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Lanka Realty Investments PLC (LRI PLC) has successfully completed the strategic transfer of its 50.88% controlling stake in On’ally Holdings PLC to Lee Hedges PLC for approximately Rs. 2.26 billion, marking a significant milestone in the Group’s long-term strategy of creating a focused listed commercial property platform while enhancing financial flexibility across the Group.

Creating value through active asset management

LRI PLC acquired its investment in On’ally Holdings PLC during a challenging period for the commercial property sector with the conviction that Unity Plaza possessed significant untapped potential. Over Rs. 400 million was invested in renovating and modernising the property, upgrading infrastructure, enhancing common areas and optimising the tenant mix.

During LRI PLC’s stewardship, revenue increased from Rs. 181.70 million to Rs. 413.85 million, occupancy improved from 86.90% to 96.37%, retail rental rates increased from Rs. 332.53 to Rs. 966.73 per sq. ft. and office rental rates increased from Rs. 122.25 to Rs. 289.12 per sq. ft., demonstrating the Group’s ability to create substantial shareholder value through active asset management.

Delivering strong returns to shareholders

Including dividends of approximately Rs. 525.31 million received during ownership, the investment generated approximately Rs. 2.79 billion in cash value for LRI PLC and is expected to deliver an estimated separate-company gain of approximately Rs. 834.09 million before transaction costs, taxation and final audit adjustments.

Lee Hedges PLC becomes Group’s flagship commercial property company

The acquisition significantly strengthens Lee Hedges PLC by adding one of Colombo’s most recognisable income-producing commercial assets to its portfolio.

Unity Plaza has remained Sri Lanka’s leading technology retail and office destination for more than three decades, attracting consistent customer traffic, a diverse tenant base and resilient recurring rental income. Its addition enhances the scale, earnings visibility and long-term growth prospects of Lee Hedges PLC while creating an ideal platform for future commercial property acquisitions.

Strategic benefits for Lee Hedges PLC

Acquisition of a landmark income-producing commercial property.

Stronger recurring rental income and enhanced earnings visibility.

Increased scale to support future commercial property acquisitions.

Greater operational efficiencies and shareholder value creation.

Enhanced positioning as the Group’s dedicated listed commercial property platform.

Strengthening LRI PLC through disciplined capital recycling

For LRI PLC, the transaction releases approximately Rs. 2.26 billion of capital, substantially improving liquidity and creating additional financial flexibility to reduce borrowings, optimise the balance sheet and pursue new strategic investment opportunities.

Importantly, LRI PLC continues to retain an indirect strategic interest in Unity Plaza through its controlling shareholding in Lee Hedges PLC, allowing shareholders to continue participating in the future growth of this landmark asset while benefiting from a simplified and more efficient corporate structure.

Strategic benefits for LRI PLC

Unlocks approximately Rs. 2.26 billion in capital.

Improves liquidity and strengthens the balance sheet.

Provides capacity to reduce finance costs.

Creates flexibility to pursue strategic acquisitions and investments.

Demonstrates disciplined capital allocation and active portfolio management.

Continues indirect participation in Unity Plaza’s future growth through Lee Hedges PLC.

Lanka Realty Investments PLC Chairman Sarravanan Neelakandan said: ‘This transaction reflects the culmination of a disciplined, multi-year approach to asset management and value creation, while positioning the Group for its next phase of growth. By consolidating Unity Plaza within Lee Hedges PLC, the Group has established a dedicated listed commercial property platform with meaningful scale, recurring income and future acquisition potential. At the same time, LRI PLC has strengthened its balance sheet, released significant liquidity, and enhanced its ability to recycle capital into new investment opportunities. The Group continues to retain exposure to this iconic asset, while achieving a simpler and more focused corporate structure that the Board believes will support sustainable long-term value for shareholders. The Board acknowledges the contribution of the management team, led by Executive Directors Hardy Jamaldeen and Archie Warman, in delivering this outcome.’

This transaction represents another important milestone in the Group’s long-term strategy of disciplined investment management, active asset enhancement and capital recycling.

With Lee Hedges PLC now established as the Group’s dedicated listed commercial property company and LRI PLC benefiting from enhanced financial flexibility, both companies are well positioned to capitalise on future opportunities, expand their investment portfolios and continue delivering sustainable long-term value for shareholders.

The Central Bank of Sri Lanka (CBSL) yesterday announced an unchanged stance on policy rates at 8.75% following the Monetary Board Review on Tuesday, citing evolving external shocks stemming from the renewed tensions in the Middle East.

The Board noted that the decision was based on an assessment of evolving domestic and global developments, particularly uncertainties linked to geopolitical tensions and their potential impact on inflation and external stability.

‘Renewed tensions in the Middle East have resulted in a surge in global commodity prices, particularly petroleum. These developments are likely to dampen global economic prospects with potential spillovers to the domestic economy through multiple channels,’ it said in its Monetary Policy statement.

It noted that the CBSL will continue to closely monitor domestic and global developments for emerging risks.

Noting that headline inflation accelerated to 6.8% year-on-year (YoY) in June 2026, mainly due to higher domestic energy and food prices, the CBSL said headline inflation is expected to remain above the target of 5% in the near term before gradually returning to the target level.

It also noted that core inflation is also expected to increase and remain around the headline inflation target.

‘In spite of the near-term uptick in actual inflation, inflation expectations remain well-anchored around the inflation target over the medium term,’ the statement added.

Although the acceleration of headline inflation is largely supply-driven, the CBSL said demand conditions in the economy have also strengthened.

‘The CBSL expects the monetary policy tightening carried out previously to transmit to the economy in the period ahead. It stands ready to take appropriate measures to ensure that inflation stabilises around the 5% target, while supporting the economy to reach its potential over the medium term,’ the statement said.

However, together with other policy measures taken by the Government and the CBSL, the monetary policy tightening in May 2026 and its gradual transmission to the real economy are expected to moderate credit growth and the buildup of demand pressures going forward.

It added that the pressure on the external sector caused by the Middle East conflict has eased somewhat, although the outlook remains uncertain due to renewed tensions.

‘Since April 2026, the external current account has recorded a deficit, mainly because higher fuel import costs widened the merchandise trade deficit and tourism earnings slowed down. Going forward, import demand, including demand for motor vehicles, is expected to reduce in response to recent policy measures,’ it noted.

Meanwhile, the statement said workers’ remittances have remained strong so far in 2026. Gross official reserves stood at $ 6.45 billion at the end of June 2026, amid foreign debt service payments. The Sri Lankan rupee has stabilised somewhat in recent weeks, reflecting the impact of policy measures that have been taken thus far.

Sri Lanka has added another milestone to its global academic achievements with the publication of Review of Finance Literature – Volume 6, an internationally recognised scholarly volume published by Emerald Publishing.

The book is indexed in Scopus (Q1) and SCImago Journal Rank (Q1), with an impressive 2025 CiteScore of 8.4, reflecting its significant scholarly impact and international standing. The publication is believed to be the first-ever finance book edited by a Sri Lankan academic to be indexed in both Scopus (Q1) and the SCImago Journal Rank (Q1), achieving an outstanding 2025 CiteScore of 8.4.

The volume is co-edited by Professor Narayanage Jayantha Dewasiri of the Sabaragamuwa University of Sri Lanka, together with Professor H. Kent Baker (American University, USA), Professor Jitender Kumar (Deenbandhu Chhotu Ram University of Science and Technology, India), and Dr. Shubham Singhania (FORE School of Management, India).

As the sixth volume in Emerald Publishing’s prestigious Review of Management Literature series, the book brings together internationally recognised scholars to synthesise contemporary knowledge and identify future research directions in finance.

A tribute to Professor H. Kent Baker

The publication carries profound emotional significance, as it was completed during Professor H. Kent Baker’s passing, an internationally renowned finance scholar whose work transformed the fields of behavioural and corporate finance. Ranked among the world’s top 1% of finance scholars by the Journal of Finance, Professor Baker was celebrated not only for his exceptional research achievements but also for his generosity as a mentor to researchers worldwide.

The editors dedicated the volume to his memory through a special preface titled ‘In Memory of Professor H. Kent Baker.’ The tribute acknowledges Professor Baker’s extraordinary academic legacy, unwavering commitment to research excellence, and his remarkable mentorship that inspired generations of scholars across the globe.

Professor Dewasiri noted that Professor Baker was not only a distinguished co-editor but also an exceptional mentor whose guidance, generosity, and scholarly vision profoundly influenced the development of the Review of Finance Literature series.

A Comprehensive Review of Contemporary Finance

The volume comprises 11 comprehensive review chapters covering some of the most significant and emerging areas in global finance, including:

Asset-based mutual fund performance

Loan portfolio diversification in banking

Financial news and stock market volatility

Microfinance

Sustainability-oriented investor activism

Climate risk and financial stability

Women’s financial literacy

Forensic accounting

Corporate governance in family firms

Non-performing loans

Financial inclusion

Corporate Sustainability Reporting Directive (CSRD) and the European Union Green Taxonomy

Among these contributions is a chapter co-authored by Professor Dewasiri titled ‘Non-Performing Loans: An Integrative Review of Theoretical Foundations and Empirical Trends Through Bibliometric and Systematic Analysis,’ highlighting Sri Lanka’s growing contribution to international finance scholarship.

Global collaboration with lasting impact

The volume reflects a successful collaboration among researchers from leading universities across Asia and North America. Beyond synthesising existing knowledge, the publication identifies research gaps, proposes future research agendas, and serves as a valuable reference for academics, doctoral researchers, policymakers, and finance professionals worldwide.

According to Professor Dewasiri, the objective of the series is to consolidate fragmented knowledge, provide evidence-based insights into emerging areas of finance, and facilitate the development of impactful future research.

Strengthening Sri Lanka’s global research reputation

Professor Dewasiri’s role as co-editor of this internationally recognised publication further reinforces Sri Lanka’s growing presence within the global research community. His contribution demonstrates the increasing involvement of Sri Lankan academics in leading international publishing initiatives and high-impact scholarly collaborations.

Published by Emerald Publishing, Review of Finance Literature – Volume 6 represents an important addition to the finance literature and is expected to become an essential reference for researchers, postgraduate students, policymakers, and practitioners seeking a comprehensive understanding of contemporary developments in banking and finance. The publication further highlights Sri Lanka’s capacity to contribute meaningfully to global knowledge creation while showcasing the country’s academic excellence on the international stage. For more information about the publication, readers may visit the official Emerald Publishing page: https://www.emerald.com/books/edited-volume/21518/Review-of-Finance-Literature

In the end, it was a ten-minute hurricane that separated the sublime from the merely determined.

The first leg of the 80th Bradby Shield, played before a capacity crowd at the Royal Sports Complex on 11 July, was a contest that defied pre-match expectations for more than an hour. Royal College, entering the encounter after two comprehensive defeats to Trinity earlier this season, produced a display of resilience and courage that threatened to rewrite the script of the 2026 campaign. Yet, in a devastating 10 minute burst, Trinity College-the Lions of Kandy-shifted through the gears to secure a commanding 33-10 victory, placing one hand firmly on the Bradby Shield ahead of the second leg at Pallekele on 25 July.

The final scoreline, much like Trinity’s earlier victories of 58-26 and 48-15 this season, suggests a one-sided affair. The reality on the field was far more compelling.

Royal, led by the inspirational Disas Pathirana, threw everything at the reigning league champions. Their forwards, who had been overpowered in both the league meeting and the President’s Trophy final, produced one of their finest performances of the season. They matched Trinity physically and repeatedly challenged a defence that has been among the strongest in school rugby.

Trinity were restricted to a slender 7-3 lead at half-time-a scoreline that gave the Royal faithful genuine hope of reversing a season of disappointment.

For much of the second half, the blue-and-gold defensive wall held firm. Trinity’s much-vaunted attack, one of the competition’s most prolific throughout the season, was frustrated by Royal’s disciplined defence and determined tackling. As the minutes ticked away, the home supporters began to believe they might be witnessing one of the great Bradby upsets.

Then the Lions awakened.

With just under twenty minutes remaining, Trinity found another level. The patience that had defined their unbeaten campaign suddenly gave way to relentless intensity. The forwards laid a dominant platform, winning the collisions and quickening the tempo, while the backs finally found the space they had searched for all afternoon.

Breathtaking spell of rugby

What followed was a breathtaking spell of rugby.

In the space of ten minutes, Trinity tore the match away from Royal with a devastating burst of attacking rugby. Clinical execution replaced earlier frustration as wave after wave of pressure overwhelmed the home side. The precision, composure and attacking flair that had made Trinity the benchmark team of the 2026 season finally came to life, turning a fiercely contested encounter into a commanding victory.

By the final whistle, Trinity had transformed a tense contest into a 33-10 triumph, leaving Royal-despite an outstanding performance for much of the afternoon-to reflect on what might have been. The result gives Trinity a commanding 23-point aggregate advantage heading into the second leg.

More than simply a first-leg victory, it was another statement from a side pursuing one of the finest seasons in Trinity rugby history.

Remarkable triple awaiting

The Lions have already secured the President’s Trophy Knockout Championship and completed an unbeaten run to capture the Dialog Schools Rugby League title. Victory in the second leg would complete a remarkable triple and cement the team’s place among the school’s modern greats.

The statistics underline Trinity’s dominance. Throughout the league season they remained unbeaten, combining a potent attack with one of the competition’s most frugal defences. Their success has been built on an outstanding balance between power and precision. Forwards such as Abdeen, Jayah, Kumarasinghe and Achintha Jayasena have provided a formidable platform, while the backline-marshalled by fly-half Abdul Malik, scrum-half Wijekoon, Yaddehige and that great innovative game reader captain Shan Althaf-has consistently dismantled opposing defences with pace, vision and clinical execution.

Yet the Bradby Shield has never been governed by league form or statistics alone.

Royal College has long built its reputation on rising to the occasion when the Bradby is at stake. The rivalry has produced countless dramatic reversals over the decades and Royal will draw inspiration from both history and tradition as they prepare for the return leg.

When the teams meet again at Trinity College Rugby Stadium in Pallekele on 25 July, Royal will require something extraordinary to overturn a 23-point deficit. Trinity, meanwhile, needs only to complete the task they have begun and capture what would be another memorable Bradby Shield triumph. The expectations of the fans are overwhelming and a record score is what is aspired by Trinity faithfuls.

Should this exceptional group reproduce the composure, discipline and devastating finish that defined the closing stages of the first leg, they will do far more than lift another trophy. They will secure their place among the great Trinity sides-champions who conquered every major challenge before them and restored the Bradby Shield to Kandy in emphatic fashion.

The world of Trinity rugby now waits with anticipation.