News & market updates

Wijar, a Saudi brand of pure Ceylon tea, was featured at the Saudi International Franchise Expo in Riyadh (1–3 Oct 2024) to promote Sri Lankan tea exports; Sri Lanka's ambassador attended alongside the proprietor.

Plantation workers will receive a revised daily minimum wage of Rs. 1,350 from 10 October, plus an additional Rs. 50 for each extra kilo of harvest. With EPF/ETF contributions added, total daily earnings will exceed Rs. 1,500; the change applies to tea and rubber estate workers under a productivity-based model.

Talawakelle Tea Estates Plc (TPL.N0000) showcased sustainability innovations at the UN Global Compact 'Forward Faster Now' event and set an SBTi-aligned net-zero emissions target by 2050. The company reported Rs. 103.6 million in community investments and holds certifications including Ecosystem Restoration and Mother and Child Friendly Seal.

Seventeen Sri Lankan export companies, including Maharaja Foods (MFPE), visited Melbourne to attend Fine Food Australia 2024 and meet potential buyers and distributors. Delegates held B2B meetings, reviewed distribution channels and attended an Australian Biosecurity (BICON) briefing to explore market entry.

President Anura Dissanayake has officially assumed duties as Minister of Agriculture, Lands, Livestock, Irrigation, Fisheries and Aquatic Resources. He pledged to avoid media spectacles, protect public servants' dignity and prioritise the ministry's role in eradicating rural poverty.

A Sri Lanka Export Development Board-led trade delegation of 17 food companies, including Maharaja Foods, visited Melbourne from 2–6 September to promote exports and attend Fine Food Australia. Delegates held B2B meetings, met buyers and distributors, and attended biosecurity briefings to support market entry.

Dhammika Perera is re-joining the corporate sector by re-joining the boards of Hayleys PLC (re-appointed as Non-Executive Director and Co-Chairman) and is expected to return to Vallibel One PLC this week, where he is the largest shareholder.

The Embassy and Sri Lanka Tourism Promotion Bureau exhibited at ABAV Expo 2024 in Brasilia to promote Sri Lanka tourism; over 400 visitors visited the Sri Lanka booth and promotional materials and Ceylon tea tastings were offered.

Maharaja Foods (MFPE) was one of 17 Sri Lankan food firms in a trade delegation to Melbourne (2–6 Sep 2024) to promote exports at Fine Food Australia and hold B2B meetings with Australian buyers. Delegates also received biosecurity briefings and inspected retail/distribution channels to expand market access for tea, spices, processed food and coconut products.

Aviyana will be the main sponsor of the Sri Lanka Trade Fair Dubai 2024 on November 2–3 at the Crown Plaza, Dubai. The fair aims to connect Sri Lankan exporters with Gulf buyers and will feature industries including gems & jewelry, spices, coconut products, tea and textiles.

Dividend · Rs 1.70 · XD Oct 9, 2024

First Interim dividend of LKR 1.7/share; XD 2024-10-09; record 2024-10-09; payable 2024-10-22; FY 2024/25

Dividend · Rs 2.25 · XD Oct 9, 2024

First Interim dividend of LKR 2.25/share; XD 2024-10-09; record 2024-10-09; payable 2024-10-21; FY 2024/2025

H V A Foods Plc said its rights issue was oversubscribed, raising Rs.372,000,495.70 from an offer of 128,276,033 shares after receiving applications for 132,537,239 shares.

Madulsima Plantations PLC appointed Reyaz Mihular and Dr. Ravi Fernando as Independent Non-Executive Directors, filling vacancies from the resignations of Dr. A. Shakthevate and D.S.K. Amarasekera. Both appointees have extensive board and sector experience, including roles at other listed companies.

Sri Lanka's goods exports rose 4.1% year-on-year to $1.1bn in August 2024. Apparel topped $511.1m (first time above $500m in two years) and tea, rubber and coconut exports grew, while processed food, some electronics and seafood exports declined; Jan–Aug exports rose 5.37% to $8.4bn.

Sri Lanka's merchandise exports rose to US$1,165.4 million in August 2024 (up 4.18% y/y), with Apparel & Textile exports reaching US$511.13 million — above US$500m for the first time in two years. Including services, total exports were US$1,483.13 million (+4.67% y/y); tea, rubber, coconut products and ICT/logistics saw gains while food, electronics and seafood declined.

Ceylon Tea Brokers (CTBL.N0000) appointed Beshan Kulapala, Amrah Akbar and Mihirini De Zoysa as Independent Non-Executive Directors. Kulapala brings EV and technology experience, Akbar brings healthcare manufacturing and M&A experience, and De Zoysa is an organisational change specialist.

Jetwing has converted the 100-acre Uva Ben Head Tea Estate (acquired in 2022) to organic cultivation, phasing out chemical fertilisers with the final application in August 2023 and introducing mixed cropping, composting and organic fertiliser production. The estate is conducting soil/leaf analyses and a biodiversity survey, plans an on-site tea processing facility, and supports local community employment and training while operating two villas on the property.