored their commitment to maintaining regional stability and maritime security through, amongst others, initiatives such as BIMSTEC and IORA.

The meeting reaffirmed the importance of continued dialogue between Sri Lanka and the Netherlands, including periodical consultations. Both sides agreed to convene the next meeting at a mutually convenient time to assess progress and further strengthen the partnership.

The Sri Lanka delegation comprised Ambassador of Sri Lanka to the Netherlands Rekha Gunasekera, the National Archives of Sri Lanka Director-General Dr. Nadeera Rupesinghe, Sri Lanka Embassy in The Hague First Secretary Sashiprabha Wijeratne, and Ministry of Foreign Affairs Assistant Director Kaumadie Wijesinghe.

The Netherlands delegation consisted of the Policy Coordinator for Cultural Development of the Ministry of Foreign Affairs of the Netherlands, two Sri Lanka Desk Officers of the Ministry of Foreign Affairs of the Netherlands and a Consular Officer from the Ministry of Foreign Affairs of the Netherlands.

Hilton Colombo is once again raising the steins as it hosts Oktoberfest for the 32nd consecutive year, inviting guests to gather in the spirit of Bavarian tradition.

Taking place from 6 to 15 November 2025 at the hotel’s Sports Centre Arena, the festival promises nights filled with authentic German flavours, flowing brews, and vibrant entertainment.

Since its debut more than three decades ago, Oktoberfest at Hilton Colombo has grown into a highlight of the city’s social calendar, drawing both locals and international visitors eager to experience its festive atmosphere. This year, guests can savour a hearty Bavarian buffet paired with flowing brews and the lively beats of the Oompah Band from Germany. Adding to the excitement are traditional Bavarian games and activities, including the ever-popular brew drinking competition, Bavarian whip cracking, and brass music, ensuring every evening is filled with laughter and festive cheer.

‘Oktoberfest at Hilton Colombo is more than a festival, it’s a tradition that brings people together year after year to celebrate good food, great music, and meaningful connections. We are proud to keep this tradition alive for 32 years, and we look forward to welcoming our community back this November to share in the joy of Bavarian culture, surrounded by Hilton hospitality,’ said Hilton Sri Lanka Area General Manager Manesh Fernando.

The celebration runs nightly from 7:00 p.m. to midnight (Sunday to Thursday) and 7:00 p.m. to 1:00 a.m. (Friday and Saturday). Tickets are priced at Rs. 7,588 nett per person (Sunday to Thursday), Rs. 8,388 nett per person (Friday and Saturday), and Rs. 10,888 nett per person (VIP). Guests can unlock exclusive deals with Sampath Bank credit cards, and enjoy a 15% discount on Oktoberfest tickets from Sunday to Tuesday and a 10% discount on Wednesdays and Thursdays (terms and conditions apply).

Sri Lanka’s immediate tourism neighbour, Kerala, is setting a new benchmark in inclusive tourism by placing women at the heart of its tourism development strategy. Through its Responsible Tourism Mission (RT Mission) and the newly launched Gender-Inclusive Tourism Policy, the State has emerged as a national model for gender-responsive and women-friendly tourism.

The initiative, which began under the ‘Women-Friendly Tourism Project’ in 2022, has now expanded across the State, drawing the participation of more than 17,000 women as entrepreneurs, guides, homestay owners, and tour operators. Tourism Minister P.A. Mohamed Riyas said, ‘Tourism must empower local communities, especially women. Kerala’s goal is to make every destination safe, inclusive, and economically beneficial for women, empowering them across the tourism value chain.’

The Maravanthuruthu STREET Project is designed to develop small, sustainable tourism hubs in rural areas, built around local culture, heritage, cuisine, and everyday life that tourists might call the ‘real Kerala experience’. For host women, these are mostly home cooked meals, homestays and include their usual day-to-day tasks such as coir rope making and coconut palm leaf weaving. There is a system for issuing tickets and distributing income so that the scheme is self-sustainable.

Kerala, Responsible Tourism Mission’s gender inclusive approach ensures women are not only beneficiaries but active partners in tourism. Training programs, micro-enterprise grant support, and skill-building workshops are enabling women to start small ventures, from souvenir shops and food stalls to nature guides and homestay operators.

Under the new tourism policy, 10,000 women-led ventures and 30,000 jobs are expected to be created over the next few years. The Mission is also working with UN Women India to train women leaders and strengthen community-based tourism networks. Safety remains central to Kerala’s vision. The State has completed gender and safety audits in a number of tourist locations, identifying infrastructure and behavioural improvements needed to make travel safer for host women and women travellers. Five destinations are now set to receive a ‘Women-Friendly’ certification tag, marking them as secure and welcoming for women travellers. Meanwhile, the tourism department has begun branding special curated for solo women travellers and groups, combining cultural, wellness, and adventure experiences supported by verified women-friendly facilities.

Kerala’s gender responsive tourism model has drawn expertise from countries such as Thailand, South Korea, Sri Lanka, Indonesia, Vietnam, Cambodia, Philippines, United Kingdom, Nepal, Romania and Italy, and also its own best practice examples from other regions of India. The State hosted the Global Women’s Conference on Gender-Inclusive and Responsible Tourism in 2024 supported by UN Women, leading to the Kerala Declaration on Women Friendly Tourism. The declaration underlines Kerala’s commitment to integrating gender equality in all aspects of tourism, from policy to practice. This year, Kerala Responsible Tourism Mission took another step forward by developing a Cultural Tourism Policy, which would further assist women in tourism.

UN Women has lauded the initiative as a pioneering example of how tourism can be a tool for women’s empowerment and inclusive growth. Despite progress, officials acknowledge that challenges remain. Extending gender audits to all destinations, building safer infrastructure in rural areas, and ensuring the long-term viability of women-led enterprises will require sustained investment and monitoring. Social attitudes, too, are evolving. In some communities, women’s participation in tourism-related work faces gender-based cultural barriers – a challenge the Responsible Tourism Mission addresses through awareness programmes and community dialogue.

Kerala’s gender-inclusive tourism model is increasingly seen as a blueprint for other Indian states and tourism destinations such as Sri Lanka. By aligning tourism development with social equity, the State is proving that tourism can be both economically beneficial and socially transformative to overcome gender barriers.

Responsible Tourism Mission CEO Rupesh Kumar said, ‘When women are empowered, tourism becomes more sustainable. Kerala wants to show the world that responsible tourism is not just focused on nature and natural environment, it’s about people, equality, and shared growth.’ Charmarie Maelge, attending from Sri Lanka, said, ‘What is most encouraging is the commitment and will of the Government. Kerala has established tourism societies and women’s groups across the State, creating a strong network. Members are provided with the required financial and technical assistance. There are dedicated staff at the Responsible Tourism Mission and, most importantly, allocated funds from the Government and a long-term approach. There is a strong emphasis on developing women’s entrepreneurship in Kerala. Sri Lanka also needs to prioritise promoting women’s participation as employees in the formal tourism sector to help bridge the existing skills gap and meet industry growth demands. Achieving this would require similar strategies aimed at transforming social gender norms and workplace gender stereotypes.’

The familiarisation visit organised for the international delegates was centred on Onam celebrations in September this year and covered Cochin, Vembanad, Kumarakom, Maravanthuruthu, Perumbalam, Thrissur and Trivandrum.

Tourism Clubs are formed by the Department of Tourism, Government of Kerala to nurture and develop young ambassadors of Kerala Tourism paving the way for new tourism trends and creating interest in travel among the youth.

BYD, the world’s leading manufacturer of new energy vehicles (NEVs), made its debut at the Japan Mobility Show 2025, this week unveiling the BYD RACCO, a lightweight all-electric K-EV designed specifically for the Japanese market, and launched its dual ‘EV + PHEV’ strategy with the introduction of its first plug-in hybrid model for the Japanese market, BYD SEALION 6 DM-i.

Under the theme ‘ONE BYD’, BYD showcased both passenger and commercial vehicles, marking an important step toward building a comprehensive line-up that integrates hybrid and pure-electric technologies for Japan. This milestone further expands BYD’s presence in the Japanese market, enhancing its brand strength and advancing a complete ecosystem for both passenger and commercial mobility.

BYD’s passenger vehicle booth featured the all-new BYD RACCO and BYD SEALION 6 DM-i, alongside the upgraded BYD ATTO 3, BYD DOLPHIN, BYD SEAL, and the YANGWANG U9 supercar from BYD’s premium brand. The diverse display demonstrated BYD’s comprehensive product portfolio and commitment to offering Japanese customers innovative, sustainable mobility choices.

Since entering the Japanese passenger vehicle market in July 2022, BYD has introduced several successful models, including the BYD ATTO 3, BYD DOLPHIN, BYD SEAL, and BYD SEALION 7. With the addition of the BYD RACCO and BYD SEALION 6 DM-i, BYD continues to strengthen its product line-up, aiming to launch seven to eight electric and hybrid models by 2027. To date, the BYD has established 66 retail outlets across Japan, steadily expanding its sales and service network.

On the commercial vehicle front, BYD made the global debut of the BYD T35 all-electric truck and the J6 Living Car Concept, while also displaying the J7 medium-sized and K8 large electric buses.

The BYD T35, developed in accordance with Japanese regulations and vehicle dimensions, is equipped with BYD’s signature Blade Battery, ensuring reliable performance and practicality. The model is expected to enter the Japanese market in 2026.

Since entering Japan’s new energy commercial vehicle market in 2015, BYD has achieved cumulative sales of approximately 500 electric buses, including the J6, J7, and K8 models, becoming the market leader in Japan’s electric bus segment. BYD’s pure-electric buses operate across the country, from Hokkaido to Okinawa, contributing to cleaner, more efficient public transportation systems.

BYD Asia-Pacific Auto Sales Division General Manager Liu Xueliang said: ‘This year marks the 20th anniversary of BYD in Japan and the first time our passenger and commercial vehicles are showcased together. From electric buses to electric cars and now our Super Hybrid DM-i models – BYD SEALION 6 DM-i and the world premiere of the K-EV – BYD has always aimed to offer safe, efficient, and high-quality new energy vehicles suited to Japan’s needs. We will keep strengthening our services, expanding our line-up, and working with Japanese customers toward a more sustainable future.’

Beyond Japan, BYD’s Asia-Pacific business covers more than 20 countries and regions across Asia and the Pacific Rim, spanning commercial vehicles, passenger cars, forklifts, and rail transit systems.

From early leadership in commercial EVs to expanding its passenger car line-up, BYD continues to align closely with local customer demands and industry trends. With the introduction of the BYD RACCO K-EV, the extension into both electric and hybrid product lines, and the addition of customised electric trucks, BYD is actively contributing to the evolution of Japan’s new energy vehicle ecosystem. As its retail network and product portfolio continue to grow, BYD remains dedicated to localised innovation, supporting Japan’s sustainable mobility transformation and creating greater value for society.

Taj Samudra, Colombo celebrated the Festival of Lights with its in-house guests last week, embracing the spirit of Diwali with warmth and joy. The celebration began with a traditional diya lighting ceremony held in the hotel lobby, symbolising the triumph of light over darkness. Taj Area Director – Maldives and Sri Lanka, and Taj Samudra General Manager Samrat Datta, joined the associates and guests in lighting the lamps, marking the beginning of the festivities. The evening was filled with festive décor, traditional touches, and heartfelt hospitality, reflecting the true essence of Tajness and the joy of Diwali.

As global travel behaviour evolves, endurance athletes have emerged as a new class of high-value travellers fuelling what experts now call the ‘racecation’ economy. This fast-growing segment blends sport, travel, and culture, reshaping visitor economies worldwide.

According to Expedia Group’s 2025 Global Travel Trends Report, sports tourism accounts for nearly 10% of international tourism spending and is projected to hit $ 1.3 trillion by 2032. These travellers don’t just attend events; they compete, explore, and spend. Recognising this, governments around the world are forming long-term partnerships with major endurance brands such as IRONMAN, the World Marathon Majors, the Professional Triathlon Organisation (PTO), and Challenge Family. These collaborations consistently attract high-yield visitors whose economic impact extends far beyond a single race weekend.

The Sultanate of Oman has become a standout example in the Middle East. Since 2019, it has hosted seven IRONMAN events, steadily building a triathlon calendar in partnership with The IRONMAN Group. In September 2025, Oman’s Ministry of Heritage and Tourism signed a landmark global partnership extending through 2030, positioning Muscat as the 2029 IRONMAN 70.3 World Championship host city.

The initiative, now embedded in Oman Vision 2040, has an estimated total direct impact of $ 66 million between 2019 and 2030. Endurance and adventure sports are recognised as key pillars in the country’s national diversification strategy. As The IRONMAN Group Chief Executive Officer Scott DeRue explained, the collaboration will ‘deliver world-class racing experiences while showcasing Oman’s unique beauty and culture.’ Oman’s success underscores the value of policy continuity. In contrast, Sri Lanka, which hosted South Asia’s first IRONMAN 70.3 in 2018, one year before Oman’s debut, has yet to build on that early momentum.

When Colombo hosted its inaugural IRONMAN 70.3 in 2018, all 880 slots sold out. This event drew 3,000 foreign visitors from 64 countries and generated over $ 2 million in tourism revenue. Families stayed an average of five to seven days, exploring beaches, heritage cities, and wildlife parks. ‘These participants will take Colombo to the world,’ said Sports Tourism Expert and Race The Pearl and IRONMAN 70.3 Colombo Organiser Yasas Hewage. ‘Sports tourism can be a true thrust sector for Sri Lanka’s economy, drawing travellers to every corner of the island.’

A Kantar LMRB survey following the 2019 event found that each athlete spent an average of Rs. 300,000 (˜ $ 1,960) during their stay, three to four times higher than the average tourist spends. Over half stayed longer than a week. ‘These visitors don’t just race,’ added Hewage. ‘They explore, they engage, and they share their stories. Each one becomes an ambassador for Sri Lanka.’

Countries that have embraced endurance events as part of their tourism identity are seeing strong results. On Australia’s Sunshine Coast, the IRONMAN 70.3, now in its 12th year, draws nearly 2,000 athletes annually. ‘IRONMAN 70.3 plays a key role in delivering our Major Events Strategy, which aims to generate AUD 86 million in economic impact through increased visitation and local spending,’ said Mayor of Sunshine Coast Rosanna Natoli.

According to Ottawa Tourism, the IRONMAN triathlon and other sporting events held in the nation’s capital generated millions of tourism dollars for the local economy over the long weekend. An estimated economic impact of over $ 5.5 million, based on data from hotels and average visitor spending on food, transportation, and other local services.

Nice, France, has emerged as another model for how major sporting events can drive sustained economic growth through long-term partnerships. As part of its extended agreement with IRONMAN through 2028, the city will host multiple world championship events, including the 2025 Men’s IRONMAN World Championship and the IRONMAN 70.3 World Championships in 2026 and 2028, with the option to host again in 2030. This continued collaboration builds on a strong legacy. Since hosting the 2019 IRONMAN 70.3 World Championship, along with the 2023 and 2024 IRONMAN World Championships, Nice has generated over USD 58 million in direct economic impact for the region. The city’s appeal lies not only in its world-class facilities and Mediterranean setting but also in how seamlessly it integrates global endurance sport into its tourism and economic development strategy, positioning the French Riviera as a premier destination for athletes and visitors alike.

Similarly, Thailand has placed sport at the centre of its tourism agenda. ‘We are preparing to promote the country for both tourism and sports events,’ said Thapanee Kiatphaibool, Governor of the Tourism Authority of Thailand (TAT), which launched the Amazing Thailand Grand Tourism and Sports Year 2025 campaign to align international triathlons, marathons, and fitness festivals with its visitor strategy.

‘The lesson from these examples is clear,’ said Hewage. ‘When governments commit beyond a single year, they create an ecosystem, not just an event. Institutional continuity breeds confidence, investment, and recurring demand.’

Despite its early success, Sri Lanka has yet to institutionalise a sports tourism policy. ‘The need is to lock in world-class active sports events and couple them with creative, authentic experiences,’ Hewage explained. ‘That will help double our current per-day spend of $ 171.’

He estimates that, with proper policy alignment, Sri Lanka could expand its $ 2 million race impact in 2019 into a $ 100 million opportunity by 2030, by attracting ‘the right kind of visitors, CEOs, entrepreneurs, and families who travel for purpose and wellness.’

Serendib Multisport Director and IRONMAN 70.3 Colombo Race Director Rajan Thananayagam shares that vision. ‘We punched above our weight. Our aim now is to make Sri Lanka a permanent global endurance event circuit destination,’ said Thananayagam, an IRONMAN World Championship finisher. Under his leadership, the Colombo event achieved a 91.6% athlete satisfaction score, surpassing many long-established global venues.

Sri Lanka’s brief but brilliant IRONMAN experience proved the concept. The next step is to scale it-with structure, consistency, and a growth-centric government policy recognising endurance events’ long-term value. As the global tourism race accelerates, Sri Lanka faces a choice: continue chasing visitor numbers, or invest in value-driven, high-yield segments like sports tourism. Just as every triathlete knows, endurance is not about speed but consistency. For Sri Lanka, it’s time to commit to the long game. Because in the global race for sports tourism, those who stay the course always win.

Siyapatha Finance PLC has revised the terms of its proposed listed, rated, subordinated, unsecured, redeemable debenture issue, initially announced on 28 August 2025, to raise up to Rs. 4 billion. Now, the total issue will comprise up to 37.5 million debentures, raising a maximum of

Rs. 3.75 billion.

The company said its Board of Directors approved a revised structure to issue 20 million debentures with a face value of Rs. 100 each, carrying a five-year maturity period.

The issue will include an option to issue a further 10 million debentures in the event of an oversubscription of the initial tranche, and an additional 7.5 million debentures if both tranches are oversubscribed.

The proposed issue remains subject to obtaining necessary regulatory approvals.