Category: Daily Financial Times

Kerner Haus Global Solutions PLC has begun executing its asset-light growth strategy with the signing of a Property Management Agreement with VKM Services Ltd., for a prime commercial property at No. 46/10, Nawam Mawatha, Colombo 2.

The company said the deal is expected to generate Rs. 12.6 million in annual management fees from existing leases.

Kerner Haus said the agreement marks the first phase of its plan to build a property management platform before moving into selective asset acquisitions. The strategy is intended to create recurring fee income while demonstrating operational capability in managing fully serviced office environments.

The Nawam Mawatha property, with capacity for about 300 office seats, is situated in Colombo’s financial district among major banks and corporates. The location offers strong transport connectivity and access to business services, positioning it for BPO, KPO, and international small and medium enterprise (SME) tenants seeking central business district space.

The facility will be operated under the Kerner Haus brand as a fully serviced office centre offering ready-to-use workspaces with utilities, internet, and maintenance and support services. The company said demand for flexible and professionally managed office solutions is rising with the expansion of Sri Lanka’s outsourcing and business services sector.

The company reported a net asset value of a negative Rs. 72 as of end-September 2025. Ekta Global Ltd., was the majority shareholder with a 63.62% stake on a 27.4% public float.

The shares ended yesterday at Rs. 780.50, up from the previous closing of Rs. 656.

The Urban Development Authority (UDA) is moving ahead with plans to lease the Pettah Floating Market Complex to a Japanese investor in a deal valued at $ 160 million.

The investor intends to refurbish the retail outlets and revive the night-market concept, with the complex to be handed over on an as-is basis. Talks are under way on compensation for existing shop-holders. The UDA has already received an initial payment of $ 16 million.

The Floating Market was developed in 2014 under the Mahinda Rajapaksa administration at a cost of Rs. 344 million. The six-acre site contains 92 shops, including two large restaurants, with 10 units built over the Beira Lake. The UDA carried out additional work worth Rs. 50 million in 2021.

Low footfall during the pandemic and the subsequent economic downturn pushed the complex into losses. The project’s original intent to draw tourists and promote handicrafts and traditional foods was diluted after street vendors were allowed to operate within the premises.

The market has seen little maintenance for more than two years. Under the proposed lease, the Japanese investor is expected to undertake a full upgrade of the facility.

Meanwhile, the UDA has spent Rs. 14.9 million on producing a 20-second promotional advertisement.

Sanasa Development Bank PLC has appointed Chandana Dissanayake to its Board as Independent Non-Executive Director.

Dissanayake counts over 40 years of experience in the Banking and Non-Banking Financial Sector, with extensive experience in the areas of Corporate, Commercial and Retail Lending, Credit Risk Management in UAE, Oman and Sri Lanka. He is an Associate Member of the Chartered Institute of Bankers UK and also a Life Member of the Association of Professional Bankers of Sri Lanka (APB).

Dissanayake has worked for 10 years with National Bank of Abu Dhabi as Vice President – Government Corporate Relations and Associate Director, Commercial Coverage, as well as with HSBC Bank Middle East as Credit Manager for five years. He has also worked at National Bank of Oman, Sampath Bank as well as HSBC Colombo.

He has also held the position of Head of Credit at Union Bank of Colombo, and he worked at Assetline Leasing Company Ltd., from 2017 to 2020 initially as a consultant and was subsequently appointed to the Board as Executive Director to help develop their non-automotive busines

Colombo South and Kandy secured their places in the grand final of the Prima Under-15 Sri Lanka Youth League 2025 after both semi-final encounters ended with no results yesterday due to heavy rain and a wet outfield at both Colombo venues.

The Colombo South vs. Colombo North clash took place at the Mercantile Cricket Ground, while Galle met Kandy at the Thurstan grounds. With both Colombo South and Kandy remaining number one and two after Round 1, they moved forward to the final when rain forced play to be abandoned.

At the Mercantile Cricket Ground, Colombo North, batting first after a delayed start, posted 113-4 in 16 overs. Skipper Mishika Abeywardhana anchored the early innings with a stylish 29, but the highlight was a superb unbeaten 55 off 42 balls by Chethina Kavinda, laced with four boundaries and a towering six. For Colombo South, Denuwan Sathish impressed with the ball, claiming 2/11. However, heavy evening showers denied Colombo South the chance to begin their chase.

Over at the Thurstan grounds, Galle put up a competitive 135-8 in 22 overs after a delayed start. Hirun Matheesha contributed a valuable 24, but the innings was dominated by an explosive 55 off 35 balls by Gesandu Bisas, who struck three boundaries and two huge sixes.

Kandy’s bowlers fought hard, with Sathira Denuwan (3 for 19) leading the attack, while Lakindu Mewul and Thinulaka Rajapakse picked up two wickets each. Kandy’s reply never took off as rain halted play at 27-4 in 5.4 overs, sending Galle to the final.

The grand final will take place at the Thurstan grounds tomorrow between Colombo South and Kandy.

This year’s tournament continues the longstanding commitment of Ceylon Agro Industries (Prima Group SL), which has partnered with Sri Lanka Cricket for 18 consecutive years to uplift junior cricket. Through sustained sponsorship, structured competitions, and islandwide opportunities, Prima has played a pivotal role in identifying young talent and strengthening the pipeline for Sri Lanka’s future cricketing stars.

Results:

At MCA Ground

Colombo North vs.

Colombo South

Colombo North 113-4 (16) (Chethina Kavinda 55*, Mishima Abeywardhana 29, Denuwan Sathish 2/11)

At Thurstan Grounds

Galle vs. Kandy

Galle 135-8 (22) Gesandu Bisas 55, Hirun Matheesha 24, Gayuka Kanishka 19*, Linuwara Sathvidu 18, Sathira Denuwan 3/19,

Thinulaka Rajapakse 2/20,

Lakindu Mewul 2/27)

Kandy 27-4 (5.4)

(Gesandu Bisas 2/7)

Leader of the House Minister Bimal Rathnayake had some harsh words for the media on Monday in Parliament.

‘The media has set this country on fire. The media had worked to turn this country into a graveyard. The media is not so innocent,’ Rathnayake charged during an exchange of strong words with the Opposition leader Sajith Premadasa.

This was after Premadasa criticised the decision to summon a newspaper editor to the CID for the publication of an article related to the police clearance procedures, which the SJB leader said was heavily politicised.

This irked Rathnayake who said that even if it is the media or even a god, if they lie to the people, they must stand against it.

Media personnel are well aware that they are the darling of politicians who are in the Opposition but the moment they come to power they expect the media to be subservient and toe the Government line. Rathnayake is not the first to express such views and certainly will not be the last but maybe it’s time to refresh his memory on the role that this very media played in helping the JVP-led NPP to gain power.

The JVP, before its metamorphosis into the NPP, and even after that till 2024, was confined to the political backwaters and needed all the publicity it could garner to build its public image. To do so, it was not its party cadres or its party publications or social media handlers who helped the party to come out of the wilderness. It was the mainstream media, newspapers and the electronic media.

The majority of the media organisations are privately owned and it is widely known that most are affiliated to political families but despite this, those who make up the seniors in the NPP Government today and even its trade unionists have had the benefit of getting wide publicity. They had hours and hours of television time in private channels and pages of interviews, which gave the party a chance to get their views across. Public events in which the JVP members participated were also given wide coverage when the party wasn’t exactly hot property.

The media on the other hand is not above error and Dr. Shafi’s is a case in point but as a senior Government minister, he should know better than to paint the entire media as evil.

The threatening and intimidation of the media doesn’t help the cause of the Government, certainly not in the long run.

Since taking office, those in Government have developed a phobia toward the media, almost all ministers refusing to talk to journalists, refusing interviews or even giving a comment. Getting them to comment on a subject that comes under their purview has become a tedious process while most Ministers/MPs seem to be under some kind of gag order. Cabinet Spokesman Nalinda Jayatissa makes a weekly appearance at the press briefing but is unresponsive when journalists need a comment, which begs the question why there is an Official Spokesman who refuses to speak to journalists when they need him to.

The Washington Post’s public tagline is ‘Democracy dies in darkness.’

If the Government thinks it can do everything behind closed doors, keep the media out and threaten and intimidate journalists who somehow get the story, it’s a direct threat to democracy. Ministers like Bimal Rathnayake need to get off their high horse and engage with the media, because power is fleeting and should not go to one’s head.

The Government in general also needs to change its attitude in how it engages with the media. It will be a win-win situation for both, and more importantly, for the country.

Sri Lanka Tourism Development Authority (SLTDA) Chairman Buddhika Hewawasam urged the industry to pivot toward higher-value tourism, warning that the country’s current yield per tourist remains far below its potential despite rising arrivals and strong seasonal performance.

Speaking at the Tourist Hotels Association of Sri Lanka (THASL) Annual General Meeting on Monday, Hewawasam said that while the country is on track to surpass key tourism milestones, the average revenue per tourist is still significantly lower compared to competing destinations across Asia.

He noted that most travellers visiting Sri Lanka spend around $ 300 per day, whereas competing destinations such as Malaysia, Indonesia, and island destinations across Southeast Asia report much higher yields.

‘Our challenge is not arrivals, its value. Countries around us are earning far more per visitor. We cannot sustain growth if we continue to attract high volume but low value,’ he said.

He also highlighted that Sri Lanka still struggles with seasonality, experiencing five strong months and seven weaker months.

‘We need year-round appeal. Without that, we cannot meet revenue targets even if arrivals rise,’ he added.

Hewawasam also revealed that Sri Lanka was to lose significant visitor numbers, with airlines cancelling around 45 flights weekly, a trend expected to continue if bottlenecks remain unresolved.

However, he said quick interventions by the private sector and relevant authorities have prevented the loss of 32,000 to 50,000 tourists in recent months amidst strained infrastructure during peak months.

Noting that Sri Lanka already crossed 2 million tourists for 2025, Hewawasam cautioned that volumes alone will not fix structural issues.

He stressed that Sri Lanka needs a minimum of 180,000-200,000 arrivals per month consistently to sustain industry-wide profitability, but more importantly, the country must focus on attracting travellers with higher spending power.

Accommodation bottleneck and domestic aviation constraints

Hewawasam acknowledged a severe accommodation imbalance, noting that Colombo offers more than 11,000 rooms, but many key tourism regions lack capacity.

‘There is a chicken and egg situation; hotels are reluctant to invest because air connectivity is low and airlines do not increase frequencies because room capacity is limited,’ he said.

He said SLTDA has released 3,000 acres for tourism investment, receiving over 130 proposals, with approvals for several expected by year-end. ‘This is aimed at unlocking accommodation supply in key regions,’ he added.

The Chairman stressed that Sri Lanka must build more entertainment, nightlife, events and year-round activities to compete for long-stay and high-spend travellers.

‘Tourists want experiences; entertainment, concerts, curated events and nightlife. We cannot rely only on beaches and heritage. The modern traveller spends on experiences, not just rooms,’ he said.

The Chairman said the destination urgently needs a unified nation-branding strategy to secure sustained growth.

He asserted that Sri Lanka does not simply need more advertising, but a comprehensive, globally aligned brand-positioning campaign.

‘We do a lot of marketing, what we lack is brand positioning,’ he said, predicting that without a strong country brand, Sri Lanka will struggle to compete in a region where destinations such as Japan, Indonesia, and Malaysia are aggressively repositioning themselves.

‘A dedicated marketing and nation-branding unit is being established with support from the World Bank, with a Cabinet paper already submitted. Once approved, it is expected to bypass bureaucratic delays and implement long-awaited global campaigns,’ he stressed.

He said Tourism Development Levy (TDL) revenue remains essential to funding major branding and development initiatives.

Hewawasam said Sri Lanka is simultaneously battling over-tourism during peak periods, particularly in December.

‘Data shows Colombo alone has around 16,000 rooms, but large areas with high tourism potential still lack sufficient accommodation. In many districts, hotel density is less than one property per square kilometre, with some zones offering only 800 rooms in total,’ he pointed out.

He said this imbalance and overcrowding in established hubs and lack of development in emerging ones, stems largely from poor accessibility.

On the aviation front, Hewawasam noted that Sri Lanka needs more domestic routes, more frequencies, and lower seat costs to support regional dispersal of tourists.

He also called for stronger coordination between SLTDA, THASL, and provincial stakeholders to expand visitor experiences nationwide.

‘We cannot grow tourism in isolation. The associations, hotel sector, airlines, and regulators must work together. This is the only way to transform Sri Lanka into a high-value destination,’ Hewawasam said.

Leader of the House Minister Bimal Rathnayake had some harsh words for the media on Monday in Parliament.

‘The media has set this country on fire. The media had worked to turn this country into a graveyard. The media is not so innocent,’ Rathnayake charged during an exchange of strong words with the Opposition leader Sajith Premadasa.

This was after Premadasa criticised the decision to summon a newspaper editor to the CID for the publication of an article related to the police clearance procedures, which the SJB leader said was heavily politicised.

This irked Rathnayake who said that even if it is the media or even a god, if they lie to the people, they must stand against it.

Media personnel are well aware that they are the darling of politicians who are in the Opposition but the moment they come to power they expect the media to be subservient and toe the Government line. Rathnayake is not the first to express such views and certainly will not be the last but maybe it’s time to refresh his memory on the role that this very media played in helping the JVP-led NPP to gain power.

The JVP, before its metamorphosis into the NPP, and even after that till 2024, was confined to the political backwaters and needed all the publicity it could garner to build its public image. To do so, it was not its party cadres or its party publications or social media handlers who helped the party to come out of the wilderness. It was the mainstream media, newspapers and the electronic media.

The majority of the media organisations are privately owned and it is widely known that most are affiliated to political families but despite this, those who make up the seniors in the NPP Government today and even its trade unionists have had the benefit of getting wide publicity. They had hours and hours of television time in private channels and pages of interviews, which gave the party a chance to get their views across. Public events in which the JVP members participated were also given wide coverage when the party wasn’t exactly hot property.

The media on the other hand is not above error and Dr. Shafi’s is a case in point but as a senior Government minister, he should know better than to paint the entire media as evil.

The threatening and intimidation of the media doesn’t help the cause of the Government, certainly not in the long run.

Since taking office, those in Government have developed a phobia toward the media, almost all ministers refusing to talk to journalists, refusing interviews or even giving a comment. Getting them to comment on a subject that comes under their purview has become a tedious process while most Ministers/MPs seem to be under some kind of gag order. Cabinet Spokesman Nalinda Jayatissa makes a weekly appearance at the press briefing but is unresponsive when journalists need a comment, which begs the question why there is an Official Spokesman who refuses to speak to journalists when they need him to.

The Washington Post’s public tagline is ‘Democracy dies in darkness.’

If the Government thinks it can do everything behind closed doors, keep the media out and threaten and intimidate journalists who somehow get the story, it’s a direct threat to democracy. Ministers like Bimal Rathnayake need to get off their high horse and engage with the media, because power is fleeting and should not go to one’s head.

The Government in general also needs to change its attitude in how it engages with the media. It will be a win-win situation for both, and more importantly, for the country.

The United National Party (UNP) has stated that it fully supports the decision taken by Opposition Leader Sajith Premadasa to take on the responsibility for initiating the merger between the UNP and the Samagi Jana Balawegaya (SJB).

The UNP expressed its special gratitude for Premadasa’s personal involvement to unite the two political parties.

Meanwhile, the UNP has appointed a three-member committee consisting of UNP Deputy Leader Ruwan Wijewardene, General Secretary Attorney-at-Law Thalatha Athukorala, and National Organiser Sagala Ratnayake to discuss future activities regarding the proposed UNP-SJB merger. According to the UNP, all discussions on the merger will be taken through the newly appointed committee.

The North East Monsoon Meet 2025, organised by the Royal Colombo Golf Club (RCGC) and sponsored by Dialog Enterprise, delivered exceptional golf, with competitors showing consistency, precision, and remarkable composure across multiple historic trophies.

The Clifford Cup set the tone for the tournament, where Omar Mizran emerged as the winner with an impressive 70+64 for a 134 Nett score. Experienced golfer Chanaka Perera, finishing runner-up on 136 Nett, remained close on his heels, ensuring a tight contest that captured the spirit of the event.

In the Annual Gold Medal, Rohan Pieris delivered the standout gross performance of the round, carding a superb 69 to clinch the title. His rhythm and precision were evident throughout, marking him as one of the tournament’s most consistent golfers. Consistent Husni Uwise, finishing runner-up with a 73 Gross, played a strong round himself, displaying the calm and technical finesse he is known for.

Pieris continued his dominance in the RCGC Centenary Trophy, capturing yet another win with a combined Nett tally of 272 (62+62+76+72). His sustained excellence across four rounds made this one of the most commanding victories of the meet. The runner-up position went to youngster Thejas Rathiskanth, who posted a solid 277 Nett through steady play and perseverance across the challenging format.

The Mackinlay Qualesh event saw Dulanka Weraduwage claim the title with a 65 Nett, showing excellent short game control. Omar Morgan, adding another top-two finish to his week, followed closely with a 67 Nett, proving his consistency across events.

Rounding off the meet, the Nandasena Perera Trophy saw Husni Uwise take top honours with a 144 Gross (73+71). His composed performance set the benchmark, while Chanaka Perera ended as runner-up with 145 Gross, ensured an exciting finish to an outstanding week of golf.

Bairaha Farms PLC reaffirms its dedication to providing consumers with the highest quality, antibiotic-free chicken products, devoid of chemical, artificial additives, preservatives, or added hormones.

This commitment underscores Bairaha’s long-standing philosophy of delivering safe and superior nutrition, setting a benchmark for purity and food safety in the industry.

At Bairaha, the pursuit of wholesome goodness is at the core of every operation. The company employs advanced, non-chemical processing methods that prioritise consumer’s well-being and environmental responsibility.

Unlike conventional practices of the industry relying on harsh chemicals like chlorine for washing/rinsing the bird in processing while, Bairaha utilises Peracetic Acid (PAA), a highly effective and safer alternative for antimicrobial efficacy.

PAA boasts a superior ability to combat a broad spectrum of microorganisms, even at lower concentrations and in the presence of organic matter where chlorine’s effectiveness diminishes.

Crucially, PAA breaks down into non-toxic residues such as acetic acid, water, and oxygen, ensuring no harmful chlorinated by-products, like trihalomethanes are formed, making it inherently safer for food contact.

Furthermore, PAA is considerably less corrosive to equipment at working concentrations, minimising infrastructure wear and tear, and more importantly, it poses a significantly lower risk for worker exposure, as it does not release toxic gas under normal use, unlike chlorine.

These practices are not only aligned with Bairaha’s internal standards but are also widely recognised and accepted by international regulatory bodies, including the USDA and FDA, and by export markets that restrict chlorine use, such as the European Union.

By adhering to these rigorous standards and in being certified with ISO 22000, HACCP, and GMP, Bairaha Farms PLC continues to empower Sri Lankan households with chemical-free chicken with better taste and flavour reinforcing its position as a leader committed to health and purity.