News & Events

Sri Lanka looks to IMF for an immediate bail out

Aljazeera.com – April 15, 2022

A Sri Lankan delegation is headed to Washington next week, looking to secure up to $4 billion from the International Monetary Fund and other lenders to help the island nation pay for food and fuel imports and limit debt defaults.

The loan restructuring plan needs to be credible and one that will reduce the debt quantum to a sustainable level, said Sanjeewa Fernando, strategist at CT CLSA Securities in Colombo. He also underlined the need for fiscal reforms with a formal timeline.

Sri Lanka needs ‘bridge financing’ to last next six months, says Indrajit Coomaraswamy

The Island – April 4, 2022

Sri Lanka needs to take steps on getting to a framework programme with the IMF, restructure its external debt and bring some bridge financing to last for next six months until negotiations with the IMF on external debt is completed,”former central bank governor Dr. Indrajit Coomaraswamy said recently, at a forum hosted by CT CLSA

CT CLSA, a leading capital market service provider that offers investment banking, stockbroking and wealth management services , conducted the forum on the timely topic ‘ The IMF and the Order of Priorities for Reforms.”

NDBIB and CT CLSA form strategic partnership

Daily FT – March 18, 2022

NDB Investment Bank Ltd. (NDBIB) and CT CLSA Capital Ltd. (CT CLSA) have entered into a Collaboration Agreement to work together in raising capital for Sri Lankan corporates via Equity Initial Public Offerings (IPOs) on the Colombo Stock Exchange.

A Collaboration Agreement setting out the framework for cooperation under this strategic alliance was signed on Wednesday, 16 March. The combination of the strengths of both NDBIB and CT CLSA will bring together decades of capital market expertise to offer clients an unrivalled proposition in raising equity capital to meet their funding requirements.

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Hela Apparel Holdings Rs. 4 b IPO sets new milestones, oversubscribed by 5.4 times

Daily FT – January 27, 2022

Hela Apparel Holdings made history this month with the successful oversubscription of the largest initial public offering (IPO) in the past decade.

The IPO, which sought to raise Rs. 4 billion through the issue of new shares, was oversubscribed by 5.4 times and received applications amounting to Rs. 21.8 billion.

It received 23,205 applications from investors, a record number for any IPO in the past 10 years.

Jointly managed by CT CLSA and CAL, the issue witnessed a 20.5% stake in the company, or 267,108,998 ordinary voting shares being offered to the public at a per share price of Rs. 15.

Hela Apparel Holdings IPO opens today

Daily FT – January 12, 2022

The much-awaited IPO of Hela Apparel Holdings Ltd. (the holding company of the Hela Clothing Group) opens today, 12 January 2022.

Aiming to raise Rs. 4 billion in equity capital through the issue of 267,108,998 ordinary voting shares at a price of Rs. 15 per share, Hela’s IPO is the largest by value in over a decade. Managed jointly by CT CLSA and CAL, the issue will see a 20% stake in the company offered to the public, giving Hela Apparel Holdings Ltd. an initial projected market capitalisation of Rs. 19.5 billion.

The issue, which is being jointly managed by CT CLSA and CAL, plans to raise Rs. 4 billion in equity from the public through the offering of a 20.5% stake in the company, resulting in a projected market capitalisation of Rs. 19.5 billion.

Hela Apparel Holdings set for landmark IPO

Sunday Observer – December 26, 2021

The Colombo Stock Exchange has formally approved the Initial Public Offering (IPO) of Hela Apparel Holdings Limited (the holding company of the Hela Clothing Group), with the offer due to open on January 12.

This IPO, by one of Sri Lanka’s leading social-capital focused apparel supply chain solution providers, will offer 267,108,998 new ordinary voting shares to the public at a per-share price of Rs. 15.

The issue, which is being jointly managed by CT CLSA and CAL, plans to raise Rs. 4 billion in equity from the public through the offering of a 20.5% stake in the company, resulting in a projected market capitalisation of Rs. 19.5 billion.

hSenid Business Solutions rings bell to debut trading on CSE

Daily FT – December 22, 2021

The shares of hSenid Business Solutions Ltd., (CODE: HBS-N-0000) began trading on the Colombo Stock Exchange (CSE) yesterday.

The shares have been listed on the Main Board of the CSE under the ‘Application Software’ sector. The occasion was marked with a special Bell Ringing Ceremony held at the CSE

The Managers to the Issue were represented by NDB Investment Bank Director/Chief Executive Officer Darshan Perera, Chief Corporate Advisory Officer Nilendra Weerasinghe, CT CLSA Holdings Group Chief Operating Officer/Head of Investment Banking Zakir Mohamedally.

hSenid to be first Enterprise Software Company to IPO on CSE

The Island – November 24, 2021

Sri Lankan global HR software solutions provider, hSenid Business Solutions, successfully concluded its investor forum, ahead of its IPO, which is due to open on the 3rd of December 2021. The event showcased the great strides made by hSenidBiz having penetrated the global market for Human Capital Management (HCM) software while presenting the investment case to potential investors. The event attracted participation from a wide array of local and foreign investors representing both individual and institutional segments.

Under the guidance of NDB Investment Bank, Lead Managers to the Issue, and CT CLSA Capital, Co-Managers to the Issue, hSenid Business Solutions Limited will offer 55,339,076 ordinary non-voting shares to the public at a price of LKR 12.50 per share, seeking to raise a total of approximately LKR 692 Million in equity capital.

‘Invest Sri Lanka’ Restarts in Dubai

Ada Derana Biz – November 8, 2021

The ‘Invest Sri Lanka’ Investor Forum organized by the Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka in UAE and the Consulate General of Sri Lanka to Dubai and Northern Emirates was recently held at the Sheraton Grand Hotel Dubai

Executive Director Research and Strategy of CT CLSA, Mr. Sanjeewa Fernando, Chief Strategist of CAL, Mr. Udeeshan Jonas and Head of Research of SC Securities, Mr. Charitha Gunasekera were featured in a technical session that covered the Market Outlook and Sectorial Presentations

Macro-economic impact analysis of CBSL’s 6-month policy Road Map

Daily FT – October 7, 2021

The Central Bank of Sri Lanka (CBSL) unveiled its near-term (six-month) policy Road Map as the first phase of a three-year Road Map on 1 October. Following is an analysis of the same on how it could impact key macro variables based on its current policy path.

hSenid to become first listed enterprise software firm on CSE as it plans Rs.700mn IPO

The Daily Mirror – October 1, 2021

Sri Lanka’s market leader in the Human Capital Management (HCM) related software industry hSenid Business Solutions Limited is gearing to raise up to Rs.700 million offering 20 percent stake in the company through an initial public offering (IPO) while becoming the first enterprise software company to be listed on the Colombo Stock Exchange (CSE).

The company has already submitted an IPO application to list its shares on the CSE. NDB Investment Bank Limited (NDBIB) and CT CLSA Capital (Pvt) Limited have been appointed as joint managers and financial managers to the issue..

Sivashanth Sundararajee joins CT CLSA Securities Services as COO

The Island – September 23, 2021

CT CLSA Securities Services has announced the appointment of Sivashanth Sundararajee as its Chief Operating Officer / Executive Director with effect from 27 August 2021.

Sivashanth is an experienced banker counting over 20 years’ experience covering Retail Banking and Global Banking in multiple markets through HSBC Group office. He brings with him unique business management and risk management insights along with strong client servicing skills to contribute towards the strategic direction of the Company. Prior to joining CT CLSA, he served HSBC Securities Service, Sri Lanka Branch where he was responsible for maintaining a strong market share for the business.

In this role he led several initiatives and lobbying efforts, securing the interest of foreign investors in Sri Lanka’s capital markets. He has also covered regional initiatives for the bank, while based out of the Sri Lanka office and has also completed overseas assignments including Hong Kong and Vietnam Securities Service business.

Sivashanth is an Associate Member of Chartered Institute of Securities and Investment (UK) and holds a Masters Degree in Finance with a Distinction from Staffordshire University (UK) and Financial Advisors’ International Qualification (FAIQ).

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Sri Lanka diplomats should help keep GSP+ going: Central Bank Governor

economynext.com – June 11, 2021

Sri Lanka’s diplomatic missions should try to influence opinion in the European Parliament to keep the GSP+ concession until the country reach the upper-middle-income status, Central Bank Governor W D Lakshman said.

Colombo based brokers CT CLSA Securities said in a note to clients that Sri Lanka had full duty benefits for over 7,000 products. About 60 percent of the benefits were used by the apparel sector.

Top bankers confident govt has taken the right approach to repaying foreign debt

The Island – June 4, 2021

The government has succeeded in its public debt management programme with several initiatives and it would meet its foreign debt repayment obligations in the future too, S. Renganathan, MD/ CEO, Commercial Bank of Ceylon PLC said on Wednesday at a virtual forum hosted by CT CLSA on the banking sector in Sri Lanka.

Top policymakers to speak at Sri Lanka Investment Forum from June 7

dailynews.lk – June 1, 2021

The Board of Investment (BOI), The Ceylon Chamber of Commerce and the Colombo Stock Exchange (CSE) is all set to unveil the first ever virtual platform in Sri Lanka to attract foreign investments and Asia’s first and largest Virtual Investor Forum from June 7 to 9, 2021.

SLIF 2021 is supported by the following partners and sponsors: International Finance Corporation (Knowledge Partner), Boston Consulting Group ( Strategic Partner), Port City Sri Lanka (Flagship Project Partner), Microsoft (Technology Partner), HSBC (Banking Partner), Asia Securities (Platinum Sponsor), Shangri-La (Hospitability Partner), SLASSCOM (IT-BPM Sector Partner), FairFirst Insurance (Insurance Partner), Dialog (Communication partner), Citibank (Gold Sponsor), CAL (Gold Sponsor), NSB Fund Management (Silver), CT CLSA (Silver)

Top policymakers to speak at Sri Lanka Investment Forum from June 7

dailynews.lk – June 1, 2021

The Board of Investment (BOI), The Ceylon Chamber of Commerce and the Colombo Stock Exchange (CSE) is all set to unveil the first ever virtual platform in Sri Lanka to attract foreign investments and Asia’s first and largest Virtual Investor Forum from June 7 to 9, 2021.

SLIF 2021 is supported by the following partners and sponsors: International Finance Corporation (Knowledge Partner), Boston Consulting Group ( Strategic Partner), Port City Sri Lanka (Flagship Project Partner), Microsoft (Technology Partner), HSBC (Banking Partner), Asia Securities (Platinum Sponsor), Shangri-La (Hospitability Partner), SLASSCOM (IT-BPM Sector Partner), FairFirst Insurance (Insurance Partner), Dialog (Communication partner), Citibank (Gold Sponsor), CAL (Gold Sponsor), NSB Fund Management (Silver), CT CLSA (Silver)

WindForce Ltd rings the bell to debut trading at CSE

businessnews.lk – April 24, 2021

The shares of WindForce Ltd (CODE: WIND.N0000) commenced trading on the Colombo Stock Exchange (CSE) Thursday (22). The shares have been listed on the Main Board of the CSE under the ‘Utilities’ sector. The occasion was marked with a special Bell Ringing Ceremony hosted by the CSE.

Windforce’s Rs.3.2 billion IPO oversubscribed eight times

The Island  – March 30, 2021

Windforce Ltd.’s Initial Public Offering (IPO) worth Rs. 3.2 billion, the biggest in nine years, has seen an over-subscription of eight times, triggering a demand worth nearly Rs. 26 billion, preliminary figures indicate.

The issue officially opened on March 24 and was closed the same day. It had been available for subscription since March 2. Brokers to the issue were CT CLSA Holdings and Capital Alliance while several other brokers recommended the IPO to investors, given the company’s performance and future outlook as well as the growing demand for and reliance on renewable energy locally and globally.

High demand for WindForce IPO; oversubscribed on the first day

adaderana.lk  – March 24, 2021

WindForce, Sri Lanka’s largest and most diversified renewable energy company, launched its highly-anticipated Initial Public Offering (IPO) for subscription on today (24th March 2021), with the aim to raise Rs. 3.2 Bn, and was oversubscribed within hours on the first day itself.

WindForce enjoys a [SL] AA- (stable) credit rating by ICRA Lanka, which is the highest rating given to a corporate in Sri Lanka at the time of the issuance by ICRA Lanka Limited. The Joint Managers and Financial Advisors to the issue are CT CLSA Capital (Pvt) Limited and Capital Alliance Partners Limited.

Growth-bullish, biggest renewable energy firm goes for Rs. 3.2 b IPO

Daily FT  – March 5, 2021

Bullish on growth, Sri Lanka’s biggest renewable energy firm WindForce Ltd., yesterday announced a Rs. 3.2 billion expansion both locally and internationally; funds for which will be sourced via the Initial Public Offering (IPO) now open for subscription

CT CLSA Holdings Director Zakir Mohamedally said the IPO price offers an attractive discount. At issue price, price earnings multiple of 7x, which is a discount to the sector PE of 11.7x. Once listed, WindForce will have the biggest market capitalisation of Rs. 21.3 billion, whilst in terms of capacity, WindForce is five times bigger than the largest listed sector company at present

IMF facility may not be an urgent matter

Ceylontoday.lk  – October 3, 2020

The need for an International Monetary Fund (IMF) facility may not be required as IMF assistance for countries with economic dynamics similar to Sri Lanka has risen only when Gross Official Foreign Reserves (GOFR) has fallen below the US$ 5 billion mark, CT CLSA Securities (Pvt) Limited stated its latest research note.

According to CT CLSA Securities, a policy framework that allows growth of domestic-business sectors to substitute imports whilst focusing on export growth is key in formulating such a fiscal budget as COVID-19 could possibly be turned into a blessing in disguise for economies such as Sri Lanka.

Sri Lanka to showcase its rebound at top JP Morgan virtual conference today

Daily FT – September 23, 2020

Sri Lanka will showcase its success in mitigating the COVID-19 pandemic as well as the economic rebound taking shape at a top level virtual conference organised by JP Morgan today involving hundreds of global fund managers and analysts.

On Monday State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal engaged with Foreign Institutional Investors (FII’s) via a virtual event hosted by CT CLSA Securities and CITIC CLSA.

CT CLSA facilitates FII engagement for State Minister Cabraal

Daily FT – September 21, 2020

State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal will engage with Foreign Institutional Investors (FII’s) today via a virtual event hosted by CT CLSA Securities and CITIC CLSA.

The event has generated good interest with participants registered from all major financial hubs in Asia, Europe and the US.

They represent some of the largest Global and Frontier asset managers with exposure to Sri Lankan equities, dollar sovereign bonds and rupee denominated government securities.

With the strong mandate given at the recent General Election, FII’s are keen to get a first-hand account of macro-challenges in Sri Lanka, and also to seek out investment opportunities by better understanding the medium and long-term policy direction of the new Government.

CT CLSA Securities was the pioneer company to organise highly successful frontier investor forums which featured corporates from Sri Lanka, Pakistan, Bangladesh and Vietnam. Despite challenges posed by the COVID-19 pandemic, the Company has continued to offer opportunities for FII’s to engage with policy makers and leading local corporates through virtual events.

CT CLSA Securities, a Member of the Colombo Stock Exchange, is the stockbroking subsidiary of CT CLSA Holdings Ltd (CT CLSA), a leading capital market service provider in Sri Lanka that also provides investment banking and asset management services through its subsidiaries CT CLSA Capital and Comtrust Asset Management.

CT CLSA is backed by the strength of listed conglomerate CT Holdings PLC and CITIC CLSA, Asia’s leading and longest-running independent brokerage and investment group (a part of CITIC Securities Co., Ltd of China).

Investor sentiments rebound as stock market gains by near 1%

Daily FT – August 12, 2020

Investor sentiments appear to have improved as the Colombo stock market yesterday bounced back to post a near 1% gain with turnover touching a new recent high.

According to CT CLSA Securities year to date net foreign outflow surpassed Rs. 26 billion mark.

Sri Lanka GDP could contract 4-pct in 2020, import controls may drive deficit to 11-pct

Economy Next – July 27, 2020

“I am expecting around 10 percent budget deficit which means debt to GDP of 82 percent of last year-end will go up to slightly above 90 percent (in 2020),” Executive Director, Research/Strategist at CT CLSA Securities, Sanjeewa Fernando said.

“That’s a bad number as a country.”

“Our debt to GDP is pretty high, total debt to GDP as at end last year is 89 percent,” Mathew said. “But with the new interest coming and the rollover of those debts, I’m sure we are going to go well above 90 percent somewhere close to 95 to 96”….

…..Fernando said the government has shown tight spending controls for the first few months of the year, slashing capital spending, which will help keep the deficit.

Sri Lanka GDP could contract 4-pct in 2020, import controls may drive deficit to 11-pct

Economy Next – July 27, 2020

“I am expecting around 10 percent budget deficit which means debt to GDP of 82 percent of last year-end will go up to slightly above 90 percent (in 2020),” Executive Director, Research/Strategist at CT CLSA Securities, Sanjeewa Fernando said.

“That’s a bad number as a country.”

“Our debt to GDP is pretty high, total debt to GDP as at end last year is 89 percent,” Mathew said. “But with the new interest coming and the rollover of those debts, I’m sure we are going to go well above 90 percent somewhere close to 95 to 96”….

…..Fernando said the government has shown tight spending controls for the first few months of the year, slashing capital spending, which will help keep the deficit.

Cry for public to reap maximum benefit from govt’s offer :
Low interest rate regime to continue

Daily News – July 27, 2020

Executive Director Research CT CLSA Sanjeewa Fernando said “overnight liquidity went to Rs 209 billion in late June. That is historically very high. Yesterday the whole system parked Rs 132 billion with the Central Bank at 4.5 percent. Banks are not lending out. Many parties in the economy including the President would prefer to see this money parked with economic agents who are currently struggling to come out of this scenario. Credit growth is not picking up.”

“We have inflation at 6.3 percent and 12 month Treasury bill yield went to 4.6 percent. We are looking at negative real interest rates. Banks need to understand you can’t play this game on a continuous basis.” “The first customers who will approach the bank will be the ones in the CRIB and banks should manage this. Cutting rates and releasing liquidity is not what is required now. You need to identify the exact sectors that require finance and ensure that they get it.”

Fernando called on the general public to take advantage of the low-interest rate regime.

Sri Lanka would need hard reforms under an IMF program after elections:

Economy Next – July 25, 2020

“We need to have one strong party ruling the country, whatever the party,” Sanjeewa Fernando, Executive Director Research at CT CLSA Securities, a Colombo-based brokerage told an online forum organized by Sri Lanka’s Echelon Magazine.

“The key here is that we need to have proper policy stability and then there has to be a government to take decisions. It is after that they only if they prefer they can go for hard reforms.

“This is what has been told by the IMF and other institutions that Sri Lanka needs to adopt hard reforms. But we have not done that. I think it’s high time, we have to use this environment to do these things.

“I think this is a good time to do tough reforms which will help Sri Lanka’s economy go to a better state.”

Stock market bullish; investors cheer new funding for JKH

Daily FT – June 25, 2020

The Colombo stock market remained bullish for the seventh consecutive day amidst healthy turnover whilst investor cheer for John Keells Holdings (JKH) securing new low cost foreign funding boosted the indices ….according to CT CLSA, JKH contributed the biggest support to the rise with over 23 points.

Limit Down, Shut Again for Sri Lanka Stocks After 51-Day Break

Bloomberg – May 11, 2020

“There’s likely to be pent up selling, but as global markets pick up with economies slowly opening up, it might limit some of the downward pressures,” said Sanjeewa Fernando, a strategist at CT CLSA Securities Pvt. in Colombo. Investors would also look at how the Sri Lankan economic recovery unfolds, and how debt management is handled, he said.

Foreign interest is back; Rs. 22.7 b JKH deal big boost: Marianne Page

Daily FT – January 13, 2020

Foreign investor interest is back in Sri Lanka and last week’s mega deal worth Rs. 22.7 billion on premier blue chip John Keells Holdings (JKH) is being flagged off as a big boost.

Consultant to the broker to the deal CT CLSA Securities Marianne Page confirmed to the Daily FT yesterday that several foreign investors were keen on buying into JKH though the 10.7% stake was snapped up by Citigroup Global Markets Ltd., Agency Trading Prop Securities A/C. The seller was Malaysia’s sovereign fund Khazanah Nasional Berhad

Citi fund buys stake in Sri Lanka’s John Keells Holdings from Malaysia’s Khazanah

Economynext – January 9, 2020

The Citi Group’s Global Markets Limited has bought a 22.6 billion rupee stake in John Keells Holdings Plc from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad on Thursday, market sources said.

Sources said the Citi Group had bought the shares on behalf of a long-term global institutional investor. CT CLSA had brokered the transaction, a market disclosure said.

4th CT CLSA Asia Frontier Forum concludes

Daily FT – June 13, 2019

The fourth two-day CT CLSA Asia Frontier Forum concluded in Colombo enlightening foreign and local institutional investors with the latest assessment of macroeconomic fundamentals, Government policy and corporate earnings outlook.

Despite challenges and travel advisories, FII delegates from Africa, Asia and Europe joined over 20 institutional fund managers from Sri Lanka to access 19 top tier Sri Lankan corporates and six leading corporates from Bangladesh and Pakistan at the forum this year.

Easter Sunday attacks a setback but macro fundamentals not thrown off-track: CB Chief

Daily FT – June 11, 2019

Central Bank Governor Dr. Indrajit Coomaraswamy yesterday declared that though the Easter Sunday attacks were a setback to the economy, they have not thrown macro fundamentals off-track, nor is there any basis for growth to dip below 3% in 2019.

He gave this assurance to foreign fund managers gathered in Colombo for the two-day CT CLSA Asia Frontier Forum, which kicked off yesterday.

Budget 2019 and impact on listed companies

Daily FT – March 21, 2019

Key insights by CT CLSA Securities Ltd….

Sri Lanka Outlook 2019: Challenges and opportunities

Daily FT – January 21, 2019

Key insights from equity market strategy from CT CLSA Securities Ltd….

JKH’s Rs. 11 b share buyback offer ends

Daily FT – January 17, 2019

According to CT CLSA, JKH share was up 1% in the past 12 months, outperforming the market by 8% and trades at 9% discount to its estimates sum of the parts valuation of Rs. 173….

SL to get US$ 1 billion from China this week

Sunday Observer – October 6, 2018

……commenting on the pricing of the CDB loan, Executive Director, Research/Strategist at CT CLSA Securities Ltd., Sanjeewa Fernando said the deal is a favourable one for the island at this point in time since the current external negative impact could be substantially mitigated.

“Yes, right now it is a good deal because the worse thing that can happen is someone hiking dollar debt rates (given the rising international interest rate scenario)..….