Category: Daily Financial Times

Lankem Ceylon PLC yesterday announced that its subsidiary, JF Packaging Ltd., has received approval in principle from the Colombo Stock Exchange (CSE) to list its Ordinary Voting Shares through an Initial Public Offering (IPO).

The company said the listing will be made by way of an Offer for Subscription on either the Main Board or the Diri Savi Board of the CSE.

JF Packaging will offer 51,724,144 ordinary voting shares at a price of Rs. 11.60 per share and raise a little more than Rs. 600 million.

The subscription list for the IPO is scheduled to open on 30 October.

Further details of the issue, including the prospectus and final listing arrangements, are expected to be announced once the company completes the remaining regulatory requirements.

The US Department of the Treasury yesterday said it has imposed sanctions on a global network of companies, ships, and individuals facilitating Iranian petroleum and liquefied petroleum gas (LPG) exports, including shipments that reached Sri Lanka.

This is part of a broader crackdown on what Washington describes as Iran’s ‘shadow fleet.’

In a statement issued from Washington, the Treasury’s Office of Foreign Assets Control (OFAC) said it has sanctioned over 50 entities, individuals, and vessels connected to Iran’s energy export operations, targeting billions of dollars in trade that has generated critical revenue for Tehran’s regime.

According to the Treasury, two United Arab Emirates (UAE)-based firms, Markan White Trading Crude Oil Abroad Co. LLC and SLOGAL Energy DMCC, played key roles in enabling sales and shipments of Iranian LPG to Sri Lanka.

In late 2024 and early 2025, SLOGAL reportedly purchased Iranian LPG that was delivered by Panama-flagged and Palau-flagged vessels GAS DIOR and MAX STAR to Sri Lanka. These vessels, along with their operating companies, Aerilyn Shipping Inc. (Panama) and Ocean Inc. (Marshall Islands), have now been sanctioned.

The Treasury said multiple consignments of Iranian LPG were sent to end users in Sri Lanka and Bangladesh during this period. The shipments were coordinated by Iran-based Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of Iran’s largest petrochemical brokers, through intermediaries in the UAE and Hong Kong.

The OFAC identified a wider web of entities across the UAE, Hong Kong, China, and the Marshall Islands for operating in the Iranian petroleum sector or assisting sanctioned firms.

‘All property and interests in property of the designated persons that are in the United States or in the possession or control of US persons are blocked,’ the OFAC said. The measures effectively bar US citizens and companies from conducting transactions with the listed entities and vessels.

The Treasury warned that any institutions or individuals engaging with sanctioned actors risk secondary sanctions, potentially exposing foreign banks or trading firms to US enforcement actions.

‘The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,’ Treasury Secretary Scott Bessent said, adding that the sanctions are intended to curb Tehran’s ability to finance militant groups across the Middle East.

The latest measures represent the fourth round of sanctions targeting China-based refineries and intermediaries since mid-2024, marking an escalation of US efforts to curtail Iran’s petroleum revenue streams.

Sri Lanka, which imports most of its LPG requirements, has in recent years sourced cargoes through regional traders based in the Gulf and Asia.

Sri Lanka’s exposure to Iran is limited: According to the Export Development Board (EDB), total imports from Iran amounted to $ 2.48 million, which had fallen gradually from $ 9 million in 2021.

Colombo stock market rebounded yesterday to close on the up with turnover exceeding Rs. 13 billion amid upbeat investor sentiment following the IMF’s positive review of the ongoing program. The ASPI gained 0.35%, up 76.75 points to 22,174.74 but the active S and P SL20 ended a marginal 0.84 points to lower at 6,162.38, down 0.01%. Turnover was Rs. 13.3 billion on more than 918.2 million shares traded. Foreigners were net buyers with a net inflow of Rs. 252.5 million, compared to Rs. 196.2 million outflow the previous day.

First Capital Research said reversing the previous session’s profit taking position, Colombo Bourse exhibited buying sentiment during the day. ASPI ended in green territory and ended the day at 22,175, gaining 77 points, largely contributed by the upward movement in blue-chip companies. COMB, DIMO, BUKI, CARS and WIND were the top positive contributors to the index. Turnover stood at Rs. 13.3 billion reflecting an increase of 90% compared to the monthly average that stands at Rs. 7 billion.

Banking sector took the lead in terms of sector wise contribution to the turnover, with a share of 48%, while Diversified Financials sector and Capital Goods sector jointly contributed 23%. A noteworthy contribution from HNW participants was observed, mainly driven by profit-taking in COMB, with an off-board transaction accounting for 40% of today’s turnover.

The positive investor participation could have been backed by IMF’s disclosure on reaching a staff-level agreement on the fifth review under Sri Lanka’s extended fund facility agreement.

Moreover, investor participation was observed on penny stocks. Foreign investors turned net buyers, recording a net inflow of Rs. 252.5 million. NDB Securities said ASPI closed in green as a result of price gains in counters such as Commercial Bank, Diesel and Motor Engineering and Bukit Darah with the turnover crossing Rs. 13.3 billion. Meanwhile, the S and P SL20 edged down. Crossings were witnessed in Commercial Bank, Cargills and Diesel and Motor Engineering, accounting for 54.8% of the turnover. Mixed interest was observed in John Keells Holdings, SMB Leasing and UB Finance Company whilst retail interest was noted in Kotagala Plantations Rights, Hela Apparel Holdings and Waskaduwa Beach Resort.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers. The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index gained 0.75%. The share price of Commercial Bank increased by Rs. 6.25 (3.17%) to close at Rs. 203.25. Diversified Financials sector was the second highest contributor to the market turnover (due to SMB Leasing) whilst the sector index increased by 0.78%.

The share price of SMB Leasing recorded a gain of 30 cents (42.86%) to close at Rs. 1. Diesel and Motor Engineering, John Keells Holdings and Cargills were also included amongst the top turnover contributors. The share price of Diesel and Motor Engineering gained Rs. 552 (27.47%) to close at Rs. 2,561.75. The share price of John Keells Holdings moved down by 60 cents (2.79%) to close at Rs. 20.90. The share price of Cargills appreciated by Rs. 17.25 (2.30%) to close at Rs. 767.25.

Justice Minister Harshana Nanayakkara told Parliament yesterday that details related to the ongoing investigations into the 2019 Easter Sunday bombings should not be made public while inquiries are still underway.

He said even Parliament should refrain from directing the release of such information, as it forms part of active investigations.

The Minister made these remarks in response to a question from SJB MP Dayasiri Jayasekara, who referenced a statement by MP Nizam Kariapper calling on the Government to identify and disclose the mastermind behind the attacks.

Nanayakkara further noted that efforts to interfere with or influence the investigation process, even indirectly, must be prevented.

Meanwhile, the Ministry of Public Security yesterday dismissed as false the social media claims that its Secretary, retired Senior DIG Ravi Seneviratne, had alleged India’s involvement in the 2019 Easter Sunday bombings.

Police said Seneviratne appeared before the Parliamentary High Posts Committee on 8 October to answer several questions but did not make any remarks implying India’s role in the attacks.

Seneviratne described the circulating posts as completely baseless and intended to mislead the public.

According to police, the Inspector General of Police has been instructed to investigate those responsible for spreading the fabricated report, while Seneviratne has also sought legal action against the individuals behind it.

Sri Lanka Muslim Congress (SLMC) MP Nizam Kariapper, however, stated on X that Public Security Ministry Secretary Ravi Seneviratne had confirmed the identification of the main conspirator behind the 2019 Easter Sunday attacks.

According to Kariapper, Seneviratne made the remark in response to a question he raised during the proceedings of the Parliamentary Committee on High Posts.

‘In reply to my question before the High Posts Committee, Ravi Seneviratne said, ‘We have identified the main conspirator behind the Easter Sunday attacks,” Kariapper wrote.

Police said yesterday that a man and a woman arrested at a house in Pahala Biyanwila, Kadawatha, on Wednesday were found with more than 18 kilograms of narcotics in their possession.

Initial reports indicated the suspects had 12 kilograms of drugs at the time of arrest, but the quantity was later revised following a detailed inventory.

According to Police, the haul included 12 kilograms of heroin, 2.4 kilograms of Kush cannabis, 2.3 kilograms of hashish, and 1.4 kilograms of crystal methamphetamine (Ice).

The suspects, a 32-year-old woman and a 26-year-old man, are being held by the Kadawatha Police and were produced before the Mahara Magistrate’s Court yesterday.

Fintrex Finance Sri Lanka has embarked on a transformative journey in partnership with Asia Pacific Technology Systems (APTS) and Craft Silicon, marking a significant milestone in its digital banking evolution.

The official agreement signing, held recently, formalised the collaboration for the implementation of a state-of-the-art core banking system.

This partnership reflects a shared commitment to innovation, efficiency, and enhanced customer experience. By leveraging Craft Silicon’s globally recognised fintech solutions and APTS’s expertise in technology integration, Fintrex Finance aims to modernise its banking operations, streamline processes, and deliver seamless financial services to its customers.

The agreement signifies more than just a business collaboration; it embodies a unified vision of excellence and forward-thinking in the financial sector. Stakeholders from Fintrex Finance, APTS, and Craft Silicon were present at the signing ceremony, celebrating the beginning of a strategic alliance that promises to reshape the banking landscape in Sri Lanka and beyond.

Sysco LABS Sri Lanka hosted the inaugural ‘Sysco LABS Dialogues – Academia, Policy and Industry in Information and Communications Technology’ recently, highlighting how committed public-private partnerships serve as an essential catalyst for achieving Sri Lanka’s national digital economic goals.

Sysco Executive Vice President and Chief Information and Digital Officer Tom Peck gave the opening remarks at the strategic forum held at the Atrium, Cinnamon Grand.

The evening drew senior representatives from the Export Development Board (EDB), The American Chamber of Commerce Sri Lanka (AmCham), SLASSCOM (Sri Lanka Association of Software and Services Companies), FITIS (Federation of Information Technology Industry of Sri Lanka), CSSL (Computer Society of Sri Lanka), universities, and other corporates in the industry.

From an investor/corporate point of view, Tom Peck, Executive Vice President and Chief Information and Digital Officer of Sysco Corporation, shared why Sri Lanka remains a strategic ICT investment destination.

‘We look for talent that can solve problems, think collaboratively, and drive real business outcomes. Sri Lanka offers that kind of talent and a supportive environment for innovation,’ he said. ‘Over the past years, Sysco LABS has grown and expanded significantly in Sri Lanka, tackling complex business challenges and delivering innovative solutions across multiple technology domains. Sysco is leveraging these innovations to help reinvent global foodservice.’

Tom highlighted that global capital seeks ecosystems where world-class talent is amplified by collaboration, and Sysco LABS’ success demonstrates how Sri Lanka’s unique partnership between policy, academia, and industry creates economic value, making it a compelling destination for continued investment.

LIRNEasia and Sarvodaya Fusion Chairperson Prof. Rohan Samarajiva, emphasised that to attract serious investment, Sri Lanka must build foundational ‘digital rails,’ starting with fast, transparent Government procurement. ‘The most important thing is predictability and seamless interaction. The Prof. explained that this creates an essential platform for public-private partnerships to thrive, establishing a high-trust, low-friction environment where the private sector is empowered to lead and innovate. The Government’s most critical role, he explained, is to enable an environment that allows collaboration to flourish and drives sustainable economic transformation.

SLASSCOM’s Chairperson Shehani Seneviratne outlined Sri Lanka’s impressive ICT export journey and key milestones, showcasing how the private sector can influence policy and talent development. ‘For years, our industry has been driven by the private sector and passionate individuals, and that remains our strength. Today, we are working closely with universities to ensure graduates are employable and industry-ready, while also creating new pathways such as online internships. At the same time, we continue to engage with Government on policy and regulation, because while policy provides the ambition, it is industry that must lead on talent and innovation to keep Sri Lanka competitive as a global ICT hub,’ she noted.

The discussion also spotlighted academia’s transformative role. University of Colombo School of Computing Senior Lecturer Dr. Ajantha Athukorale, described how universities are evolving from being suppliers of graduates to becoming dynamic partners. ‘In this era, it is vital that our graduates have strong fundamentals, so they are employable and able to tackle real-world problems. That’s why universities must go beyond theory, working with industry on curriculum design, building entrepreneurial skills, and creating opportunities such as industry-academia immersion. These collaborations ensure that the talent we produce is not only capable but also ready to innovate and contribute directly to Sri Lanka’s digital economy.’

The Sysco LABS Dialogues demonstrated how committed partnerships are essential to achieving national digital economy goals. It explored pathways where industry can support Government digital infrastructure. It also highlighted how academia can co-create a strategic, innovation-focused talent pipeline. The Dialogues further showcased why Sri Lanka is a compelling destination for global companies seeking to build purpose-driven technology. By advancing this model, the forum highlighted how collaboration can accelerate economic growth and strengthen Sri Lanka’s position as a global ICT hub.

Colombo Land and Development Company PLC has appointed Ruchira Withana to its Board as a Non-Executive Director.

Withana, Director General (Covering) of the Urban Development Authority (UDA), brings over five years of experience in the private sector and 27 years in the public sector as a SLAS Officer in the fields of business management, administration, industrial development, training, research, and land management and development, with significant experience in foreign-funded projects and programs supported by JICA, UNIDO, IRG (USA), ADB, and the UN.

He holds a Postgraduate Diploma in Environmental Management from the Maastricht School of Management, Netherlands, and a B.Sc. in Physical Science from the University of Kelaniya. In addition, he is pursuing a Master’s Degree in Archaeology from the University of Kelaniya.

He has held key positions including Regional Director at Vocational and Technical Training Ministry, Director at Industry and Commerce Ministry, Director at Buddhasasana, Religious and Cultural Affairs Ministry, Secretary (Fund) at Buddhasasana, Religious and Cultural Affairs Ministry, and Additional District Secretary (Land) at the District Secretariat, Gampaha.

Currently, he serves as Director General of the National Physical Planning Department in addition to his role as Director General (Covering) of the Urban Development Authority. He is also a Board Member of the Geological Survey and Mines Bureau, Lanka Mineral Sands Ltd., Gem and Jewellery Authority, Sri Lanka Land Development Corporation, Waters Edge Ltd., Urban Investment and Development Company Ltd., Condominium Management Authority, Road Development Authority, and Lanka Electricity Company Ltd.

Biodiversity Sri Lanka (BSL) marked its 10th anniversary this year, celebrating a decade of uniting businesses, scientists, and policymakers to safeguard the island’s natural heritage.

From its inception, Dilmah Tea played a pivotal role alongside IUCN and the Ceylon Chamber of Commerce in co-initiating BSL, funding its first staff member and helping shape the platform that would connect companies eager to act on biodiversity with the expertise and frameworks needed for measurable impact.

What began in 2012 as the Business and Biodiversity Platform, driven by this founding partnership, evolved into BSL in 2015 – making Sri Lanka the first country after Japan to establish a corporate-led biodiversity initiative.

This milestone anniversary was commemorated with Annual Technical Sessions on 24 September and the BSL Annual General Meeting on 26 September, both celebrating BSL’s pioneering role and looking ahead to an even stronger decade of action.

BSL Senior Technical Adviser Shiranee Yasaratne said: ‘I look back with a sense of pride and also great appreciation because we trod untrodden waters. At that point I need to recollect the initiation carried out by the likes of Prema Cooray, the Secretary Generals of the Ceylon Chamber of Commerce, IUCN, and Dilmah Conservation, which funded the first staff member for the platform.’

What started as a lonely journey with five members has today grown into a network of over 100 member organisations spanning the sectors of manufacturing, tourism, IT, finance, and more. Its flagship LIFE Series has built a portfolio of multi-stakeholder projects to restore threatened ecosystems. The first initiative restored 12 hectares in Kanneliya Conservation Forest and has since expanded to 10 hectares of mangrove restoration in Anawilundawa Sanctuary, management of 130 kilometres of coastline to reduce plastic pollution, coral reef rehabilitation, and restoration of Lunugamwehera National Park areas degraded by invasive species.

At this year’s Annual Technical Sessions, keynote addresses highlighted the urgency of business engagement. Renowned biodiversity scientist Rohan Pethiyagoda underlined the importance of corporate action for nature, while IORA Ecological Solutions, India Senior Economic Adviser Prof. Madhu Verma stressed the need to value nature in economic decision-making.

A high-level panel moderated by Resplendent Ceylon Chairman/CEO Malik Fernando, explored how businesses are embedding biodiversity into strategy. Panellists included University of Colombo Emeritus Professor of Economics Prof. Sirimal Abeyratne, Architect Murad Ismail, IUCN Country Representative Dr. Shamen Vidanage and Hayleys Fabric PLC Executive Director – Finance and ESG Rohitha Bandara, with expert reflections from UNEP ROAP Senior Regional Adviser on Climate and Environment Aban Marker Kabraji.

Recognising Dilmah’s commitment to biodiversity Kabraji said: ‘I was there at the creation of Biodiversity Sri Lanka, I know how much the Dilmah Family led it. All I can say is you showed us the way, and I thank you for it.’ It is commendable how Dilmah has taken a corporate leadership role towards a national sustainability objective.

The afternoon shifted to focused breakout sessions where economists, scientists, researchers, and corporate leaders exchanged ideas across six themes: Financing the Plastic Revolution; Science, Policy and Partnerships; Harnessing Nature to Transform Business Strategy; AI and Nature for Enriched Experiences; Cultivating Biodiversity in Agriculture and Plantations; and Aligning Business and Nature. Member-led examples showcased on-the-ground projects, challenges, and lessons.

At the Annual General Meeting, BSL Chairperson and Dilmah Chairman/CEO Dilhan C. Fernando presided, sharing updates from the past year after which a new Board of Directors was appointed.

‘Through our LIFE Series and science-led restoration programs, BSL is pioneering private-public-people collaborations that go beyond tree planting to deliver resilient landscapes, thriving wildlife, and shared prosperity,’ said Fernando.

A highlight of the AGM was the unveiling of BSL’s new logo and strategy, structured around five pillars under the acronym L.I.F.E. These focus on restoring landscapes, supporting local communities, promoting responsible resource use, and forging partnerships between business, science, and policy to drive lasting impact.

In today’s global context, sustainability is no longer optional. For Sri Lankan companies, particularly those linked to European and American markets, compliance with environmental standards is becoming mandatory. BSL’s mission goes further – nurturing businesses that embed sustainability into core strategy, while addressing climate change, pollution, and resource depletion.

With a decade of impact behind it, BSL now looks ahead to a future where business takes a leading role in building a nature-positive Sri Lanka.

The Nations Trust WNPS Monthly Lecture will be held on Thursday, 16 October at 6 p.m., at Jasmine Hall, Bandaranaike Memorial International Conference Hall (BMICH).

Sri Lanka’s incredibly diverse land-snail fauna is dominated by endemic species. Most of these endemic species are wholly or nearly dependent on natural forest, and most are restricted to small ranges in the wetter parts of the island. The question that underpins her study of this fauna is, ‘What historical and contemporary forces have shaped what species are found at a particular place?’ In this lecture, she will discuss her efforts to investigate this question, explore the approaches used for studying species-rich yet poorly known taxa such as land snails, and highlight the crucial importance of this kind of research for conserving Sri Lanka’s endemic biota.

The public’s attention often gravitates toward charismatic, large animals such as the elephant, leopard, and whale – species that dominate research and conservation efforts globally. In contrast, invertebrates like land snails, which make up more than 80% of all living species, are comparatively neglected. Her research on the composition of Sri Lankan land-snail assemblages at geographical scales ranging from local (e.g., a single site) to regional (e.g., across multiple climatic zones) offers intriguing and crucial insights into the diversity, distribution, and evolution of an invertebrate group dominated by species found only on the island (more than 80% of recognised Sri Lankan land-snail species are endemic). This work also has important implications for conserving forest-living species. Her research, for example, has shown that while certain types of non-forest habitats can support rainforest species, they are not a substitute for conserving species in their natural habitat.

Dinarzarde Raheem is a Senior Lecturer at the Rajarata University of Sri Lanka, where she is based at the Department of Biological Sciences, Faculty of Applied Sciences. Her research is broad-based, cutting across systematics, taxonomy, community ecology, and palaeoecology, with the land-snail fauna of South Asia-particularly that of Sri Lanka and India’s Western Ghats-being a specific focus. She has a wide-ranging interest in natural history collections, encompassing collections-based research, capacity building, collections development, and curation.

Presented by the Wildlife and Nature Protection Society (WNPS) as part of its monthly lecture series, with the support of Nations Trust Bank, the lecture is free and open to both members and non-members, offering expert conservation insights in just 60 minutes.