Category: Daily Financial Times

The Police Media Division yesterday said that 743 individuals were arrested on suspicion of involvement in criminal activities and drug and illicit liquor offences during a special island-wide operation on Saturday.

According to the Police Media Division, a total of 27,890 people were subjected to inspection across the country as part of the operation. Police said 16 individuals were identified as being directly linked to criminal activities, while 423 suspects wanted on outstanding warrants were taken into custody.

The operation also led to the arrest of 15 drunk drivers and 13 reckless drivers, while 3,944 individuals were cited for other traffic violations.

Police said similar island-wide operations are being conducted regularly to target drug traffickers operating at various levels, individuals engaged in criminal activity, and those in possession of illegal firearms.

GOOD PR Sri Lanka, is celebrating its sixth anniversary by taking its next big step of commencing operations in the United Arab Emirates (UAE).

Since inception, GOOD PR has successfully serviced a diverse portfolio of clients, with its enthusiastic team having completed over 1,000 PR campaigns and also conceptualised and executed more than 100 events, including glitzy product launches, exclusive corporate galas, and company training programs. During these past six years, GOOD PR has delivered world-class solutions to public and private sector organisations across industries such as education, banking and finance, insurance, ICT, shipping, exports and many others.

Founder and CEO Nevindee Amarasinghe said: ‘After six years of turning ideas into stories that matter, I must say three key things sets us apart – genuinely personalised service for each client, real expertise in Sri Lankan markets and culture, and the ability to think globally while acting locally. As the team heads to the UAE, we are taking the same approach that got us here in six short years – great work, real relationships, and a genuine commitment to the communities they serve.’

GOOD PR was founded during one of the most uncertain periods in Sri Lanka’s history. However, that has not slowed down the agency’s progress on multiple fronts. RSVP and Co – Sri Lanka’s first-ever pre-event agency was founded in 2022 and has continued to build on its success by helping clients take care of every minute detail leading up to any type of event.

GOOD PR’s other entity GOOD Media focuses on advertising, media buying, media productions, and digital strategy also continues to play its part in helping the company deliver class-leading total public relations, event management, and content management to clients. The agency also established a strategic partnership with a leading Indian agency, where it acts as their exclusive PR partner in Sri Lanka.

Beyond GOOD PR, Nevindee is actively playing her part in uplifting the PR Events industry in Sri Lanka. She’s a Founding Member of PRASL (Public Relations Association of Sri Lanka), an organisation that strives to uplift standards across the industry. The highly experienced PRASL team brings together a host of skills including writing, design, event management, marketing, digital strategy, and more.

HNB Investment Bank (HNBIB), acting as the independent adviser, has recommended that shareholders of Myland Developments PLC (MDL) not accept the mandatory offer made by Ambeon Capital PLC, citing that the offer price of Rs. 8.50 per share is below most of the company’s fair-value estimates.

HNBIB’s valuation placed MDL’s fair value above the offer price under several methodologies: the discounted cash flow (DCF) valuation yielded Rs. 9.57 per share; peer price-to-book value (P/BV) multiple suggested a higher value of Rs. 12.74 per share, benchmarked against Prime Lands Residencies PLC; the volume-weighted average price (VWAP) of MDL shares over the past month was Rs. 18.86, more than double the offer price; and net asset value (NAV) per share stood at Rs. 3.97, implying the offer carried a 114% premium to book value but a discount to market and earnings-based valuations.

‘The offer price of Rs. 8.50 is at a discount to most valuation methods, including the DCF and VWAP benchmarks. Given the recent trading levels and forecast improvements in performance, shareholders should not accept the offer,’ the report stated.

On Friday, the MDL share closed at Rs. 17.50, up by Rs. 0.60 from the previous week. The public float of the company is 18% held by 826 shareholders.

In September, Ambeon Capital, together with ATX Partners Ltd., Arcasia Investment and Trading Ltd., and Sujeewa Mudalige, acquired 81.73% of MDL, purchasing 29.6 million shares at Rs. 8.50 per share.

The consortium has extended a mandatory offer to acquire the remaining 18.27%, or 6.6 million shares, at the same price, the highest paid within the past 12 months.

Under Ambeon’s management, MDL plans to accelerate its real estate projects, targeting the completion of the Belummahara project this year and launching four new developments annually from 2026 onwards.

The company forecasts revenues to rise from Rs. 48.8 million in FY2025 to over Rs. 640 million by FY2029, with gross profit margins stabilising near 32%.

MDL, which went public in 2021, focuses on land acquisition and development primarily in Sri Lanka’s Western Province.

Overseas Realty (Ceylon) PLC has recorded a group revenue of Rs. 8,984 million and a group Profit Before Tax (PBT) of Rs. 6,809 million for 9 months ending 30 September 2025.

The depreciation of the Rupee resulted in a net exchange loss of Rs.313 million compared to a gain of Rs. 1,463 million recorded in the corresponding period of last year. Net fair value gain recorded from investment properties was Rs. 2,331 million compared to the fair value gain of Rs. 1,160 million recorded in the same period of last year.

The company revenue of Rs. 2,124 million at the World Trade Center, Colombo, was 7% higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.

Revenue of Rs. 2,481 million was recorded from residential sales of Havelock City which was higher than the corresponding period in 2024. A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase of Havelock City residential.

Mireka Tower at Havelock City reported a revenue of Rs. 1,990 million, a significant increase from Rs. 812 million recorded in the same period of last year, primarily driven by higher occupancy levels. Similarly, Havelock City Mall generated Rs. 1,538 million in revenue, up from Rs. 1,050 million in the comparable period of last year, mainly attributed to increased occupancy.

The Company officially launched its newest luxury real estate venture, Mireka Seascape, in Dodanduwa, redefining coastal luxury. The development comprise a collection of 168 luxury apartments and villas. Positioned as a premium lifestyle beachfront offering, the project is designed to cater to both residential and leisure markets. This high yielding investment opportunity has generated substantial market response since launch.

The group net asset value per share as at 30 September 2025 stood at Rs. 51.17 and the earnings per share for the period was Rs. 5.20.

The Future Marketers Association of the Department of Marketing Management, University of Kelaniya, held its flagship knowledge-sharing initiative Great Minds|EntreTalks recently at the Faculty of Commerce and Management Studies Auditorium, powered by Dialog Finance.

The event served as a dynamic platform that brought together the academic and industry communities, creating space for critical discussion, shared learning, and inspired action in the field of entrepreneurship.

The panel discussion brought together some of Sri Lanka’s most dynamic business leaders including Lassana Group Chairman Dr. Lasantha Malavige, Signature Clothing CEO Amjad Hameed, FCV Group of Companies and Inmarc Incorporation Founder/CEO Dhanushka Fernando, Idea Bloom Creative Director Raffealla Fernando, and F.O.A Clothing Founder/CEO Arshard Ilyas. Their contributions underscored critical themes emphasising adaptability in volatile markets, the importance of sustainable business models, strategies for global brand building, and the resilience required to overcome entrepreneurial challenges. The initiative attracted a broad audience comprising undergraduates, students from leading schools, and entrepreneurs from the SME sector, while its online broadcast expanded the reach beyond the university, positioning the event as a national forum for entrepreneurial dialogue.

By curating such platforms, the Future Marketers Association continues to move beyond classroom learning, not only enriching the academic journey of its undergraduates but also serving the broader public. Through knowledge-sharing and mentorship, the Association fosters a culture of entrepreneurship, empowering Sri Lanka’s youth and business community to build resilient and future-ready enterprises.

Belinda Bencic claimed her second WTA title since becoming a mother by beating Linda Noskova in the Pan Pacific Open final.

Bencic, 28, who has now won 10 WTA tournaments, lost the final of this event to Agnieszka Radwanska in straight sets 10 years ago.

But she dominated the Czech Republic’s Noskova 6-2 6-3 to take the title this time around.

Bencic’s other WTA triumph this year came in Abu Dhabi just 10 months after the arrival of her first child – and less than four months since her return from more than a year out on maternity leave.

‘I feel like Tokyo and Japan is a happy place in my career, a place where I’ve had good success and I just love being here,’ said Switzerland’s Bencic, who won Gold in the women’s singles at the Tokyo Olympics. ‘I had a deja vu moment on court. I had match point on the same side of the court, went for the same serve, and was telling myself the same things. I had goosebumps, it was really special. It’s great to win here again.’

When Bencic, a former world number four in 2020, returned to the sport in October 2024, her world ranking had dropped to 1,213.

She has risen up to 13th in the rankings and earlier this year reached the semi-finals at Wimbledon before being beaten by eventual champion Iga Swiatek.

FentonsIT, the information technology arm of Hayleys Fentons, has received the ‘Most Popular Technology Website’ Special Recognition at the BestWeb.LK 2025 Awards ceremony held recently.

Presented under the Best Technology Website category, this award highlights FentonsIT’s outstanding digital strategy, customer-centric engagement, and innovative online solutions, enhancing brand presence and affirming our leadership as a premier technology solutions provider in Sri Lanka.

Designed as a contemporary and intuitive digital platform, the award-winning website showcases FentonsIT’s technology expertise and solutions portfolio. Its user-friendly interface, engaging features, and rich content have significantly boosted customer interaction, generated higher inquiry volumes, and contributed to sustained growth in user traffic and downloads year after year.

Hayleys Fentons Managing Director Hasith Prematillake said: ‘Technology and digital presence have enabled us to strengthen brand visibility, enhance our customer-focused experience, and reinforce our leadership in Sri Lanka’s technology industry. This recognition validates our digital-first strategy in an evolving digital landscape.’

Fentons Information Technology General Manager Yoosoof Ihthisham said: ‘This recognition holds special significance for us as the award-winning website was designed and developed entirely by the FentonsIT team. It reflects the exceptional technical expertise, creativity, and collaborative spirit of our professionals, who continually push the boundaries of digital innovation.’

People’s Bank, has once again underscored its leadership in digital transformation by surpassing 4 million customer registrations across its digital platforms.

Through its suite of innovative online banking services, mobile applications, and wallet solutions, People’s Bank continues to redefine the standards of convenient, secure, and inclusive banking in the country.

People’s Bank Chairman Prof. Narada Fernando said: ”Our digital platforms are built on convenience, security, and accessibility. The trust placed in us by millions of customers reflects our success in making banking simpler and smarter. People’s Bank is proud to lead Sri Lanka’s digital transformation and to contribute towards achieving the nation’s strategic digital economy goals by 2030.”

People’s Bank Acting CEO/General Manager Wickrama Narayana said: ‘Reaching over 4 million digital registrations is a clear endorsement of our customer-focused digital strategy. It demonstrates that Sri Lankans across all regions are embracing technology-driven financial solutions. We are deeply grateful for their confidence in People’s Bank as the trusted partner for their financial journey.’

Securities and Exchange Commission of Sri Lanka (SEC) Chairman Senior Prof. D.B.P.H. Dissabandara said: ‘I am delighted to be recognised as the 4,000,000th digital banking customer. I am grateful to People’s Bank for empowering customers to actively contribute to the country’s economic and financial development. I extend my best wishes to People’s Bank for its continued success.’

The Bank’s suite of digital banking solutions has enabled seamless digital payment acceptance, streamlined credit processes, faster transaction processing and paperless account opening. Together, these innovations strengthen customer experience, advance financial inclusion, and drive Sri Lanka’s digital transformation.

Fintech Forum Sri Lanka (Guarantee) Ltd., recently marked its first anniversary and inaugural Annual General Meeting (AGM) in Colombo, celebrating a year of uniting the country’s fragmented financial ecosystem under one platform.

The milestone capped a transformative 12 months for the Forum, which has successfully brought together banks, non-bank financial institutions (NBFIs), fintech companies, regulators, and technology innovators in pursuit of the shared vision of positioning Sri Lanka as a regional fintech hub and driving a national shift toward a less-cash economy. When the Fintech Forum launched a year ago, its mission seemed simple but ambitious: to bridge the long-standing gaps between stakeholders working in silos and with competing priorities. A year later, the results speak for themselves.

Chairman Channa de Silva is proud of how the Forum has transformed collaboration across the financial ecosystem from banks and NBFIs to global payment networks, local and international solution providers, startups, and regulators. Together, they are laying the groundwork for a digitally enabled economy and aligning the industry around the same objective: reducing reliance on cash. ‘The main purpose was to get the entire industry to work together. Previously, everyone was doing their own thing – banks in one corner, finance companies in another, technology firms elsewhere, while fintech and startup companies were nowhere. The Central Bank’s national payments roadmap provided some direction, but it lacked cohesive industry buy-in and participation,’ said de Silva.

Having overcome its first major hurdle – unifying the sector, showcased at the Sri Lanka Fintech Summit 2025 – the Forum is now focusing on building international partnerships and driving financial inclusivity, the next step toward its overarching goal of establishing Sri Lanka as a regional centre of excellence in fintech. One of the Forum’s most significant achievements at the recently concluded Summit was securing industry-wide participation and consensus around a shared national goal: to reduce the country’s dependency on cash by bringing down the currency in circulation-to-GDP ratio from 4.5% to 3.5% within three years.

‘This goal represents a transformational shift in how our economy functions. It’s ambitious yet achievable and it gives us a measurable way to track real progress as the economy grows. To achieve this, all stakeholders must work closely and cohesively.’ noted de Silva. The foundation for this collaboration was built through the Forum’s year-long program of knowledge-sharing sessions, networking events, and capacity-building workshops, which enabled cross-pollination of ideas and best practices across the industry.

LankaPay, the national payment network, serves as the Forum’s institutional member, providing formal structure and long-term continuity. The Central Bank of Sri Lanka (CBSL), represented on the Forum’s Advisory Council, offers regulatory oversight and policy-level guidance. The Forum is also developing structured engagement with the Securities and Exchange Commission, Colombo Stock Exchange, BOI, Port City Colombo, EDB, and others to promote dialogue on fintech investment and regulatory readiness.

‘We are aligning industry initiatives with the national digital agenda,’ de Silva, who also serves as CEO of LankaPay, explained. ‘Fintech is not just about payments, it’s about enabling a modern and inclusive digital economy.’ The Forum’s regional collaboration is driven through the Asia Fintech Alliance, linking Sri Lanka with 14 other fintech associations across Asia. Through this platform, Sri Lanka gains visibility in cross-border dialogues on innovation, regulation, and investment – strengthening its position as an emerging fintech hub in South Asia.

The Forum’s first year culminated in the Sri Lanka Fintech Summit 2025, which drew a full house from the very beginning – a rare show of early-morning punctuality in Colombo.

The event brought together global leaders, industry experts, policymakers, and fintech visionaries, including NPCI, India CEO Dilip Asbe, GFTN Singapore and MAS former Chief Fintech Officer Group CEO Sopnendu Mohanty, PhonePe, India CEO Ritesh Pai, PictureWealth, Australia Co-founder and ex-DBS Bank, Singapore Neal Cross, Better Than Cash Alliance, Rwanda Managing Director Nshuti Mbabazi, and Boost, Malaysia Group CEO Sheyantha Abeykoon setting the stage for strategic collaboration. The Summit also enabled the Forum to forge international partnerships and connect local innovators with global investors. Startup pitching sessions gave Sri Lankan fintech entrepreneurs the opportunity to present their solutions to international investors and regional accelerators, opening doors for collaborations, funding, and market access.

In addition to plenary sessions, closed-door roundtables brought together key stakeholders, regulators, fintech companies, banks, NBFIs, payment platforms, investors, and development partners to shape a shared action plan for Sri Lanka’s fintech journey.

Discussions focused on aligning national priorities, identifying regulatory enablers, and setting measurable goals for innovation, inclusion, and digital adoption. ‘As we move forward, we’re not just talking about possibilities; we are defining clear strategies and assigning responsibilities. The roundtables gave everyone ownership of the next steps in multiple areas, so the momentum from the Summit translates directly into progress and concrete action on the ground. The Summit was our finale for the year – and also our launchpad for what comes next.’ added de Silva.

Recognising that innovation begins with people, the Forum launched Finnovation Lab, an initiative that brought together over 200 interns, university students, and young entrepreneurs for hands-on mentoring and exposure. Participants also gained special access to the Fintech Summit, experiencing firsthand the industry they will soon shape.

‘We, as the older generation, must lay a strong foundation. The next generation must take it forward. That’s how we build a sustainable ecosystem.’ de Silva said, and added that the Forum’s focus will be on charting a niche for Sri Lanka in the regional fintech landscape. ‘If we want to be a regional hub, we don’t necessarily need to compete head-on with regional giants. We must identify our niche, the areas where Sri Lanka can lead with innovation, agility, and quality. The key is for the industry to come together, identify our strengths, and consolidate our efforts in those areas.’ he said.

The Forum envisions a focused, high-value regional fintech hub leveraging Sri Lanka’s skilled workforce, proven technology capabilities, and newly aligned ecosystem. Through international partnerships, regional investment engagement, and startup ecosystem development, Sri Lanka can position itself as the go-to destination for specialised fintech solutions in South Asia.

With new BOI initiatives and potential Port City Colombo offerings encouraging international fintech players to establish regional headquarters, the Forum aims to ensure local participation and knowledge transfer, maximising Sri Lanka’s current window of opportunity. For investors, policymakers, and industry players, the message is clear: the groundwork and direction for a collaborative, innovation-driven digital economy are now in place.

‘The country’s vision is finally coming together. From government to industry, everyone is moving in the same direction. If we stay united and focused, Sri Lanka can carve its own niche in the global fintech landscape.’ opined de Silva. In one year, the Fintech Forum of Sri Lanka has done more than build connections, it has built momentum. With a shared purpose, measurable targets, and growing global partnerships, it is turning the promise of a digital economy into a national movement.

Prime Minister Dr. Harini Amarasuriya last week called for greater collaboration between the Government and private sector to strengthen local industries.

She made these remarks while addressing the CNCI Achiever Awards 2025, held at Cinnamon Life, Colombo.

The annual ceremony, organised by the Ceylon National Chamber of Industries (CNCI) in collaboration with the Industry and Entrepreneurship Development Ministry, aims to recognise and encourage outstanding contributions within the industrial sector.

In her address, the Prime Minister underscored that the strength of the country’s industries directly determines its ability to create jobs, reduce imports, and ensure sustainable economic growth.

‘Support should focus on building capacity, encouraging innovation, facilitating expansion, and improving access to new markets. A resilient and competitive industrial base is not only an economic priority, it is a national necessity,’ she noted.

The Prime Minister further emphasised the Government’s responsibility to create an enabling environment for industrial growth by expanding access to finance, technology, and skills development.

Dr. Amarasuriya also highlighted the importance of women’s participation in the industrial sector, stressing that gender inclusivity is both a matter of fairness and an economic strategy.

‘The success of local entrepreneurs ultimately strengthens the foundation of our national economy. Women play a significant role in production, management, innovation, and design, yet their contributions often remain under-recognised. Increasing women’s participation – whether as workers, managers, or entrepreneurs – strengthens the entire industrial ecosystem through higher productivity and innovation,’ she further stated.

The Prime Minister reaffirmed that under the National People’s Power (NPP) Government, measures are being implemented to advance women’s economic participation through policy reforms and institutional support. She outlined ongoing initiatives, including improved access to credit and financial services, vocational and technical training, equal pay for equal work, and support for women-led enterprises.

‘We are committed to addressing barriers such as unpaid care responsibilities that limit women’s participation in the workforce and to strengthening gender-responsive industrial policies that promote inclusive growth,’ she added.

The Prime Minister also acknowledged the role of entrepreneurs in national development, noting that their creativity and determination are essential drivers of progress.