Business

AMG Critical Materials N.V. (AMG) has announced the sale of its subsidiary, Graphit Kropfmühl GmbH (GK), to Asbury Carbons Inc., a portfolio company of Mill Rock Capital, marking AMG’s complete exit from the natural graphite business. The deal, valued at $65 million, positions Asbury Carbons to expand its global graphite operations, including in Sri Lanka.

GK’s Global Operations and Sri Lankan Link

GK operates a graphite mine in Kropfmühl, Germany, and holds a majority stake in Bogala Graphite Lanka PLC, which manages one of Sri Lanka’s oldest graphite mines. The acquisition includes all GK operations and approximately 350 employees worldwide. For the 12 months ending August 2025, GK recorded $65 million in revenue, reflecting stable performance despite challenges in the natural graphite market.

Following the announcement, Bogala Graphite Lanka PLC shares surged 25%, closing at Rs. 137, driven by investor optimism about Asbury’s potential to boost Sri Lanka’s graphite production and market reach.

Commenting on the divestment, AMG CEO and Management Board Chairman Dr. Heinz Schimmelbusch said the sale underlines AMG’s focus on strategic portfolio management. “While natural graphite remains an attractive industry, GK did not achieve the scale required to compete as a major supplier to the battery anode market. Under Asbury Carbons, GK will have better prospects for growth,” he stated.

Schimmelbusch added that the proceeds would be used to strengthen AMG’s balance sheet and invest in its core growth areas, particularly critical materials essential for clean energy technologies.

Full Ownership Before Sale

This sale follows AMG’s March 2025 repurchase of the remaining 40% of GK shares from Alterna Capital Partners, finalizing full ownership before the divestment. Under the agreement, AMG can settle the purchase in cash within three years or opt for AMG shares at its discretion.

Asbury’s Expansion Strategy

Asbury Carbons, headquartered in Asbury, New Jersey, is a global leader in carbon-based materials with over 300 employees across 10 facilities in North America and Europe. The company supplies graphite and carbon solutions to industrial clients in steel, automotive, energy, and technology sectors.

Gregg Jones, CEO and Chairman of Asbury Carbons, described the acquisition as a strategic milestone: “Bringing together Asbury and GK combines over 250 years of collective expertise. This move enhances our global supply chain resilience and allows us to deliver advanced carbon technologies to our clients.”

The transaction, pending customary regulatory approvals, is expected to close by the end of 2025. Analysts note that the sale underscores shifting dynamics in the graphite industry, as demand for battery-grade materials intensifies amid global energy transitions.With Asbury’s entry into the Sri Lankan graphite sector through GK’s majority stake in Bogala Graphite, industry observers anticipate renewed foreign investment interest and potential expansion in Sri Lanka’s high-purity graphite exports a critical component in electric vehicle and battery manufacturing.

CBL Group has partnered with Saudi Arabia’s Aamalcom Holdings to expand its business in the country. CBL, one of Sri Lanka’s largest food producers and exporters, sells products in over 65 countries.

The agreement was signed in Colombo by Sheikh Kinan Rashdan Al Maral, Chairman of Aamalcom, and Rasith Wikramasinghe, CBL Group Director.

Under the deal, CBL’s top brands—Munchee, Ritzbury, and Tiara—will be widely distributed in Riyadh from November 2025, and later in Jeddah, Dammam, Madinah, and Qassim. Distribution will start with major retail chains and later expand to supermarkets, wholesale stores, food outlets, and e-commerce.

Rasith Wikramasinghe said the partnership is a key step in CBL’s export growth, while Sheikh Kinan Rashdan Al Maral said it will allow them to provide excellent service to consumers across Saudi Arabia.

Founded in 1968, CBL Group has grown into a major international company committed to sustainability, innovation, and community development. This partnership will further strengthen its global presence.

The government’s ambitious programme to establish five technology parks across Sri Lanka has hit a major barrier, as projects in Galle and Kurunegala — launched in 2021 and touted as key to the nation’s digital-economy push  are now abandoned and racking up huge financial losses.

According to government audit data, construction at both parks was suspended as of 5 February 2024, the date of a physical inspection of the sites. 

The parks were to be delivered under the umbrella of the Techno Park Development Company (Pvt) Ltd. (TPDC), a state-owned entity created by the cabinet to set up "commercial enterprise" techno parks in five districts, namely Galle, Kurunegala, Anuradhapura, Kandy and Batticaloa. 

Clause 14.6 of the contracts for the Galle and Kurunegala parks stipulates hefty liquidated damages for delays. The Galle project carries a penalty of Rs. 236.36 million; Kurunegala’s is Rs. 416.8 million totalling a potential government loss of Rs. 653.16 million.

In addition, outstanding payments are piling up: as at 31 March 2022, Rs. 950.6 million was still owed to the Galle park contractor. Engineering consultants for Galle and Kurunegala are owed Rs. 18.17 million (since April 2022) and Rs. 36.19 million (by end 2023) respectively.

The initiative envisaged techno parks over 30-acre sites that would host R&D labs, software development firms, incubators, and advanced manufacturing. For example:

Galle’s 31-acre site in Walahanduwa, Akmeemana, planned a built-up floor area of 45,684 m² with office units, restaurants and clubhouse. 

Kurunegala’s site in Rathgalla offered 14 acres (11 + 3) and a proposed floor area of 31,147 m². 

According to the 2021 budget, the first two parks (Galle & Kurunegala) were already under way, with three more expected by 2023 in Nuwara Eliya (Mahagasthota), Kandy (Digana) and Habarana. 

The objective: to build a “techno-entrepreneurship driven economy,” tapping Sri Lanka’s human resources and strategic locations.

Despite the optimism, progress has stalled. According to news reports, by mid-2024 the parks had been abandoned and the projects flagged for revival under the direction of Dinesh Gunawardena (Prime Minister) who initiated steps to rescue the Galle and Kurunegala sites. 

Key issues include unclear timelines, weak project management, delayed contractor performance and mounting liabilities.

The lapse comes at a time when Sri Lanka is seeking to strengthen its digital economy and technology export base. Failure to realize these infrastructure projects undermines investor confidence, leaves committed capital stranded and jeopardises the strategic goal of technology-driven growth. Meanwhile, mounting penalty and unpaid-billing figures add strain on public finances already under pressure.

Reviving such large-scale infrastructure requires robust governance, accountability mechanisms and clear timelines. The TPDC’s mandate to list on the Colombo Stock Exchange and allow private investors (as outlined in the 2021 cabinet decision) may need stronger enforcement. 

More importantly, contracts must include enforceable milestones, and project oversight must be professionally sustained if the techno park strategy is to deliver value.As Sri Lanka re-positions itself for the Fourth Industrial Revolution, the techno park programme’s stalled start serves as a caution: bold vision must be matched by disciplined execution. The nations’ technology aspirations risk being held back by idle buildings and overdue invoices unless urgent corrective action is taken.

The “Industry Expo 2025,” the country’s largest industrial exhibition organized by the Industrial Development Board (IDB) under the Ministry of Industries and Enterprise Development, commenced today (18) at the BMICH under the patronage of Minister Sunil Handunnetti and Deputy Minister Chathuranga Abeysinghe.

The four-day exhibition, running until September 21, features 450 stalls representing 25 industrial sectors, along with an Innovation Arena, school entrepreneurship showcases, engineering and research services, and a “One Stop Service” center bringing together all state institutions and banks supporting industry.

The Sri Lanka–Thailand Business Council held its 24th AGM recently with the presence of key stakeholders and members present.

The Council continues to play a pivotal role in strengthening trade, investment, and tourism ties between the two friendly nations. Rooted in centuries of shared cultural and religious heritage, the bond between Sri Lanka and Thailand has evolved into a partnership that blends tradition with modern economic collaboration. The Council, which will celebrate its 25th anniversary next year, has been a cornerstone of this progress, fostering dialogue and cooperation between the private sectors of both countries.

Rizan Nazeer, one of the founding members of the Council, was appointed as its President.

Rizan Nazeer

With his long-standing commitment to enhancing Sri Lanka–Thailand relations, Nazeer brings both experience and vision to the role. He stated that the Council has many plans underway to support the government’s efforts to strengthen trade, economic, and tourism relations between the two nations. He also highlighted the significance of the Sri Lanka–Thailand Free Trade Agreement (FTA), signed in February 2024, which aims to eliminate tariffs on nearly 85 percent of traded goods within six years. The agreement, once implemented, is expected to raise bilateral trade, currently valued at around US$350 million, to over a billion dollars in the near future.

He emphasised that the Council’s focus will be on fostering greater private-sector engagement, encouraging joint ventures, and expanding cooperation in key areas such as agriculture, food processing, health and wellness, tourism, renewable energy, and technology. The Council also plans to empower small and medium enterprises by helping them gain access to new markets and meet international quality standards, thereby enabling them to benefit from the opportunities that will arise through enhanced bilateral cooperation.

Over the years, the Sri Lanka–Thailand Business Council has organised numerous business forums, trade missions, and networking events in collaboration with the Board of Trade of Thailand, Thai Sri Lanka Chamber of Commerce and other partners. These initiatives have opened new avenues for business and investment, while also strengthening cultural understanding and people-to-people connections between the two countries.

As the Council approaches its 25th year of dedicated service, it stands as a symbol of enduring friendship and forward-looking cooperation between Sri Lanka and Thailand. Under the leadership of the President and the Executive committee the Council is poised to guide this partnership into a new era of shared prosperity, reinforcing its commitment to economic growth, tourism promotion, and mutual progress for both nations.

The Executive Committee of the Sri Lanka Thailand Business Council for the year 2025/2026:

• President Rizan Nazeer (Transtrade International)
• Immediate Past President Dushyantha Basnayake (Medimarket Ltd),
• Vice Presidents Kamil Weerasekara (Peter Weerasekara Foundation), A.M. Musajee (M.M. Noorbhoy & Co. Ltd.)
• Secretary Priyantha Kolonnage (Pyramid Wilmar Ltd.),
• Assistant Secretary Rohan Elgiriyawithana (Mazuma Lanka and Chanlanka)
• Treasurer Yashoda Peiris (Waruna Publishers)
• Asst. Treasurer Abdul Saliheen (Paramount Impex Ltd.).

Committee Members: Rienzie Fernando (Roots Global Ltd.), Asim Mukthar (Lanka Exhibition & Conference Service Ltd.), Asitha Panabokke (Mahaweli Reach Hotel), Deepal Abeysekara (Infinity Gift Cards), Chandana Nanayakkara (Siam City Cement Lanka Ltd.), Asela Inddawala (SKYNET Consulting Ltd.), Harendra Abeysundara (Oceanway Ltd.), Past President Lalith Kumarage (Alucare Ltd.), and Founder and Past President Lional Fernando (Benjarong Ltd.).

(Source - ft.lk)

A pre-budget discussion on the automobile and electronic equipment industries was held yesterday (16) at the Presidential Secretariat, chaired by Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Perananthu.

Importers of automobiles and electronic goods pledged full support for the government’s economic development programs led by President Anura Kumara Dissanayake. Vehicle importers also submitted several proposals for the upcoming budget, noting that recent policy decisions had broadened the sector.

Electronic goods importers raised concerns over unregulated imports by organized groups, which undermine quality standards, distort the market, and deprive the government of significant tax revenue. They urged prompt government intervention.

Minister Dr. Perananthu assured that all constructive proposals will be considered in preparing the budget and emphasized the government’s commitment to ensuring quality imports, even by introducing new regulations if necessary. He also stressed that strict legal action will be taken against groups evading taxes through illegal imports.

The meeting was attended by senior officials, including Presidential Senior Additional Secretary Kapila Janaka Bandara, Export Development Board Chairman Mangala Wijesinghe, Finance Ministry officials, and representatives from the automobile and electronics import industries.

Hayleys PLC, Sri Lanka’s most diversified conglomerate, is set to make a strategic entry into the large-scale supermarket sector, marking a new chapter in its 148-year legacy of diversification and value creation.

The move reflects the Group’s commitment to bringing quality, reliability, and exceptional service closer to everyday Sri Lankan consumers, while redefining the modern retail experience.

Leveraging its extensive value chains, strong brand presence, experienced leadership, and focus on sustainable business, Hayleys aims to build a value-driven retail ecosystem across the island.

In Phase 1, the Group plans to launch 100 outlets strategically located in key urban and suburban areas. This expansion is expected to diversify its earnings profile, enhance long-term financial stability, and generate broad-based value for stakeholders.

With improving macroeconomic conditions, rising urbanisation, and increasingly sophisticated consumer lifestyles, Hayleys sees significant growth potential in the country’s retail sector.

The venture will utilise the Group’s expertise in logistics, manufacturing, and service excellence to offer customers better accessibility, higher quality, and a wider choice, reaffirming Hayleys’ enduring commitment to inclusive growth and national development.

Global investment flows are shifting, and emerging markets are under pressure to prove their competitiveness. For Sri Lanka, securing stronger investor confidence and translating reforms into tangible opportunities will be decisive in the years ahead. On Day Two (December 3rd) of the Sri Lanka Economic & Investment Summit 2025, the session “Where Sri Lanka Stands and What Comes Next?” will deliver a frank assessment of the investment climate and the road forward.

This high-level discussion will bring together key leaders from investment promotion, capital markets, exports, and private equity to examine the country’s investment trajectory. The session will explore how Sri Lanka can accelerate much-needed reforms, mitigate risks, and unlock new opportunities to position itself as a credible and attractive destination for both local and international investors.

The panel will feature Mr. Arjuna Herath - Chairman, Board of Investment of Sri Lanka, Mr. Dimuthu Abeyesekera - Chairman, Colombo Stock Exchange, Mr. Mangala Wijesinghe - Chairman & Chief Executive, Sri Lanka Export Development Board, and Mr. K.A. Vimalenthirarajah, - Secretary, Ministry of Trade, Commerce and Food Security. Mr. Supun Weerasinghe, Group CEO, Dialog Axiata PLCand Board Member of the Ceylon Chamberwill moderate the session.

SLEIS 2025 is supported by: Platinum sponsors - Nestle, Standard Chartered Bank, Unilever, Bronze sponsor - South Asia Gateway Terminals, Session sponsor - Sunshine Holdings, Television Partner - Dialog Television, Telecommunications Partner - Dialog, Hospitality Partner - Shangri-La Hotel, Colombo, Strategic Partners - Ministry of Foreign Affairs, Department of Commerce, Ministry of Trade, Commerce, Food Security and Co-operative Development, Board of Investment, Export Development Board, Sri Lanka Convention Bureau, Strategic Development Partner - Asian Development Bank, Knowledge Partner - World Bank, and Official Airline - SriLankan Airlines.

The Sri Lanka Economic and Investment Summit will be held on December 2nd and 3rd at the Shangri-La Hotel Colombo. Early registration is encouraged to secure your place – register now at https://sleis.chamber.lk/. For more information, contact Alikie – 0115588805 / This email address is being protected from spambots. You need JavaScript enabled to view it. or Lilakshi – 0115588818 / This email address is being protected from spambots. You need JavaScript enabled to view it..

(bizenglish.adaderana.lk)

In a major stock market move worth Rs. 2.57 billion, Sri Lankan business magnate Dhammika Perera has acquired a 40% stake in Harischandra Mills PLC, a long-established listed company on the Colombo Stock Exchange.

The transaction took place this morning (17), with Perera purchasing 778,946 shares from Senthilverl Holdings (Pvt) Ltd, the investment arm of Dr. T. Senthilverl, at Rs. 3,300 per share, according to market sources.

This marks Perera’s fourth major acquisition this year, underscoring his aggressive expansion strategy across key sectors. In September, his investment arm, Vallibel One, together with its subsidiary LB Finance PLC, announced the acquisition of a controlling stake in Associated Motor Finance Company PLC.

Meanwhile, 2025 has been a defining year for the tycoon, as he initiated two other major takeovers — including a high-profile merger involving LOLC Holdings and Vallibel Three Ltd. Earlier, on July 8, Perera also took over a controlling stake in East West Properties PLC, investing approximately Rs. 3.23 billion in that deal.

Dhammika Perera’s latest acquisition further cements his position as one of Sri Lanka’s most influential and expansion-driven business leaders, with a keen eye for strategic growth across diverse industries.

In a strategic move to attract the growing Polish tourism market, the Sri Lanka Tourism Promotion Bureau (SLTPB) has partnered with The Barn House Sri Lanka to introduce "Whispers of Ceylon," a novel wedding and engagement offering.

This initiative, launched on 24th of August 2025, with a Polish couple, aims to position Sri Lanka as a premier destination for high-end European weddings by blending indigenous customs with luxury, eco-conscious hospitality.

The Polish market has been identified as an emerging and promising segment for Sri Lanka's tourism sector.

There has been a notable increase in Polish tourists visiting the island for leisure over the past few years.

This upward trend is evident in the arrival statistics, which place Poland among the top 15 countries for tourist arrivals to Sri Lanka.

Significant Growth in Polish Tourist Arrivals

Tourist arrivals from Poland have shown a remarkable increase, underscoring the success of Sri Lanka's promotional efforts in this key market. The growth has been particularly significant in recent years.

As of 27th of August, 2025, a total of 32,442 Polish tourists have visited Sri Lanka, marking a significant step towards the year-end target of 50,000 arrivals.

SLTPB's Promotional Push in Poland

To further cultivate this growing market, the SLTPB has implemented a series of targeted promotional activities throughout since 2021.

These initiatives include:

•Celebrity and Influencer Collaborations: Partnering with prominent Polish personalities such as Ms. Doda Queen and Mr. & Ms. Pazura, as well as social media influencers. •Media Partnerships: Collaborating with the photography and film entity "projektfotografia.pl and projektfilm.pl," featuring on the popular travel program Eska TV, and securing placements in high-end publications like Vogue Magazine. •Event Sponsorship: Partnering with the "Pik Nik Nad Odra" and “TT Warsaw travel fair” events to enhance Sri Lanka's visibility in Poland.

These promotions are designed to appeal to the modern Polish traveler, particularly those in the middle to upper-income bracket who seek meaningful, nature-based, and culturally immersive experiences.

"Whispers of Ceylon": A Unique Cultural Experience

The "Whispers of Ceylon" offering was a direct response to this demand, providing a unique wedding experience that revives the traditions of Sri Lanka’s indigenous Wadda community.

Set against the lush backdrop of Sherwood by The Barn, the ceremony immerses couples in sacred rituals and time-honored customs, creating a culturally meaningful and environmentally conscious celebration.

The Barn House Sri Lanka and its sister venue, Sherwood by The Barn, are recognised for their commitment to sustainable hospitality, featuring eco-friendly designs and upcycled architecture.

This new initiative not only offers a one-of-a-kind wedding journey—from traditional attire and blessings to native performances—but also aims to preserve and share the island's rich cultural heritage with a global audience.

By developing this product, The Barn House is helping to cement Sri Lanka's reputation as a top-tier destination for unique European weddings and engagements. This initiative also highlights the potential of wedding tourism as a significant niche market for the country.

(lankaleader.lk)

Giga Foods (Pvt) Ltd, one of Sri Lanka’s fastest-growing multi-brand food companies, has opened a new outlet at Colombo City Centre (CCC). The outlet brings together three of its popular brands—Full’r Burgers, Indian Affair, and Solo Bowl—under one roof.

Giga Foods is known for its promise: “Every meal, every time; exceptional taste, consistent quality, and dependable service.” The new CCC outlet reflects the company’s goal of creating a place where different cuisines come together in one location.

Customers can enjoy a variety of meals, from burgers and biryanis to healthy wraps and bowls, suitable for families, quick lunches, or light dinners.

With this opening, Giga Foods strengthens its role in Sri Lanka’s food and beverage industry, offering quality, affordability, and a great dining experience.

The Cabinet has approved the closure of 33 state-owned enterprises that have become inactive due to misalignment with their original objectives, lack of market relevance, and poor financial performance.

These enterprises, including government departments, statutory bodies, and state-owned companies, were identified as draining public resources without contributing meaningfully to the national economy or public services.

Following the President’s proposal as Minister of Finance, the Cabinet has greenlit the orderly two-phase shutdown of 33 inactive state-owned enterprises, supervised by a newly established special divestment unit within the ministry.