Category: Daily Financial Times

Sri Lanka’s State-Owned Enterprises (SOEs) posted a mixed financial performance during the first half of 2025, with overall profits declining to Rs. 227.8 billion from Rs. 280.7 billion a year earlier.

The fall was largely due to a sharp reversal in the Ceylon Electricity Board’s (CEB) performance, which swung from a substantial profit to a loss following tariff reductions.

These losses outweighed gains recorded by State banks and other profitable enterprises, the Finance Ministry said in its Mid-Year Fiscal Position Report 2025 released on 31 October by Finance Minister and President Anura Kumara Disanayake.

Despite the drop in aggregate profitability, several large SOEs recorded improved results. The three main State banks-Bank of Ceylon, People’s Bank, and National Savings Bank-collectively boosted profits by Rs. 65.5 billion in the first six months, reflecting improved interest margins, balance sheet growth, and lower impairment charges.

Bank of Ceylon’s Profit Before Tax (PBT) rose sharply to Rs. 61.1 billion, from Rs. 22.4 billion in the same period of 2024, supported by a 78.6% increase in net interest income to Rs. 102.7 billion.

Total assets increased to Rs. 5,290 billion, while the deposit base grew by 5.2% to Rs. 4,429 billion. Impaired loans improved slightly to 7.13% from 7.20% at end-2024.

People’s Bank reported its highest-ever half-year PBT of Rs. 28 billion, compared to Rs. 2.6 billion a year earlier, reflecting a 151% increase in net interest income to Rs. 69.3 billion.

The bank’s assets grew by 8.3% to Rs. 3,572 billion, while its deposit base rose to Rs. 3,125 billion. The non-performing loan ratio declined to 9.39% from 10.26%, indicating modest improvements in asset quality.

National Savings Bank also recorded a strong performance with PBT rising 55% to Rs. 31 billion. Its impaired loan ratio dropped to 2.83%, from 5.18% in December 2024. The asset base reached Rs. 1,811 billion, and the deposit base increased to Rs. 1,576 billion.

The CEB’s results, however, erased much of these gains.

Revenue from electricity sales dropped 38.8% to Rs. 192.6 billion, despite a 4.3% increase in demand. The average revenue per kilowatt-hour fell to Rs. 24.64 from Rs. 41.97 due to the tariff reduction in January 2025, followed by a partial adjustment in June.

Although favourable weather conditions reduced thermal generation costs by 8.7%, the utility’s gross profit turned into a Rs. 11.2 billion loss. The CEB ultimately posted a net loss of Rs. 13.2 billion in 1H, compared to a profit of Rs. 119.2 billion in 2024.

The generation mix shifted towards renewable and hydro sources, accounting for 34% and 23% of total output respectively, reducing dependence on coal and fuel-based generation.

The Government meanwhile implemented structural reforms under the Sri Lanka Electricity (Amendment) Act, No. 14 of 2025, establishing four new SOEs for generation, transmission, distribution, and system operation to improve efficiency and transparency.

The Ceylon Petroleum Corporation’s profits declined 17.9% to Rs. 17 billion as turnover fell by 19.3% to Rs. 439.5 billion, reflecting lower global prices and a stronger rupee. Import costs fell to $ 1,040 million from $ 1,235 million in 2024.

The corporation also reduced its longstanding dues to the National Iranian Oil Company from $ 191 million to $ 131 million through partial settlements under the Tea-for-Oil barter arrangement.

SriLankan Airlines remained in financial distress despite a rise in passenger volumes.

The airline carried over 1 million passengers during Q1 of the 2025/26 financial year, with a load factor of 82%, but reported a net loss of Rs. 10.7 billion, down from Rs. 12.9 billion a year earlier.

Operating losses widened to Rs. 5.2 billion, but catering operations provided modest relief, resulting in a group operating profit of Rs. 1.1 billion before finance costs.

The airline’s accumulated losses stood at Rs. 628.3 billion, with negative equity of Rs. 415.2 billion and total liabilities of Rs. 606.7 billion. The Board has approved a five-year restructuring plan focused on cost rationalisation and fleet optimisation.

The National Water Supply and Drainage Board reported a net profit of Rs. 17.7 billion, up 28.3% from Rs. 13.8 billion, supported by lower pumping costs after the electricity tariff reduction.

Revenue reached Rs. 41.5 billion, while cost of sales dropped 20% to Rs. 15 billion. Safe drinking water coverage improved to 99.1%, and the Board added nearly 100,000 new connections.

The Sri Lanka Ports Authority recorded a PBT of Rs. 29.2 billion, up from Rs. 19.8 billion, as total revenue rose to Rs. 52 billion. Container throughput continued to expand, with the Port of Colombo expected to handle over 8 million Twenty-foot Equivalent Units (TEUs) in 2025.

Ongoing development projects at the East and West Container Terminals and Colombo North Port are expected to enhance capacity further.

Airport and Aviation Services (Sri Lanka) Ltd., increased revenue by 31% to Rs. 27.3 billion, supported by strong non-aeronautical income.

Operating profit rose to Rs. 16.1 billion, but a Rs. 4.3 billion exchange loss reversed the previous year’s foreign exchange gain, cutting net PBT to Rs. 14.6 billion and after-tax profit to Rs. 9.8 billion.

The Finance Ministry report noted that while the overall SOE sector remains profitable, its fiscal contribution through levies and dividends fell to Rs. 11.7 billion in 1H from Rs. 14.9 billion in 2024. The Government has moved ahead with broad-based reforms aimed at improving governance and reducing fiscal risks.

In June 2025, the Cabinet approved the drafting of the Public Commercial Enterprises Management Bill, intended to professionalise the management of State-owned commercial entities, introduce stricter governance standards, and ensure accountability.

A separate committee is reviewing non-commercial SOEs for potential mergers or closures.

State bank reforms also advanced under the Cabinet-approved policy framework, with independent directors recommended by a committee of professionals in July.

The Government’s broader restructuring program aims to align State enterprises with commercial principles, reduce financial losses, and improve transparency across strategic sectors.

Sri Lanka’s external sector remained robust in the first nine months of 2025, despite the current account registering a deficit of $ 183 million in September 2025 for the first time this year on surging vehicle imports.

However, the cumulative current account remained in surplus year-to-date (YTD) end-September $ 1.9 billion, up 29% from $ 1.43 billion a year ago, on moderate growth in merchandise and services exports and tourism earnings and higher worker remittances, according to the Central Bank of Sri Lanka (CBSL).

Merchandise trade dynamics continue to shift, with the trade deficit increasing in September 2025 to $ 910 million, up from $ 634 million a year ago, as imports growth out-paced exports. Imports in September rose by 24.5% year-on-year (YoY) to $ 2.05 billion, whilst in the first nine months, the growth was 12.2% to $ 15.4 billion. Exports grew 12.5% YoY to $ 1.13 billion in September, and by 7.3% in first nine months to $ 10.2 billion.

Resultantly, the trade deficit in September rose to $ 910 million, up from $ 634 m a year ago. The merchandise trade deficit in September was largely driven by the surge in vehicle imports, the CBSL said.

The CBSL said that vehicle imports, comprising both personal and commercial vehicles, totalled $ 286 million in September, leading to total vehicle imports of $ 1.2 billion in the first nine months of the year.

The terms of trade improved in September 2025 YoY, driven by higher growth in export prices relative to import prices, while the Sri Lankan rupee depreciated by 3.9% against the US dollar YTD end-October 2025.

The services sector net inflows reported a 6.3% decline from a year ago to $ 181 million in September 2025, but was up a moderate 1.7% YoY to $ 2.85 billion in the first nine months of the year.

Earnings from tourism showed a moderate 1.1% YoY increase to $ 1803 million in September 2025, while cumulative tourism earnings for the first nine months of the year was $ 2.47 billion, up 5.3% from a year ago.

Workers’ remittances amounted to $ 696 million in September 2025, up 25.2% from a year ago, while cumulative inflows for the January-September 2025 period was $ 5.8 billion, a robust 20% growth from a year ago.

The CBSL said foreign investments in the Government securities market continued to record a net inflow in September 2025, while the foreign investments in the Colombo Stock Exchange (CSE), covering both primary and secondary markets, recorded a net outflow.

Gross official reserves, including the swap facility with the People’s Bank of China (PBOC), remained steady at around $ 6.2 billion by end-September 2025, despite meeting external debt servicing commitments, the CBSL said.

Ceylon Tea Brokers PLC has entered into a Share Sale and Purchase Agreement with DP Logistics Ltd., a member of the David Pieris Group of Companies, for the sale of its entire stake in Logicare Ltd., worth over Rs. 635 million.

The deal, signed on 30 October, involves the transfer of 100% of the issued shares in Logicare for

Rs. 635.3 million, based on an enterprise value of Rs. 1.3 billion.

The transaction marks Ceylon Tea Brokers’ full exit from the logistics subsidiary, which was established to provide integrated logistics and warehousing services. The divestment aligns with the company’s strategic decision to focus on its core tea broking and related services business.

DP Logistics, part of the diversified David Pieris Group, is among the country’s largest logistics service providers with operations spanning freight forwarding, warehousing, and supply chain management.

LTL Holdings Ltd., (LTLH) has issued the following Right of Reply to the Daily FT article titled ‘COPE uncovers major ownership dilution and audit concerns at LTL Holdings linked to CEB’ published on 21 October, citing several inaccuracies.

LTL Holdings Ltd., and subsidiaries were invited ‘to be present on 24 October 2025 for the purpose of questioning in respect of the examination of the Ceylon Electricity Board (CEB).’ So, they were under the impression that the company would be questioned with regard to CEB related matters. Letter of invitation did not mention any area of questioning or concerns and in fact, we were not aware of the specific questions that were going to be raised. But to our surprise, right from the beginning, questioning was only about affairs of LTLH.

The reason for LTLH not being audited is not due to any avoidance or denial of access. As per the National Audit Act and/or the Constitution, LTLH is not an ‘auditee entity’ for it to be audited by the Auditor General. However, LTLH and all its subsidiaries have been audited by the auditors appointed by its shareholders, which includes the CEB, not once but twice every year over the last 40 years. They have been incorporated into financial statements of the CEB as required. As the Auditor of the CEB, the Auditor General has the right to inquire on any matter related to LTL’s audited financials from LTL or LTL’s auditor. Whenever they inquire about any concerns through the CEB, LTL has duly submitted their responses and facilitated the CEB audits to date. The LTL Holdings group, with its local and international operational arms, has complied the required auditing and compliance aspects duly and timely in line with laws and rules applicable to the relevant jurisdictions.

With regard to the creation of 10% Employee Trust, we have to emphasise that it was a decision of the two shareholders i.e., the CEB and ABB of Norway, and not of the employees. It was later converted to a company called Teckpro Investments Ltd., to solve a regulatory issue faced by LTL’s foreign operations. CEB employees were not entitled to its shares nor did any CEB employees receive any shares or dividends.

The decision of the CEB to transfer part of its shares in LTLH to West Coast Power Ltd., was a part of the CEB’s debt restructuring program, which was initiated under a policy decision of the Government. LTLH did not play any role in that transaction beyond registering the new shareholder on the instructions of the CEB. At that point, the CEB’s shareholding was reduced to 35% from 63%. However, West Coast Power Ltd., also is a company in which the majority shareholding is controlled by the Government.

All these three shareholder composition changes of LTLH in its history have taken place merely due to external party offers and events and none of them were initiated by LTLH in any of the instances.

The current CEO of LTLH resigned from the CEB and joined LTLH on 1 January 1997. He never held any shares of any LTL companies before joining LTLH and did subscribe to one share of LTLH’s subsidiary named Lakdhanavi Ltd., in the year 2000. Thus, there was no conflict of interest at any point of time. He did not remember the exact dates of these events when questioned by the Committee on Public Enterprises (COPE), which led the discussion that was referred to in the article.

All power plants, including renewable ones, are added in line with the 20-year Long-Term Generation Expansion Plan (LTGEP) prepared every two years by the CEB and approved by the Public Utilities Commission of Sri Lanka (PUCSL) after public consultation. Our subsidiary, Lakdhanavi, has taken part in competitive bidding tenders for the power plants identified in the LTGEP and won projects by always offering the lowest price. We have not obtained any project outside the LTGEP.

The Planters’ Association of Ceylon (PA) is urging the Government to act swiftly to lift the ban on oil palm cultivation, warning that with each passing day, the losses to the nation keep growing.

The PA noted that an estimated amount of over $ 175 million has been spent on edible oil imports between 2021 and 2025 when the ban on oil palm cultivation first commenced in April 2021.

It also noted that Sri Lanka continues to spend exorbitant sums on foreign exchange for edible oil imports that could have been substantially offset by local production.

Once positioned as a key pillar in the nation’s crop diversification strategy, the abrupt policy reversal in 2021 has stalled progress toward edible oil self-sufficiency and dealt a setback to Sri Lanka’s broader economic recovery.

Palm oil cultivation was first introduced to Sri Lanka in 1968, but only began to gain traction in the early 2000s when Regional Plantation Companies (RPCs) sought alternatives to loss-making rubber. Recognising the crop’s immense potential, the Government at the time promised to extend tax concessions for the establishment of new oil palm cultivation in 2009 and even formally endorsed expansion up to 20,000 hectares by 2016.

Sri Lanka’s annual edible fat and oil requirement stands at approximately 264,000 metric tons. Yet local production meets barely a quarter of this demand, forcing the country to depend heavily on imports.

The result is a recurring foreign exchange drain estimated at around US $35 million annually, with cumulative losses already surpassing US $175 million since the ban was imposed.

Before 2021, local production of palm oil supplied a significant share of the domestic requirement, providing a cheaper and more efficient alternative to imported edible oils. Now, despite the ban, palm oil and related fats continue to enter the market under special import licenses which means Sri Lanka is paying foreign suppliers for products it could easily produce at home.

The RPCs have long argued that oil palm offered the most sustainable route to strengthen Sri Lanka’s plantation economy, diversify income streams and conserve foreign exchange. Palm oil yields three to eight times more oil per hectare compared to traditional oil crops such as coconut or soybean, using less land and fewer inputs. With the right policies in place, Sri Lanka could have achieved near self-sufficiency in edible oils, saving billions in import expenditure while generating new rural employment as well. Instead, the ban has left the sector in limbo, with crippling investments and triggering a chain reaction across multiple industries that depend on affordable edible fats.

Millions lost to imported saplings left unused

Before the policy reversal, the Government itself recognised palm oil’s economic promise. In 2009, hybrid seed imports were granted tax concessions and the Rubber Research Institute was tasked with developing local cultivation technology. By 2016, the state had formally endorsed an expansion of up to 20,000 hectares, limited to marginal and degraded lands to avoid any environmental harm. Encouraged by these clear policy signals, leading plantation companies, including Watawala, Namunukula, Elpitiya, Horana and Malwatte Valley, invested billions in nurseries, mills and research facilities. The total sectoral investment in oil palm cultivation and processing is estimated to exceed Rs. 23 billion. However, In April 2021, the Government abruptly prohibited further oil palm cultivation and the import of crude palm oil.

According to the PA, the value of seedlings and young plants that had to be written off exceeded Rs. 550 million. These were saplings imported at considerable cost, specially bred for Sri Lankan soil and climatic conditions and expected to yield for up to 25 years. Today, those imported saplings lie unused, a clear symbol of policy inconsistency and wasted national wealth.

‘The losses from these abandoned nurseries go far beyond what the industry has absorbed’ noted PA Secretary General Lalith Obeyesekere. ‘These were imported assets, paid for in foreign currency. The ban means the Government is now paying more each year to import edible oils that could have been produced locally. It is time to act with pragmatism and vision. Every day the ban remains in place, the country loses money, opportunities and credibility,’ he added.

A ripple effect across industries and rural economies

The sector contributed an estimated Rs. 2.5 billion into rural households annually. With the ban, these communities have experienced a sharp decline in incomes, while millers, refiners and downstream manufacturers struggle to manage shortages. The bakery and confectionery industry, valued at over Rs. 200 billion, has faced significant price hikes for inputs such as margarine and cooking oil where costs are ultimately passed down to consumers.

Over 5,000 direct jobs and 21,000 dependent livelihoods were tied to the sector, with oil palm workers earning nearly double the wages of their counterparts in tea and rubber. Ironically, environmental concerns are frequently raised to defend the ban, yet global data tells a different story. Palm oil is the world’s most efficient oil crop, producing 40% of the world’s vegetable oil on only 6% of cultivated land. Countries like Malaysia, Indonesia and even India have embraced palm oil, pairing cultivation with strict sustainability standards such as RSPO, MSPO and ISPO certifications, along with zero-waste and smallholder inclusion models. In Sri Lanka, most oil palm expansion took place on old rubber lands that had already reached the end of their productive life, without any deforestation.

Moreover, palm oil’s role in food security and health is often overlooked. Naturally trans-fat-free and rich in antioxidants and vitamin E, it is recognised globally as a healthier alternative to hydrogenated fats. Both the World Health Organisation (WHO) and the World Wide Fund for Nature (WWF) have acknowledged that, when cultivated responsibly, palm oil remains the most sustainable and scalable solution to the world’s edible oil needs. Substituting with coconut oil undermines a lucrative export industry that earned LKR 63 billion in 2020.

A sustainable future for Plantation industry

The reinstatement of oil palm cultivation could immediately lower Sri Lanka’s import expenditure, generate local employment and restore profitability to the plantation industry, which has struggled under the weight of policy uncertainty. It could also enable the Government to reposition the plantation sector as a modern, export-driven industry, one capable of supporting smallholders, embracing sustainable standards and attracting new investment.

Sri Lanka can revive its palm oil sector by lifting the ban and adopting sustainability standards, integrating smallholder farmers, reforming import taxation and investing in R and D and traceability systems. India has already moved decisively in this direction, expanding palm oil cultivation by 45% in five years with ambitious plans to reach 1.7 million hectares by 2030.

The PA emphasised that the future of Sri Lanka’s plantation industry lies in adopting forward-looking, evidence-based policies and oil palm represents a viable and sustainable alternative for the sector’s long-term growth.

The Securities and Exchange Commission of Sri Lanka (SEC) celebrated its 38th Anniversary with a bell-ringing ceremony held at the trading floor of the Colombo Stock Exchange (CSE) on 30 October.

It was attended by senior management of both the SEC and the CSE, along with the staff from both organisations.

The ceremony began with welcome remarks from CSE Chairman Dimuthu Abeyesekere, who highlighted the continued partnership between the CSE and SEC in strengthening Sri Lanka’s capital market.

‘Today marks an important milestone in the history of Sri Lanka’s capital market. For 38 years, the SEC has been our steadfast partner, providing critical leadership, guidance, and supervision to support all market stakeholders,’ he said.

SEC Chairman Prof. Hareendra Dissabandara in his speech reflected on the Commission’s achievements over the past 38 years and its commitment to fostering a transparent and investor-friendly securities market.

He said that the SEC was established in 1987 under Act No. 36 to introduce a suitable legal and institutional framework for Sri Lanka›s capital market. After serving for over 30 years with several amendments, the Act was completely repealed and replaced in 2021 with the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021.

The Chairman noted that the SEC is a member of the International Organisation of Securities Commissions (IOSCO) and strives to achieve capital market regulation and development suitable for Sri Lanka while complying with international standards.

Addressing a common misconception, the SEC Chairman emphasised, ”Some believe that the SEC only regulates the market. However, this is not the correct view. The SEC is only one stakeholder in the securities market. Without issuers, investors, the CSE as an operator, stockbrokers, investment banks, margin providers, and rating agencies, there would be no market. We are only one part of the entire securities ecosystem.”

He reaffirmed that the SEC›s efforts are linked to its institutional mission of creating, maintaining, and regulating a fair, orderly, efficient, and transparent capital market, while protecting the welfare of domestic and foreign investors and safeguarding capital market professional standards.

“This paves the way to achieving our vision of becoming a leader in the region in effective capital market regulation,”he said.

Addressing concerns about the SEC›s dual focus, the Chairman was unequivocal: “Some stakeholders may get the impression that whilst we have been focused on market development, we may have forgotten regulation. This is not so. I wish to state categorically that we have in no way forgotten our regulatory role.”The Chairman concluded with a call to action: “I invite all our regulatees to partner with us and work with renewed pride and strength towards the development of the securities market.”As part of the celebrations, the CSE presented the SEC with special memorabilia, symbolising the longstanding partnership and collaborative efforts between the two institutions in promoting a transparent and investor-friendly securities market.

Former New Zealand Captain Kane Williamson has retired from T20 Internationals (T20Is), saying it is ‘the right time for myself and the team.’

The 35-year-old is set to feature in the three-Test series against West Indies in December and will continue to play One Day International (ODI) and T20 franchise cricket.

He scored 2,575 runs at an average of 33.44 and a strike rate of 123 in 93 T20Is. Only Martin Guptill, with 3,531, has scored more for New Zealand.

As Captain, Williamson led New Zealand to the T20 World Cup final in 2021, top-scoring with 85 in defeat by Australia.

‘It gives the team clarity for the series moving forward and ahead of their next major focus, which is the T20 World Cup,’ said Williamson. ‘There’s so much T20 talent there and the next period will be important to get cricket into these guys and get them ready for the World Cup.’

‘Mitch [Santner] is a brilliant Captain and leader – he has really come into his own with this team. It’s now their time to push the Black Caps forward in this format and I’ll be supporting from afar.’

The T20 World Cup in India and Sri Lanka starts in February.

Williamson made his T20 debut for New Zealand in 2011 but had not featured since June 2024. Regarded by many as the best batter in New Zealand history, he is their leading Test run-scorer of all time and fourth on the ODI list.

President Anura Kumara Disanayake yesterday called on religious leaders, particularly the Maha Sangha, to support the Government’s nationwide initiative to eliminate the drug menace from Sri Lanka.

Speaking at an event marking the 150th anniversary of the Peliyagoda Vidyalankara Pirivena, held at the Vidyalankara International Buddhist Conference Hall, the President said the campaign’s success depended on collective action from all communities, regardless of religion, ethnicity, or political belief.

‘The spread of drugs has reached unimaginable levels,’ he said. ‘Differences in political ideology cannot stand in the way of confronting this problem. We must all come together to bring it to an end.’

He underscored the historic connection between the temple and the village, describing the Buddhist monk’s role as central to rebuilding social values.

‘Whenever the country faced a crisis, the Maha Sangha stepped forward for the nation and the people. That guidance is needed again. To rebuild our country, we need monks who once went from house to house and village to village to guide the people,’ he said, urging their active participation in the anti-drug initiative.

The ceremony was attended by members of the Maha Sangha, former President Gotabaya Rajapaksa, Opposition Leader Sajith Premadasa, Ministers, former Prime Minister Dinesh Gunawardena, and other political and religious representatives.

Lanka Credit and Business Finance PLC has announced the appointment of Charles Gamage as a Director.

Gamage had pioneered the establishment of the Galle Co-operative Hospital, functioning as it’s General Manager and subsequently appointed as the Chairman of the Board of Directors of the Hospital which position he holds to date.

From a humble beginning as a dispensary, he contributed his administrative skills towards expanding services and operations of the entity, resulting in creating the fully -fledged ‘Galle Co-operative Hospital’ that exists today to serve specifically those in medium and low-income groups in the Galle District.

His contribution involved construction and provisioning of required land and building space to accommodate wards, provisioning of Specialist Consultation Services, Cardiac Unit, Operating Theatres, Incentive Care Units, a Diagnostic Center consisting of MRI, Mammography and Spinal X-Ray facilities, Laboratories backed by the required skilled medical analysts, nursing staff and supporting services.

Gamage is one among the initial Directors of the Ruhunu Development Bank to be appointed by the Central Bank of Sri Lanka and is also a Director of Galle District Co-operative Rural Bank for the last 3 years, Director of Sri Lanka Federation of Co-operative Societies, Consultant to the Union of Co-operative Societies and member of the Meepawala Sanasa Society.

LCB Finance said its Board of Directors could benefit immensely by the availability of Gamage’s 30 years’ experience in the Co-operative Sector, NGOs and from his administrative skills, in achieving the ambitious business expansion plans, specifically aimed at expanding the business volumes of the company with the Co-operative sector establishments, operating in the catchment areas, served by the company’s branch network.

Cargills (Ceylon) PLC recently announced that Asite Talwatte retired from its board, having previously served as the Senior Independent Director of the company until April 2024, and subsequently as a Non-Independent Director.

In a statement, the Board of Directors of Cargills expressed its deep appreciation to Talwatte for his invaluable contributions and dedicated service to the Company.

Talwatte also functioned as the Chair of several Board sub-committees of the Group including the Audit Committee, Related Party Transactions Review Committee, and the Remuneration Committee.

In the statement Cargills (Ceylon) PLC noted that Talwatte’s wise counsel to the Board and Management, his well-known business acumen, and his vast industry insights have been instrumental in guiding the Company through a particularly challenging period for the nation and the broader business community.

Earlier this year, Talwatte chose not to seek re-election to the Board of the parent company, C T Holdings PLC.

A respected senior accountant and distinguished corporate personality in Sri Lanka, Talwatte has made a lasting impact through his exemplary professionalism, integrity, and leadership, the statement added.