The company was founded in 1954 by Angulugaha Gamage Hinni Appuhamy. A G Hinniappuhamy had his early education at St. Aloysius College, Galle. While still in his teens, he left his school and home and migrated to Colombo to seek his fortunes. After opening his own tea kiosk on Maliban Street, Pettah, in 1935 he converted the shop into a small hotel. Appuhamy opened his second hotel at First Cross Street and then moved it to a larger premises in Norris Road. He subsequently opened hotels at Baseline Road, another at Norris Road and at Chatham Street. He invited his brothers, A. G. Wickramapala and A. G. Jinadasa to join him in managing the expanding business.

Appuhamy then opened a bakery, which initially sold bread but later added hand made biscuits to their range. One of the first biscuits produced was the Maliban Marie biscuit. In order to satisfy the demand he purchased a biscuit cutter from India to assist in the biscuit manufacturing.

Appuhamy bought 0.204 ha (0.50 acres) of land at Kirulapana, where they established a dairy (which was later shifted to Nawala). The Kirulapana property was then used to commence the hand-operated bottling of Maliban Mineral Waters. He also entered into the ice cream industry, opening the Maliban Cream House in Colpetty.

In 1945 after World War II the assets of the businesses carried out by the three brothers were incorporated into Maliban Hotels Limited. The business included six hotels, one tearoom, an ice cream parlour, a mineral water company and bakery.

The company the purchased a plant from Baker Perkins and on 5 August 1954 Maliban Biscuits commenced full-scale production. The bakery section of Maliban Hotels Ltd was subsequently converted into a limited liability company, Maliban Biscuit Manufactories Ltd.

In 1965, the company’s operations were shifted to a new factory complex, which was constructed on a 4.1 ha (10 acres) site in Ratmalana. The Company also has the distinction of being the first food company to achieve the National Quality Award in 1996.

In 1970, Hinni Appuhamy died leaving his company to his son, Rathnapala Samaraweera. In the 1970s and 1980s the company had over 85% of the Sri Lankan biscuit market.

The company now employs over 1,250 people and works continuous 24-hour shifts, producing 25 million packs of biscuits per annum and exporting their products to over 35 countries.