Founded in 1954 by Angulugaha Gamage Hinni Appuhamy, the business is originally located on Maliban Street in Pettah. Prior to that he operated the Maliban Hotel in 1935. Hinney Appuhamy opens his second hotel on First Cross Street and then opens another on Norris Road. Hinney Appuhamy invites his brothers Wickramapala and Jinadasa to join his business and sets up a bakery, a biscuit factory and an ice cream factory respectively. They entered the biscuit business full time shortly after World War II, when they bought a Baker Perkins factory in 1954.

Hinney Appuhamy Mudalali always thought of the superiority of his products, no matter how businesslike they were, which is why he stated that his family must taste the biscuits he makes before giving them to his company's customers. He cared so much about the quality of the products. The Maliban business, which currently employs more than 1,250 people, produces more than 25 million packs of biscuits a year and exports to 35 countries.