Sampath Bank’s Rs. 10 b debenture issue oversubscribed by 22.7%

Sampath Bank PLC’s debenture issue was oversubscribed and closed at its maximum of Rs. 10 billion, having drawn applications worth Rs. 12.27 billion, with a small number of large-value payments made through Real Time Gross Settlement (RTGS) transfers and Letters of Guarantee accounting for nearly the entire amount.

According to the Registrars to the issue, Central Depository Systems Ltd., the bank received 31 applications for 122.66 million debentures as at 22 October, against a maximum of 100 million debentures on offer, oversubscribing the issue by 22.7%. Excess demand amounted to Rs. 2.27 billion, or 22.66 million debentures.

The issue comprised up to 100 million Basel III-compliant Tier 2 listed, rated, unsecured, subordinated, redeemable debentures with five-year (2026/2031) and seven-year (2026/2033) tenures, at a par value of Rs. 100 each. It was structured as an initial 70 million debentures to raise Rs. 7 billion, with an option to issue a further 30 million to raise Rs. 3 billion at the bank’s discretion in the event of an oversubscription.

Tier 2 debentures count towards a bank’s regulatory capital. Their non-viability conversion feature allows them to be converted into ordinary shares if the bank is deemed non-viable, meaning holders absorb losses ahead of depositors.

RTGS transfers, the Central Bank of Sri Lanka (CBSL)-operated system for large-value interbank payments, were the dominant mode of payment. Eight applications paid via RTGS accounted for 80.5 million debentures worth Rs. 8.05 billion, or 65.6% of the total, an average of just over Rs. 1 billion per application.

Payments by Letter of Guarantee came to Rs. 3.5 billion for 35 million debentures from three applications, or 28.5% of the total.

In contrast, payments by bank drafts and cheques, which drew the highest number of applications at 20, amounted to Rs. 715.5 million for 7.16 million debentures, or 5.8% of the total value.

By type, Type A debentures attracted 25 applications for 99.01 million debentures worth Rs. 9.9 billion. Of this, RTGS transfers accounted for Rs. 5.95 billion from six applications, Letters of Guarantee for Rs. 3.25 billion from two applications, and bank drafts and cheques for Rs. 700.5 million from 17 applications.

Type B debentures drew six applications for 23.65 million debentures worth Rs. 2.37 billion. RTGS transfers accounted for Rs. 2.1 billion from two applications, a Letter of Guarantee for Rs. 250 million from one application, and bank drafts and cheques for Rs. 15 million from three applications.

Huawei and Qualcomm announce broad patent licence agreement

Huawei and Qualcomm has announced a multi-year, broad patent licence agreement that includes cross licences to the companies’ patent portfolios across a range of technology fields, including 5G, compute, AI, and networking, together with Qualcomm’s purchase of certain Huawei US patents in the areas of compute, AI, networking, and other technologies.

This transaction will close following receipt of the necessary regulatory approvals. The agreement reflects the companies’ shared commitment to intellectual property rights and to licensing practices consistent with fair, reasonable and non-discriminatory (FRAND) principles.

Huawei’s Chief Intellectual Property Officer Alan Fan said: ‘Huawei’s decades of sustained investment in fundamental R and D have driven innovation and progress in mobile communications and other technology fields. Huawei’s broad contributions to the 4G/5G standards, such as the near-physical-limit signal transmission technology using polar codes, have established Huawei’s leadership in the mobile communications industry, and continuously transformed the way people communicate and live.’

‘This agreement not only demonstrates the value of Huawei’s innovations, but also recognises Qualcomm’s foundational contributions to modern communication technologies,’ Fan added.

Qualcomm Technology Licensing Executive Vice President and General Manager John Han said: ‘Qualcomm has invested in foundational wireless technologies that have enabled successive generations of mobile innovation and earned broad recognition across the global wireless industry. This agreement reaffirms industry recognition of Qualcomm’s 5G technology leadership and the success of Qualcomm’s 5G SEP licensing program. This agreement likewise reflects Qualcomm’s recognition of Huawei’s continued innovation and intellectual property in 5G and other technology fields.’

Wins for Hayleys ‘B’ and George Steuart as NTB, People’s Leasing share points

Hayleys Group ‘B’ and George Steuart registered wins, while Nations Trust Bank (NTB) and People’s Leasing PLC shared points, as the 7th CBL-Munchee-sponsored MCA Challengers League continued last weekend.

On Saturday at the FTZ Ground, Katunayake, in a match reduced to 45 overs per side, Hayleys ‘B’ restricted John Keells to 133 runs and reached the win needed in the 29th over with four wickets in hand. Pasan Gunathunga topped the John Keells scorecard with 33 runs, while Yuthika Silva was the pick of the bowlers with 3-13. Skipper Kalana Perera smashed 38 off 20 balls (2 fours, 4 sixes) to help Hayleys clinch the win.

At the Nalanda College Ground in a match reduced to 38 overs per side, George Steuart made it two in two by defeating English Tea Shop by six wickets. Skipper Ramesh Fernando scored an unbeaten 42 off 93 balls for English Tea Shop, while Risira Weerasuriya also scored an unbeaten 42 off 63 balls for the winners. Ayana Siriwardena’s 3-19 for George Steuart was the best bowling performance of the match.

Scores:

On Saturday

At the FTZ Ground, Katunayake

Hayleys ‘B’ won by 4 wickets

John Keells 133/10 (44) (Pasan Gunathunga 33; Nimesh Vimukthi 2-09, Yuthika Silva 3-13)

Hayleys ‘B’ 134/6 (28.5) (Kalana Perera 38; Tharusha Weragoda 2-20)

At the Nalanda College Ground

George Steuart won by 6 wickets

English Tea Shop 106/10 (33) (Ramesh Fernando 42*; Chathura Jayasekera 2-29, Lahiru Amarasekera 2-12, Ayana Siriwardena 3-19)

George Steuart 109/4 (21.2) (Risira Weerasuriya 42*; Oshanda Wickremasinghe 1-08)

Azerbaijan’s green energy push opens new front for investment

Azerbaijan is entering an important phase of its economic transformation as renewable energy increasingly connects the country’s traditional energy expertise with new opportunities in manufacturing, technology and international trade. The expansion of solar and wind power, supported by international investment and infrastructure development, creates a foundation for a broader industrial strategy that can generate economic value across multiple sectors.

The eighth edition of the EU Business Climate Report Azerbaijan 2025/26, prepared by the VM Europe consortium with European Union funding, highlights the progress achieved in the country’s renewable energy sector. European businesses view the market as a promising destination for large-scale projects, with opportunities spanning engineering, infrastructure, logistics and consulting. These assessments underline the growing importance of renewable energy within Azerbaijan’s economic development agenda.

The figures illustrate the scale of the opportunity. Azerbaijan’s estimated technical renewable energy potential reaches 135 gigawatts onshore and 157 gigawatts offshore, while its estimated economically viable potential stands at approximately 27 GW. Solar power accounts for the largest share of this economically viable potential, followed by wind energy. These resources offer considerable scope for investment, industrial development and long-term energy production.

Azerbaijan aims to develop 8 GW of renewable energy capacity by 2032, while plans envisage integrating 2 GW into the national electricity system by 2027. The country also targets a 30% share for renewable sources in installed electricity generation capacity by 2030 and a 40% reduction in greenhouse gas emissions by 2035 compared with 1990 levels. Together, these objectives establish measurable milestones for the energy transition and provide investors with a clearer picture of the market’s direction.

International partnerships form a central part of this strategy. Projects involving Masdar, ACWA Power, BP, China Gezhouba Group Overseas Investment and SOCAR Green demonstrate the range of expertise and capital entering Azerbaijan’s renewable energy industry. Such cooperation can accelerate project delivery, strengthen technical capabilities and expand the participation of Azerbaijani companies in international energy value chains.

The next stage of development offers an opportunity to deepen the domestic economic benefits of these investments. Solar and wind farms require equipment, engineering services, electrical components, construction materials, maintenance and specialised technical expertise. Expanding local participation across these activities can create additional business opportunities for Azerbaijani manufacturers, small and medium-sized enterprises, technology providers and professional service companies.

The localisation of renewable energy supply chains therefore deserves particular attention. Azerbaijan is advancing a solar panel manufacturing project and exploring local production of wind turbine blades, towers and equipment for energy storage systems in the Alat Free Economic Zone. These initiatives can help connect renewable energy investment with the development of domestic manufacturing capabilities.

Industrial localisation also creates opportunities for workforce development. Engineers, electricians, automation specialists, software developers and maintenance technicians will play increasingly important roles as renewable energy capacity expands. Cooperation between universities, vocational education institutions and international project developers can help prepare specialists for these emerging occupations. A stronger technical workforce can improve productivity and support the growth of local companies across the wider energy ecosystem.

Grid modernisation represents another essential component of this transformation. Battery energy storage systems, new 500-kilovolt transmission lines and infrastructure initiatives such as AZURE can strengthen the electricity system’s flexibility. Efficient transmission and storage infrastructure will support the integration of additional renewable capacity while improving the system’s ability to balance changing electricity generation and demand.

Regional connectivity offers a further dimension to Azerbaijan’s ambitions. Its geographical position between the Caspian region, Trkiye and European markets creates opportunities for cross-border electricity cooperation. As transmission infrastructure develops, renewable energy can complement Azerbaijan’s established role in international energy markets and strengthen its participation in emerging regional electricity networks.

The economic significance of this strategy extends across investment, exports, employment and technological development. Renewable energy projects can attract foreign capital, stimulate demand for local services, encourage industrial investment and create opportunities for Azerbaijani companies to develop export-oriented capabilities. These effects can support economic diversification while drawing on the country’s established energy infrastructure and international partnerships.

Azerbaijan’s renewable energy potential provides a substantial foundation for this transition. The strategic priority is to connect new generation capacity with domestic production, specialised skills, modern infrastructure and competitive local enterprises. By advancing these areas together, Azerbaijan can transform its green energy ambitions into a wider programme of industrial development and strengthen its position as an emerging renewable energy hub in the wider Caspian region.

Taraba’s bloody market day

An attack launched by gunmen suspected to be bandits on Binnari town in Karim-Lamdo Local Government Area of Taraba State has reportedly claimed the lives of over 50 persons, including women and children.

Daily Trust gathered that 51 people were buried on Saturday and the body of one person was recovered on Sunday, bringing the number of those who died in the attacks to 52. Several other persons, including a six-month-old baby, Adamu Rayyanu, sustained gunshot wounds.

Amnesty International Nigeria also noted that 40 people were killed in the attack, which occurred on Friday and that additional bodies were being discovered.

But the Police Public Relations Officer, Taraba State Command, ASP Victor Mshelizah, said only 10 people were killed.

It was learnt that several others are still missing as the search for more bodies inside the bush and Binnari River continues.

Jibri Dabo, a boat operator in Binnari, told Daily Trust that he led the team of local divers inside the river, where they recovered 41 bodies inside the water.

He said when the bandits invaded the town shortly after Jumm’at prayers, people started running in different directions. According to him, most people drowned inside the river while escaping from the attack.

He explained that most of those who drowned were people who attended the market from Gombe, Bauchi and Plateau states and could not swim.

Dabo said other victims were from Jigawa and Yobe states who came to work in rice farms, adding that a team comprising mostly young divers from the community recovered the bodies.

He said some of the bandits observed the Friday prayer with the residents of the town and started firing shots afterwards.

‘Shortly after the Friday prayers at about 3pm, bandits entered the town and opened fire in different directions and everybody started running. There was total confusion in the town. Everybody was running and unfortunately many of the residents who were taken unaware by attackers ran into the bandits while others ran into the river where they drowned,’ Dabo said.

He also revealed that the bandits operated for close to three hours, killing and looting shops unhindered.

According to him, the police came to the town around 9am on Saturday, while soldiers arrived in the evening.

Amnesty International, in a statement, described the attack as ‘utter disdain for the sanctity of life,’ calling for an impartial investigation and justice for the victims.

‘The community is now littered with dead bodies, some burnt beyond recognition, as families declare many still missing. The Nigerian authorities continue to leave rural communities in some parts of the north at the mercy of gunmen who repeatedly commit atrocities with impunity.

‘On the side of the authorities, issuing bland statements condemning these horrific attacks is not enough. Genuine commitment to protecting the people must be demonstrated by ensuring adequate security of lives and property, as well as ensuring justice for the victims. Consistent failure of the authorities to bring the suspected perpetrators to justice is clearly emboldening impunity,’ the organisation said.

Victims, locals recount ordeal

Adama Rayyanu, mother of a six-month-old baby boy who was shot in the foot, told Daily Trust that she was running to enter a boat with the baby cradled in her arms, but the bandits pursued her and other people to the river.

She said as she entered the boat, her baby was shot in the foot but did not die, while many others fell into the river and died. Adama explained that her husband escaped, and she left three of her children behind and took them to a nearby village.

Alhaji Saidu Ali, who narrowly escaped, said he ran for almost one hour in the forest.

‘I was running away from the market where I displayed my wares; unknown to me, it was the other traders who were running behind me. I thought it was the bandits that were pursuing me. I kept running until I got tired,’ Ali said.

He explained that he passed the night inside the forest and when he came back to the market, his wares and money had gone.

Owner of a private clinic in Nahuta village, Adams James, told Daily Trust that 15 victims were brought to his clinic with gunshots for treatment, adding that those with serious wounds were referred to hospitals in Mutumbiyu and Jalingo.

Bello Lawal, another resident, said the Friday attack was the third in two years, but the latest one was deadlier because of the casualty figure.

‘Fifty-two people were buried on Saturday and there are still many people who are missing, while many others could be either inside the river or in the forest. The search for the missing persons is ongoing,’ he said.

He said it is very difficult to give the exact number of people who died because most of the deceased were strangers who came for the market, while others were labourers from different states working on farms in Binnari.

Alhaji Tanko Andami, a community leader, told one of our correspondents that the gunmen looted shops and carted away motorcycles as well as provisions including cash and foodstuffs.

Another resident, Yahuza Binnari, who escaped into the nearby village, said the attackers in their numbers blocked the entrance to the town while some went straight into the market, shooting sporadically.

A trader, Alhaji Abubakar Binnari, lamented that traders lost almost all their goods because the bandits looted the shops in the town.

Gov demands action from security agencies

Meanwhile, Taraba State Governor, Agbu Kefas, has ordered all relevant security agencies to take urgent steps to restore calm, protect lives and property, and bring the perpetrators to justice.

Kefas, in a statement by his Senior Special Assistant on Media and Digital Communication, Mr Emmanuel Bello, stressed that no effort must be spared in apprehending the perpetrators.

He maintained that everyone involved must be held accountable in accordance with the law.

He pledged his administration’s commitment to addressing insecurity and restoring lasting peace in Karim Lamido, adding that efforts were being made to facilitate the safe return of displaced persons to their communities.

‘As part of the broader peacebuilding efforts, the governor recently approved N1 billion for the Taraba State Bureau for Peace and Conflict Management to address the aftermath of previous crises and support initiatives aimed at restoring tranquillity in Karim Lamido,’ the governor said.

He condoled with the families of those killed and urged residents to remain calm and cooperate with security agencies as they work to restore normalcy.

Also, Senator representing Taraba North, Shuaibu Isa Lau, condemned the attack and called on security agents to protect the lives and property of the citizens.

He also called for the immediate resettlement of the displaced victims and provision of relief materials to them.

Meanwhile, the Taraba State Emergency Management Agency (TSEMA) says it is conducting an on-the-spot assessment in the affected community and providing emergency humanitarian assistance to displaced and affected families.

The assessment and distribution team was led by the Executive Secretary of TSEMA, Dr. Audu Echuseh, alongside critical stakeholders from Karim Lamido, including members representing Karim Lamido Constituencies at the Taraba State House of Assembly, Hon. Anas Shuaibu Didango and Hon. Abner Shittu, the Vice Chairman of Karim Lamido Local Government Council, Alhaji Uba Munyarda, traditional leaders and other community stakeholders, who jointly participated in the exercise.

The relief items delivered include foodstuffs, mattresses, blankets, and other essential non-food items to cushion the hardship of victims who lost their homes and means of livelihood.

Poor surveillance, difficult terrain blamed for attack

A security analyst, Dr Kabiru Adamu, has blamed poor intelligence sharing, inadequate forest surveillance and weak coordination among neighbouring states for the recent deadly attacks in Taraba State.

Adamu, the chairman of Abuja-based Beacon Security Consulting Firm, in a chat with Daily Trust last night, said although Taraba had experienced banditry and communal clashes in the past, gaps in security coordination had allowed armed groups to move across state boundaries and attack communities.

He also identified longstanding inter-community conflicts and incursions by Ambazonian fighters from Cameroon as part of the state’s security challenges.

Speaking specifically about Karim Lamido, a border local government area, Adamu said its location made it vulnerable to attacks by armed groups moving from neighbouring states.

‘From time to time, we see incursions from these states. In this current one, the theory is that the incursion is from Plateau State,’ he said.

He said the attackers might have travelled through the Kambari Forest, possibly towards the Ankari Forest, noting that the forest corridors could provide access to Sambisa Forest and other parts of northern Nigeria.

Adamu said the existence of poorly governed spaces and the inability of neighbouring states to coordinate surveillance had made it difficult to track the movement of armed groups.

He also faulted the absence of effective community-based early warning systems, saying the attack occurred on a market day and there might have been warning signs before the violence.

‘If the communities had had early warning systems where they can report, and then there were early response systems too from the government and security agencies, maybe we would not be talking of these unfortunate numbers,’ he added.

The analyst attributed the escalation partly to the movement of criminal groups fleeing sustained security operations in other states.

‘Anytime there is sustained security operation in another state, what these criminal, violent actors do is they run away from that state,’ he said, explaining that the groups could later emerge from forest hideouts to replenish supplies in areas with limited security presence.

To prevent further attacks, Adamu called for a coordinated security framework involving Taraba, Bauchi and Gombe states, alongside the other states in the North-East.

He proposed a coordination centre to direct joint security operations and a regional intelligence fusion centre to collate information and transmit actionable intelligence to the military and police.

He also urged states without forest guards to adopt the federal government’s initiative, alongside deploying surveillance technology to monitor forest corridors.

‘It is a marriage of technology, humans, and systems that would help ensure an effective and efficient system that detects, delays, and responds to security incidents,’ he said.

Also speaking, Iliyasu Gadu, a renowned columnist and analyst from Taraba State, said the recent killings in Karim Lamido were baffling, given the state’s history of containing banditry and kidnapping.

Gadu said Taraba had experienced sporadic communal clashes, often arising from disputes over land, grazing rights and territorial claims, but had not witnessed banditry and kidnapping on the scale recorded in other parts of northern Nigeria.

‘Taraba has not been a hotbed like other states in the North and other parts of the country of banditry, kidnapping and related issues,’ he said.

He said there had been attempts by criminal elements from states such as Zamfara and Borno to infiltrate Taraba, but the government vigilance had helped check their activities.

According to him, successive state governments have also worked with traditional rulers, community leaders and other stakeholders to prevent banditry and kidnapping from taking root.

However, Gadu identified Karim Lamido’s difficult terrain, poor road access and extensive forests as factors that could make the area attractive to criminal groups seeking hideouts.

‘Karim is one of the very inaccessible parts of the state. It’s very remote, and there are no access roads to those areas,’ he said.

He added that the area’s proximity to Gombe, Bauchi and Adamawa states, as well as the presence of forests and poorly governed spaces, could make it difficult for security agencies to detect movements of armed groups.

‘That perhaps is a factor. It’s a very strong factor for people who want to perpetrate their activities and make Karim a base,’ he said.

Gadu urged the Taraba State Government to strengthen security measures and ensure that traditional rulers, religious leaders, community representatives and security agencies work together to identify threats and develop practical responses.

He said existing military formations in the state, including a division, a brigade in the southern part and a battalion in Takum, could support efforts to contain the violence.

Gadu also urged Governor Kefas, a former military officer, to deploy the necessary personnel and resources to prevent further attacks.

‘As somebody from Taraba, I would call on the government to ensure that we don’t allow those people to have a toehold in our state. They have no place in our state,’ he said.

He called for the identification and prosecution of those responsible, in accordance with the law, warning that the state must not allow banditry and kidnapping to undermine the peaceful coexistence of its people.

Aitken Spence Hotels secures 4 Gold, 1 Silver at South Asian Travel Awards 2026

Aitken Spence Hotels secured five awards at the South Asian Travel Awards (SATA) 2026-four Gold awards and one Silver-recognising properties across Sri Lanka, the Maldives and India for excellence in all-inclusive hospitality, responsible tourism, romance, diving, and city stays.

Heritance Aarah was named Leading All-Inclusive Hotel / Resort – Gold; Heritance Kandalama, Leading Eco-Friendly Hotel / Resort – Gold; Adaaran Prestige Vadoo, Most Romantic Resort – Gold; Adaaran Club Rannalhi, Leading Dive Hotel / Resort – Gold; and Turyaa Chennai, Leading City Hotel (Above 40 Rooms) – Silver.

These awards showcase the breadth of the Aitken Spence Hotels portfolio and the character of its destinations; from Maldivian island resorts and nature-led stays in Sri Lanka to contemporary city hospitality in India.

Aitken Spence PLC Chairperson Stasshani Jayawardena said: ‘We are proud to see our hotels recognised across the region. Each award reflects the distinct character of our properties and, above all, the commitment of our people and the care and attention they extend to our guests.’

Aitken Spence Hotel Holdings PLC Managing Director Susith Jayawickrama said: ‘These five recognitions at SATA 2026 are particularly meaningful as they reflect the diversity and individual strengths of our portfolio across three countries. From the Premium All-Inclusive experience at Heritance Aarah and the responsible, nature-led approach of Heritance Kandalama, to the romance and underwater experiences of our Adaaran resorts and the contemporary city hospitality of Turyaa Chennai, each award represents something distinctive. Most importantly, these achievements belong to our teams, whose passion, commitment and consistency continue to bring each of our brands and destinations to life for our guests.’

Gold winner Heritance Aarah, in Raa Atoll, offers a distinctive Premium All-Inclusive experience encompassing beach and overwater accommodation, diverse dining, wellness and personalised service. Ambula, the world’s first Maldivian-Sri Lankan fusion restaurant, the IASO Spa and, curated island activities enrich a stay shaped by Maldivian culture and the surrounding ocean.

Heritance Kandalama received Gold for Leading Eco-Friendly Hotel / Resort, in recognition of its long-standing commitment to responsible hospitality. Designed by Geoffrey Bawa and set within a 211-acre protected forest, the hotel unites architecture and nature through conservation-led operations, wildlife-sensitive practices, and immersive experiences in Sri Lanka’s Cultural Triangle.

Adaaran Resorts added two further Gold awards to the Maldivian portfolio.

Adaaran Prestige Vadoo received Gold for Most Romantic Resort, celebrating its intimate overwater setting in the South Malé Atoll. Private villas, direct lagoon access, personalised butler service and romantic dining make it a natural choice for couples and honeymooners.

Adaaran Club Rannalhi earned Gold for Leading Dive Hotel / Resort, underscoring its close connection to the ocean. At the tip of the South Malé Atoll, the resort provides access to excellent diving, a vibrant house reef, and varied water-based experiences.

Turyaa Chennai completed the tally with Silver in the Leading City Hotel (Above 40 Rooms) category, a notable achievement for Aitken Spence Hotels in India. Situated along Chennai’s OMR corridor, the hotel offers contemporary accommodation, dining, recreation, and convenient facilities for business and leisure travellers.

Together, the four Gold and one Silver awards strengthen Aitken Spence Hotels’ presence across South Asia and the Maldives while celebrating the individuality of its portfolio; from responsible hospitality in Sri Lanka’s forests and Premium All-Inclusive island living in Raa Atoll to romantic escapes, underwater discovery and contemporary city stays. Across every destination, these experiences are defined by place and brought to life by the people behind them.

BASL to host inaugural Board Leader Ready Symposium on corporate governance and boardroom leadership

The Bar Association of Sri Lanka (BASL) will host its inaugural Board Leader Ready Symposium on Saturday, 7 November 2026, at the Courtyard by Marriott Colombo, bringing together distinguished legal professionals, corporate leaders, financial experts and governance specialists for a full-day program dedicated to preparing current and aspiring directors for the responsibilities of board leadership.

The initiative recognises the growing importance of effective corporate governance and the need for directors to possess not only professional expertise but also a sound understanding of their legal obligations, financial oversight responsibilities and strategic role in guiding organisations towards sustainable growth.

The keynote address will be delivered by the Securities and Exchange Commission of Sri Lanka (SEC) Chairman Senior Professor D.B.P.H. Dissabandara. The symposium will feature four thematic sessions led by distinguished professionals from the legal, regulatory, financial and corporate sectors.

The session on corporate governance titled ‘The Boardroom: Where Governance Begins’ will feature SEC Chairman Senior Professor D.B.P.H. Dissabandara; Central Bank of Sri Lanka (CBSL) Independent Director and Member of the Governing Board Nihal Fonseka; BASL President, CBSL former Governing Board Member and SEC former Commissioner Rajeev Amarasuriya; First Capital Holdings PLC Chairman Rajendra Theagarajah; and Independent Director Renuke Wijayawardhane.

The session on directors’ Duties and Liabilities titled ‘Accountable at the Top: Duties, Liabilities and What Every Director Must Know’, will feature former Justice of the Supreme Court and Seylan Bank Chairman Justice Buwaneka Aluwihare, PC; President’s Counsel Dr. Harsha Cabral; Precedent Partner of Heritage Partners and SEC former Director General Dr. Arittha Wikramanayake; Nithya Partners Precedent Partner Naomal Goonewardena; and Sudath Perera Associates Partner Nipuni Samarasekara.

The session on financially-savvy Board members titled ‘Financial Acumen for Board Directors: What Every Director Needs to Know’, will feature Union Bank Chairman and Sri Lanka Institute of Directors (SLID) Chairman Dinesh Weerakkody; Board Director and former Partner of EY, and CA Sri Lanka Past President Arjuna Herath; CA Sri Lanka President Tishan Subasinghe; David Pieris Holdings Ltd.., Group Finance Director and CA Sri Lanka Immediate Past President Heshana Kuruppu; Brandix Group General Manager – Strategy and Transformation and Director Mariam Omar; and Brandix Group Head of Group Legal and Company Secretarial and Inaugural Board Leader Ready Symposium Co-Chairperson Yanina Weerasinghe.

The session on effective board committee governance titled ‘Beyond Compliance: The Director’s Role in Effective Board Committees’ will feature Boardroom Mastery (AICD Australia) and Guru Ltd., Director of Governance Dr. Suresh Marcandan; Colombo Stock Exchange Director Suren de Silva; B.R. De Silva and Co. Partner and CA Sri Lanka Past President Sanjaya Bandara; Non-Executive Independent Director Coralie Pietersz; and Maharaja Foods PLC Chairman Imran Furkan.

BASL President Rajeev Amarasuriya said, the Inaugural Board Leader Ready Symposium presents an exciting opportunity for professionals to look beyond traditional career paths and explore the many possibilities that boardroom leadership offers. ‘For those in the legal profession, the opportunities extend beyond courtroom practice, with their knowledge and skills providing a valuable foundation for contributing to corporate strategy, governance and decision-making. The symposium is also an opportunity for the younger generation of professionals to gain the knowledge and confidence needed to aspire to board positions in the future. Equally, we hope to encourage more women to explore boardroom leadership and take their place in shaping the future of businesses in Sri Lanka. By opening up these possibilities and strengthening awareness of what it takes to be Board-ready, we hope to nurture a new generation of capable, diverse and responsible corporate leaders.’

BASL Board Leader Ready Symposium Chairperson Renuke Wijayawardhane said: ‘I believe that investing in boardroom education and professional development is an important step towards strengthening corporate governance and building more resilient, responsible and sustainable organizations. Our aspiration is to create greater awareness of what it truly means to be Board-ready, while encouraging both current and future directors to approach their responsibilities with the requisite knowledge, integrity, independence and commitment. We hope this symposium will serve as a valuable platform for learning, knowledge-sharing and professional development, ultimately contributing to a stronger pool of corporate leaders who are well equipped to guide organizations towards long-term success.’

The symposium is intended for existing board members, senior corporate executives and professionals aspiring to board positions. While executive experience provides a valuable foundation, effective board service demands a broader strategic perspective, the ability to question constructively and the independence of judgement necessary to oversee management and protect stakeholder interests. These competencies are particularly important in the context of listed companies, where governance standards, transparency and regulatory responsibilities are especially significant.

Through this inaugural initiative, the BASL seeks to encourage greater awareness of what it means to be Board-ready and to support the development of capable, ethical and accountable corporate leadership.

The symposium will be held from 8:15 a.m. to 4:30 p.m. on Saturday, 7 November 2026, at the Courtyard by Marriott Colombo. The registration fee is Rs. 17,500. For further details and registration, please contact the BASL Program Office on 077 588 8781 or email [email protected]

The Daily FT is the official newspaper partner of the symposium, with Derana serving as the electronic media partner. BoardPAC and Brandix are the symposium’s strategic partners.

Pakistan drops Shan Masood from Sri Lanka Test squad as Agha, Rizwan return

Former skipper Salman Agha has returned to Pakistan’s Test cricket squad for the upcoming series against Sri Lanka, but there was still no place for Mohammad Rizwan following the team’s disastrous tour of England.

Agha and Rizwan were among seven players expelled from the Test tour of England in August, a series the visitors lost 3-0.

In Pakistan’s first squad since, five players remain out of favour, including wicketkeeper-batsman Rizwan, who is the subject of an ongoing investigation by the country’s cybercrime agency.

Last week, the Pakistan Cricket Board (PCB) allowed Rizwan to feature in a domestic match.

Agha was left out of this month’s T20 series against Sri Lanka, but the 32-year-old impressed in the ongoing One-Day International (ODI) series at home, scoring a century against Sri Lanka last Sunday.

Along with Agha, left-arm spinner Ali Usman was also recalled after being sent home from the England tour before the third and final Test.

Babar Azam will continue to lead the side in the two Tests against Sri Lanka in Rawalpindi (November 9-13) and Lahore (November 17-21).

The 14-member squad includes a trio of uncapped batters – Mohammad Taha, Sameer Minhas and Mohammad Suleman – who have done well at domestic level.

The two-match series is part of the World Test Championship, with Pakistan ninth and last and Sri Lanka seventh.

Squad: Babar Azam (capt), Abdullah Fazal, Ali Usman, Arafat Minhas, Azan Awais, Mohammad Abbas, Ghazi Ghori, Mohammad Suleman, Mohammad Taha, Razaullah, Saad Baig, Salman Agha, Sameer Minhas, Saud Shakeel

American Premium Water’s ‘Fill Her Glass’ wins Gold at Dragons of Asia 2026

American Premium Water, a pioneer and market leader in Sri Lanka’s bottled drinking water industry for 30 years, has earned regional recognition for its commitment to sustainability and purpose-led communication. Its World Water Day campaign, ‘Fill Her Glass’, won a Gold Dragon in Cause, Environment or Sustainability and a Black Dragon in Small Budget at the Dragons of Asia Awards in Kuala Lumpur, Malaysia.

The campaign was also nominated as finalist for the Red Dragon, recognising the Best in Asia.

The achievement reflects American Premium Water’s belief that sustainability extends beyond environmental responsibility to encompass social progress, inclusion and equal opportunity. Through ‘Fill Her Glass,’ the company highlighted the often-overlooked challenges faced by women and girls in communities where access to water is limited, and how the burden of water collection can affect education, livelihoods and quality of life.

At the heart of the campaign is the thought, ‘She fills the world, but her glass is empty.’ This powerful insight highlights that reliable access to water is about more than meeting an essential need. It can also give women and girls more time, freedom and opportunity to pursue their ambitions and shape their futures.

American Premium Water CEO Fayaz Fazal said: ‘Having pioneered bottled drinking water in Sri Lanka and led the industry for 30 years, we recognise that our responsibility goes beyond providing access to quality drinking water. Sustainability also means understanding the wider impact water has on people, communities and opportunity. Through ‘Fill Her Glass,’ we wanted to shine a light on the challenges faced by women and girls and encourage a more meaningful conversation about water access and equality. We are proud to see a campaign from Sri Lanka recognised on the Asian stage. This reinforces our commitment to using our brand and platform to champion causes that matter and contribute to a more sustainable and equitable future.’

The Dragons of Asia recognition adds to a strong run of accolades for American Premium Water’s recent marketing and communications initiatives. At the Dragons of Sri Lanka, the company secured four awards, including three Gold Dragons and one Black Dragon. It also won at SLIM Digis 2.6 in the category of Cross Media Integration.

The success of ‘Fill Her Glass’ reflects the collaborative efforts of American Premium Water and its communications partner, Shift Solutions, whose creativity and strategic partnership helped bring the campaign to life. Together, these accolades demonstrate American Premium Water’s focus on combining creative thinking, strategic communication and purpose to strengthen its brand while bringing important social and sustainability issues into the public conversation.

As a pioneer in Sri Lanka’s bottled water industry, American Premium Water continues to champion a broader understanding of sustainability, recognising the connection between access to essential resources, community wellbeing and a more equitable future.

Abans unveils Apple’s iPhone 18 lineup and iPhone Duo

Authorised Apple partner Abans held the simultaneous launch of the all-new iPhone 18 lineup and the revolutionary iPhone Duo at Apple Mono stores at One Galle Face Mall (OGF) and Colombo City Centre (CCC) on 23 October 2026.

Marking a milestone for Apple enthusiasts across Sri Lanka, this launch introduces the latest generation of iPhones through its longstanding partner, Abans, combining leading technology, sophisticated design and intelligent features to elevate everyday experiences. In a first for Sri Lanka, Abans will launch Apple’s first-ever foldable iPhone, the iPhone Duo, on par with the global launch, reinforcing its commitment to bringing the best Apple innovations to local consumers without delay.

The simultaneous launch at the two Apple Mono stores further strengthens Abans’ position as a trusted destination for genuine Apple products, giving customers in Colombo the opportunity to experience the newest iPhone innovations at two premier retail locations.

The iPhone 18 Pro and iPhone 18 Pro Max set a new benchmark for smartphone performance and photography. Powered by Apple’s A20 Pro chip, both models feature an advanced 48MP Fusion Main camera with variable aperture, offering greater creative control and improved results across different lighting conditions. Enhanced thermal management supports sustained performance, while significant battery improvements enable users to do more throughout the day. Available in black, silver, glacier and the new burgundy finish, the Pro models also introduce a more versatile Dynamic Island and the latest iOS 27 experience.

Making its debut as Apple’s first foldable iPhone, the iPhone Duo brings a new dimension to mobile technology. Its innovative design combines a compact 5.4-inch outer display with an expansive 7.6-inch inner display, creating a versatile device for multitasking, gaming and immersive content consumption. Crafted from Grade 5 titanium and powered by the A20 Pro chip, the iPhone Duo combines premium manufacturing with powerful performance. Its advanced 48MP camera system and iOS 27 features further enhance the experience, whether the device is folded or fully open.

Both product lines integrate Apple Intelligence and the next-generation Siri AI, bringing more personal, context-aware assistance into everyday tasks, with privacy and security remaining central to the experience.

To celebrate the arrival of the new iPhone range, Abans is extending special offers to customers during the launch period. Accordingly, customers who pre-ordered the iPhone 18 received complimentary AirPods 5th Generation, while customers who pre-ordered the iPhone 18 Pro Max and iPhone Duo received complimentary AirPods Pro. These exclusive offers will continue throughout the launch period, giving more customers the opportunity to benefit from these limited-period promotions. The first fifty customers also received free LG Televisions, a never-before given promotional offer.

Making the latest Apple innovations more accessible, Abans also offers a 60-month instalment plan on credit cards, a buyback and a trade-in offer that allows customers to exchange eligible existing devices, offering greater flexibility for customers looking to upgrade to the latest generation of Apple devices.

Beyond bringing the latest Apple products to Sri Lanka, Abans is committed to delivering a reliable and rewarding ownership experience through trusted retail service, product protection and dependable after-sales support.

As an authorised Apple reseller, Abans provides genuine Apple products, supported by proper documentation, a trusted warranty and genuine after-sales support. Customers can purchase with confidence, knowing they are buying from a trusted retailer committed to product authenticity and customer care.

Abans also offers Shield Pro, a drop-damage warranty that covers up to two replacements of the front glass and two replacements of the back panel, subject to the applicable terms and conditions. Abans is also an Apple Authorised Service Provider, giving customers access to authorised service support. This complements the company’s retail offering by providing customers with a trusted point of contact for assistance throughout their Apple ownership journey.

With two Apple Mono stores at One Galle Face Mall and Colombo City Centre, Abans combines convenient access to the latest Apple products with trusted service, customer-focused offers and a comprehensive support experience.

The simultaneous launch of the iPhone 18 lineup and iPhone Duo underscores Abans’ ongoing commitment to connecting Sri Lankan consumers with globally acclaimed technology. By bringing the iPhone Duo to Sri Lanka on par with its global launch, alongside exclusive launch offers, flexible financing, device trade-in opportunities and added protection, Abans aims to make the latest Apple experiences more accessible to local customers.

Customers are invited to visit the Apple Mono stores at One Galle Face Mall and Colombo City Centre from 23 October 2026 to explore the new iPhone range, experience its latest features and take advantage of special launch offers.