Category: Daily Financial Times

In collaboration with Sri Lanka Customs and Ceylon Tobacco Company PLC, Western Power Company Ltd., a subsidiary of Aitken Spence PLC, facilitated the secure incineration of two large consignments of illicit cigarettes. Both consignments, which had been seized by Sri Lanka Customs, were destroyed at Western Power’s Waste-to-Energy (WtE) plant in Kerawalapitiya.

The first event comprised a total weight of 1,680 kilograms of illicit cigarettes. According to the Sri Lanka Customs and Ceylon Tobacco Company, the consignment contained an estimated 2 million cigarette sticks, with a potential market value exceeding Rs. 274 million. The entire volume was irreversibly incinerated using advanced waste-to-energy technology, ensuring that the illicit goods could not re-enter the market. This process generated over 714 kilowatt-hours of electricity, which was supplied to the national grid.

The second event comprised a total weight of 7,260 kilograms of illicit cigarettes. The consignment included approximately 5.5 million cigarette sticks, with an estimated market value of Rs. 852 million. This shipment was also completely destroyed using the same advanced waste-to-energy incineration process, guaranteeing irreversible destruction and preventing re-entry into the market. The process contributed to the generation of over 2870 kilowatt-hours of electricity, which was supplied to the national grid.

These initiatives underscore the Waste to Energy plant’s position as a trusted partner for Government and corporate stakeholders by delivering a secure, compliant, and sustainable solution for waste destruction. Through these processes, the plant prevents harmful substances from entering the environment, generates green electricity from waste, and supports law enforcement in eliminating illicit trade products.

Aitken Spence Power Sector Managing Director Leel Wickremarachchi said: ‘As a responsible energy partner, we are committed to supporting national efforts in curbing illegal trade. By safely incinerating this consignment, we not only helped prevent a significant loss to state revenue but also contributed to sustainable energy production. Our Waste-to-Energy plant will continue to serve as a vital resource in upholding environmental and regulatory standards in Sri Lanka.’

Western Power Company Ltd., operates Sri Lanka’s first and only Waste-to-Energy Power Plant, which has been converting non-recyclable waste into clean energy since its official launch four years ago. The 10 MW facility contributes electricity to the national grid-enough to power approximately 100,000 households-while playing a crucial role in responsible waste management.

Police Spokesman Assistant Superintendent of Police (ASP) F.U. Wootler said Police are yet to receive a report from the Criminal Investigation Department (CID) regarding actress Piumi Hansamali’s alleged involvement with the arrested underworld figure known as ‘Kehelbaddara Padme’.

‘We have not received any official report from the CID, which is investigating the matter,’ he said.

Meanwhile, Hansamali, denying any connection with Padme, has said that she had only seen him in Dubai during New Year celebrations in March 2022.

‘I met this person with his wife and children at the event and they took a photo with me. There, he said he wanted to become fair. I told him to use my Piumi Skin products. I think he has used the product and that is why he looks attractive,’ she has written on her Facebook account.

Hansamali said that the CID officials questioned her whether she had any financial dealings with Padme, but she dismissed any links with him.

‘I never ever had any monetary transactions with him. I do not want to have money earned from drugs, illegal money, or any black money. I am an iron woman, who stood on my own feet independently through promoting my business – Piumi Skin Private Limited,’ she wrote.

Hansamali said that she had no connection to the underworld as she was scared to die of a gunshot.

‘I am deadly scared. Promise,’ she said, inviting those who want to become fair and beautiful to buy her skincare products. (SS)

Survivors and families of victims of the 1989 Valvettithurai massacre have submitted a detailed reparations claim to the Office for Reparations, seeking $ 15 million (about Rs. 4.5 billion) in compensation for mass killings and destruction carried out by the Indian Peace Keeping Force (IPKF) 36 years ago.

The claim, filed by the Citizens’ Committee of Valvettithurai, is the first to demand reparations for a mass atrocity committed by a foreign military on Sri Lankan soil. At least 66 civilians were killed and 34 others injured during a three-day assault from 2 to 4 August 1989. In addition, 123 houses and 43 shops were destroyed, while more than 250 homes were damaged.

‘Although the perpetrators were foreign troops, these atrocities occurred within the Sovereign territory of Sri Lanka, and the victims were Sri Lankan citizens. Accordingly, the Government of Sri Lanka bears full responsibility to recognise, compensate, and restore justice to its own people,’ Citizens’ Committee representative N. Anantharaj said in a letter to the Director General of the Office for Reparations.

A copy of the reparations claim and a report containing eyewitness testimonies were also handed over to President’s Counsel and former MP M.A. Sumanthiran.

Annabel Sutherland and Ashleigh Gardner produced one of the very best partnerships in ICC Women’s Cricket World Cup history to steer Australia to a convincing six-wicket win over traditional rivals England in their match played at Indore yesterday.

Australia, chasing 245, looked in all sorts of trouble at 68-4 with Beth Mooney gone for 20. England had their tails up and were the favourites. But it all changed with the Gardner-Sutherland unbroken partnership of 180* off 148 balls, a record for Australia for the fifth wicket in WODIs. It was counter-attacking batting at its finest.

Sutherland didn’t have many runs before yesterday but, come the big night, she came to the party with 98* off 112 balls (9 fours, 1 six) to go with her three wickets to walk away with the Player of the Match award. Sutherland outscored Gardner and looked set for her 100 till a late charge from her partner saw her overtake Sutherland and pip her to her century – (104*) which came off 73 balls courtesy 16 fours.

Australia regained top spot with this win, carrying their points tally to 11, with South Africa second on 10 and England third on 9.

England recovered from 166-6 to post a total of 244-9 to give their bowlers something to bowl at after being invited to bat first by Australia. That was possible due to the stand between Alice Capsey (38) and Charlie Dean (26). They injected some late momentum with plenty of boundaries in their partnership of 61 of 52 balls.

Earlier, the openers put on a run-a-ball 55, but then England lost their way. The middle-order failed to capitalise even though Tammy Beaumont batted well to make 78 off 105 balls (10 fours, 1 six).

Sophia Dunkley struggled in the middle (22 off 48) and that put pressure on the others. Thanks to Dean and Capsey, England finished on a reasonable score. Alana King was the pick of the bowlers for Australia as she bowled her 10 overs for just 20 and took the big wicket of Nat Sciver-Brunt for 7. The others chipped in too even though Annabel Sutherland (3/60) was taken for boundaries in her last spell.

Australia went into this match without their Captain Alyssa Healy, who was recovering from a calf strain.

Scores:

England Women 244-9 (50) (Tammy Beaumont 78, Heather Knight 20, Sophia Dunkley 22, Alice Capsey 38, Charlie Dean 26, Annabel Sutherland 3/60, Sophie Molineux 2/52, Ashleigh Gardner 2/39)

Australia Women 248-4 (40.3) (Beth Mooney 20, Annabel Sutherland 98*, Ashleigh Gardner 104*, Linsey Smith 2/43)

Bringing over 27 years of experience in investment banking, capital markets, corporate advisory, and financial services, Kusal Jayawardana has been appointed as the Chairman of Lanka Ventures PLC and LVL Energy Fund PLC.

A Chartered Financial Analyst (CFA) and Associate Member of CIMA (UK) and CGMA (USA), Kusal also holds an MBA from the Open University of Sri Lanka in collaboration with the Commonwealth of Learning, Canada. He has held several senior leadership roles, including Deputy Managing Director of Alliance Finance PLC and CEO of NDB Capital Ltd., Bangladesh.

He has been at the forefront of numerous landmark capital market transactions and has been involved in introducing innovations such as securitisation structures, convertible securities, the first Green Bond in the NBFI sector, and pioneering Social Bonds in Sri Lanka and Bangladesh.

Lanka Ventures PLC, and its subsidiary LVL Energy Fund PLC, have built a strong regional presence in renewable and conventional power generation.

Kusal’s appointment brings a wealth of strategic insight and financial acumen that will further strengthen the leadership of both organisations. His proven track record in driving innovation and governance excellence is expected to enhance investor confidence and operational resilience. With his experience in sustainable finance and cross-border investments, both entities are well positioned to expand their portfolios and unlock new growth opportunities in Sri Lanka’s evolving investment and energy landscape.

Sri Lanka’s next generation of golfing talent has set off for Bahrain, ready to test their skills against Asia’s finest at the 3rd Asian Youth Games Golf Championship, taking place from Today (23) to 25 October at the Royal Golf Club.

The team, made up of four exceptional young golfers – Kaya Daluwatte, Reshan Algama, Jevahn Sathasivam, and Adithya Weerasinghe – will compete under the experienced guidance of Mithun Perera, one of Sri Lanka’s most accomplished professionals and the son of national legend golfer, Nandasena Perera. Mithun serves as both Coach and Manager for the contingent.

Leading the charge is 17-year-old Reshan Algama, currently ranked 489th in the World Amateur Golf Ranking (WAGR) and recognised as Sri Lanka’s second-highest ranked amateur golfer, who has built a reputation for consistency and mental toughness, qualities that have made him a standout in both local and regional tournaments.

Joining him in the Men’s division is fellow 17-year-old Jevahn Sathasivam of Asian International School, Colombo, the reigning Sri Lanka Amateur Champion and one of the best talents from Sri Lanka with his superb long range shots at his best.

Adithya Weerasinghe, a promising 16-year-old from Ananda College, adds youthful enthusiasm and a sharp competitive edge to complete the Men’s line-up.

In the Girls’ segment, 16-year-old Kaya Daluwatte, pursuing her studies in India, will represent Sri Lanka. Ranked 529th in the WAGR, she continues to make waves as the country’s top female golfer and only Sri Lankan woman listed on the world rankings, showing the depth of potential in the nation’s junior ranks.

The Asian Youth Games are considered the junior equivalent of the Asian Games, an event that mirrors the spirit and stature of the Olympics, where young athletes come together not merely to compete, but to represent their countries on one of Asia’s most prestigious multi-sport stages. For these Sri Lankan juniors, wearing the national colours in Bahrain is a moment of pride, purpose, and promise-the culmination of years of discipline and the beginning of something far greater.

The tournament will bring together players from Thailand, India, China, Japan, Singapore, Malaysia, the United Arab Emirates (UAE), Qatar, Pakistan, Vietnam, and host nation Bahrain, among others setting the stage for a high-calibre competition that blends youthful energy with elite-level skill.

For Sri Lanka, the event offers far more than medals. It represents a chance for these young golfers to gain experience on an international platform, competing shoulder-to-shoulder with the continent’s best under the steady mentorship of Mithun Perera. Their performances in Bahrain will not only reflect their personal growth but also signal the steady progress of junior golf in Sri Lanka, a sport steadily finding its rhythm in the Asian region.

Olympic Council of Asia Exco Meeting takes place in Bahrain

The Olympic Council of Asia had its Exco Board Meeting, which was represented by Olympic Council Asia (OCA) Executive Board Member representing South Asia Niloo Jayatilake.

A few important decisions were taken, including the handing over of the next Asia Youth Games in 2029, which was handed over to Uzbekistan as Cambodia failed with the deadlines.

Meanwhile, Saudi Arabia presented their next year’s Asian Indoor and Martial Arts game with powerful presentations and meeting their deadlines, which was well received by the Exco of the OCA.

Iran dash Sri Lankan hopes in Kabaddi

Iran dashed all hopes of the Sri Lankan medal when they beat Sri Lanka 93/22 in the Men’s Kabaddi encounter.

The opening ceremony took place yesterday night in Bahrain.

Niloo meets next AYG Chairman

OCA Executive Board Member Niloo Jayatilake (right) with Uzbekistan National Olympic Council Chairman Otabek Umarov

Olympic Council Asia (OCA) Executive Board Member representing South Asia Niloo Jayatilake yesterday met with 2029 Asian Youth Games (AYG) hosts Uzbekistan’s National Olympic Council Chairman Otabek Umarov.

In a landmark step towards promoting sustainable construction in Asia, Ecolabel Sri Lanka has joined hands with the Singapore Green Labelling Scheme (SGLS) and the Thai Green Label to sign a Tripartite Mutual Recognition Agreement (MRA) for Harmonized Green Label Criteria for Cement Products.

The ceremonial signing took place during the Annual General Meeting of the Global Ecolabelling Network (GEN), held at the Hilton Tashkent City Hotel in Uzbekistan on 15 October 2025.

This milestone agreement marks a significant advancement in the harmonization of ecolabelling criteria and standards across the region. Through the MRA, the three countries will work together to enable mutual recognition of certified cement products, ensuring consistency in environmental performance standards while promoting regional trade and cooperation.

The collaboration is expected to enhance market access for environmentally preferable products, encourage sustainable production and consumption, and accelerate the transition towards greener construction practices in the Asia-Pacific region.

The initiative also aligns with the Global Ecolabelling Network’s efforts to foster international collaboration and strengthen the global ecolabelling movement. By harmonizing standards, the participating countries aim to reduce duplication in certification processes and provide greater confidence to consumers and businesses in choosing eco-friendly products.

The signing of this agreement positions Sri Lanka as an active contributor to regional sustainability leadership and underscores the growing role of ecolabelling in advancing green markets and climate-resilient economies.

HANNS Global Canada Inc., a prominent player in the global dairy industry, has announced the appointment of Rohan Ariyawansa as Director of Corporate Affairs and Country Head for Sri Lanka.

With a distinguished career spanning over 40 years in the apparel manufacturing industry, business management, and quality systems and standards such as CTPAT, TPM, ISO TQM, 5S and KAIZAN, Rohan brings a wealth of experience and expertise to his new role.

Rohan›s extensive background in Strategic Planning, Human Resources Management, and Process Improvement has equipped him with the skills to drive business growth and excellence.

Prior to joining HANNS Global Canada Inc., Rohan held senior leadership positions at Banaras GMBH Export and Import – German based apparel buying office, Metal Recyclers Colombo Ltd., – Australian owned PLC, Lanka Felts Ltd., – owned by Christys in the UK, and Supply Room Ltd., – 100% British apparel manufacturer.

Rohan succeeds Mark William, Group Director, who retired in 2023.

HANNS Global Canada Inc. is a leading dairy processor with a global presence, producing and distributing a wide range of high-quality dairy products. The company has established a strong network of partnerships, including a direct partnership with Three GOSHALA (Pte) Ltd, a company based in Vadakkummuri, Kerala, India. This partnership underscores HANNS Global Canada Inc.›s commitment to building strong relationships with regional partners and driving growth in the Indian market.

Rohan›s key strengths include strategic planning and execution, Team management and development, Quality management and process improvement, Business development and growth, Stakeholder management and relations.

As Director of Corporate Affairs and Country Head for Sri Lanka, Rohan will work closely with partners, stakeholders, and government institutions to drive growth, innovation, and community development. His leadership will play a vital role in building and sustaining strong relationships with foreign partners, government authorities, and industry partners.

With his extensive experience and expertise, the statement said Rohan is well-positioned to lead HANNS Global Canada Inc.›s operations in Sri Lanka and contribute to the company›s continued success.

Sri Lanka’s most diversified conglomerate Hayleys PLC yesterday announced plans to pursue strategic entry into the large-scale supermarket sector.

In a statement Hayleys said the move represents a bold step forward that marks the beginning of a new chapter in its 148-year legacy of diversification and value creation.

‘This move underscores the Group’s strategic thrust towards bringing quality, reliability and service excellence closer to everyday Sri Lankan consumers, redefining the modern retail experience. Hayleys is uniquely positioned to build a value-driven retail ecosystem across the country, leveraging its unparalleled reach across value chains, brand strength, dynamic leadership team and commitment to sustainable business,’ the statement said.

The Group intends to commence operations with 100 outlets strategically located across key urban and suburban areas.

Hayleys said its entry into this space is expected to further diversify its earnings profile and contribute to long-term financial stability and broad-based stakeholder value creation.

With improving macroeconomic conditions, increasing urbanisation, and the growing sophistication of consumer lifestyles, Hayleys said it sees tremendous potential for growth in the country’s retail sector. ‘This venture will harness the Group’s deep expertise in logistics, manufacturing, and service excellence to deliver greater accessibility, quality, and choice to customers- reaffirming Hayleys’ enduring commitment to inclusive growth and national development,’ the statement added.

Hayleys Group in FY25, delivered a 52% y-o-y growth in Profit After Tax to 22.51 billion supported by a 13% top-line growth to Rs. 492.2 billion.

At present the modern trade sector features several prominent chains including Cargills Food City, Keells Super, Arpico Super Centre, LAUGFS Supermarket, Lanka Sathosa, Softlogic Glomark and Spar.

Modern trade penetration in Sri Lanka is estimated at 17%, one of the lowest in the region.

Harischandra share price rockets past Rs. 11,000 as Hayleys announces mandatory offer of Rs. 3,300

Share price closes the day at Rs. 9,369.50, up by over 600% since Hayleys acquisition whilst net asset value is Rs. 931.54 per share

Harischandra Mills PLC saw its share price rocket past the Rs. 11,000 figure momentarily yesterday amidst Hayleys PLC’s mandatory offer at Rs. 3,300 per share.

The market yesterday saw 1,854 of highly illiquid shares of Harischandra changing hands via 456 trades for Rs. 19 million. The share price traded between a high of Rs. 11,020.25 and a low of Rs. 9,280.25 before closing at Rs. 9,369.50, up by Rs. 553.25 or 6.28%.

Hayleys PLC on Friday acquired 778,946 shares or 40.59% stake in family-controlled Harischandra at Rs. 3,300 per share in a deal worth Rs. 2.5 billion after which the stock price shot up to a new high of Rs. 7,424.50. The seller of the 40% block was Senthilverl Holdings Ltd.

The sharp spike in Harischandra share price comes as Hayleys PLC announced yesterday the mandatory offer to acquire the remaining stake of 59.42% or 1.14 million shares at Rs. 3,300.

Analysts linked the spike partly to speculators whilst others said some investors saw huge upside potential post-Hayleys acquisition.

Yesterday’s closing of share price is 607% higher than the mandatory offer price. The net asset value per share of Harischandra was Rs. 931.54 as at end-June 2025. The public holding of Harischandra is 54.96% held by 602 shareholders.

Core business of Harischandra is manufacture of food and soap products and marketing of fuel and lubricant. In FY25, the company saw only 0.3% increase in revenue to Rs. 6.3 billion whilst profit rose by 12.6% to Rs. 253 million.

Wrth Lanka Ltd., recently partnered with ‘SpeedBay’, David Pieris Group of Companies’ motorsport arm as its ‘Platinum partner’, enhancing its presence at the SpeedBay go-kart racing circuits at Pearl Bay in Bandaragama and Port City in Colombo. The agreement sealing this unique collaborative partnership was signed by Wrth Lanka Ltd., Managing Director/CEO Suranga Kekuluwalage and David Pieris Racing and Leisure Ltd., Chairman Eshan Pieris in the presence of David Pieris Group of Companies Founder and President David Pieris, Wrth Lanka Head of Branding Dhanuja Senadeera, Division Manager – Auto Division Chanaka Supun, National Sales Manager Sanjeewa Edwards, Division Manager – Trade Division Tharindu Rajapaksha, and Marketing Executive Teshini Bandara.

As part of the agreement, SpeedBay will provide a Wrth-branded specialised racing suit, which must be worn during all karting sessions. The suit is designed to protect drivers from on-track incidents, including abrasions and impacts, ensuring the safety and well-being of every participant during each driving session.

Wrth Lanka Ltd., Managing Director/CEO Suranga Kekuluwalage said, ‘Our partnership will infuse a new level of positive energy to motorsport racing and the thrill seekers at the exciting and well-laid-out SpeedBay circuits while helping to take the thrill of racing and entertainment to the next level.’

Renowned for the unmatched quality and reliability of its products, Wrth Lanka has long been the choice of champions – sponsoring premier motorsport events and top racing talent at the forefront of Sri Lanka’s motor racing circuit.