Billionaire Dammika Perera’s bold moves shake up CSE
Billionaire businessman Dhammika Perera has been making waves in the Colombo stock market, actively collecting stakes in diversified, manufacturing, real estate, and finance sectors, while announcing ambitious plans to step into modern trade.
Never before has the Colombo Stock Exchange seen such a blitzkrieg of acquisitions by a high-net-worth investor in a span of six months.
Early this month, Harischandra Mills PLC saw a significant investment as Mr. Perera acquired a 40 per cent stake for Rs. 2.57 billion. Mr Perera was purchasing 778,946 shares from Senthilverl Holdings (PVT) Ltd, the investment arm of Dr. T. Senthilverl, Harischandra Mills’ major shareholder. The shares were acquired at Rs. 3,300 each.
This move reflects Mr. Perera’s strategic interest in expanding his portfolio within the industrial sector. Additionally, in September 2025, Mr. Perera solidified his influence in Laugfs Holdings, as the founder director and Deputy Chairman Thilak de Silva exited. Subsequently, he formed a 50 per cent partnership with co-founder W.K.H. Wegapitiya, further enhancing his control over the diversified group.
Mr. Perera’s aspirations in the finance sector were also apparent when he, through Vallibel One PLC, announced plans to purchase a majority stake in Associated Motor Finance Company PLC in September 2025. This acquisition, yet to materialise, aligns with his broader strategy to strengthen his presence in various industries.
Also, in July 2025, he acquired a majority stake in East West Properties PLC from businessman Nahil Wijesuriya for Rs. 3.2 billion, marking a significant expansion in the real estate market. Mr. Perera acquired a significant 77.4 per cent stake in East West Properties, securing 107 million shares at Rs. 30.20 each through four transactions, leading to a notable increase in the company’s share price, which rose by 22.3 per cent or Rs. 5.80, closing at Rs. 31.80.
The acquisition of DHT Cement Ltd, a joint venture between Indian and Sri Lankan investors, also contributed to his growing footprint in the industrial sector, accentuating his commitment to diversifying his investments across multiple areas. Six months ago, Mr. Pereira acquired this company for US. $ 20 million, which included a collective $ 8 million for existing shares from original shareholders and a further $ 12 million for newly issued shares.
Hayleys PLC, controlled by Mr. Perera, just this week announced plans to enter the large-scale supermarket sector, planning to open 100 outlets in the first phase. This strategic move marks a significant step in the company’s 148-year history of diversification and value creation, as it seeks to get into the retail business.
Stock market analysts said that Mr Perera is actively seeking more manufacturing companies, preferably listed on the Colombo Stock Exchange, to acquire major stakes.
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