Category: Daily Financial Times

The lone batting effort by opening batter Sangeeth Cooray (62 off 52 balls, 2 sixes, 5 fours) and the splendid spell of leg spin bowling by Sanoj Dharshaka (4 overs, 19 runs, 4 wickets) gave Maliban Biscuits a fighting 14-run win over BBK Partnership, in the ongoing 32nd Singer-MCA Super Premier League T20 Tournament 2025, which continued yesterday at the MCA Grounds.

Earlier yesterday, CDB crushed defending champions Fairfirst Insurance by five wickets; Fairfirst Insurance, trapped on a turning wicket, crashed to a paltry 93 runs in 13.5 overs, having no answer to CDB bowlers Promod Madushan, Tharindu Ratnayake, and Navindu Prabath.

The tournament will continue tomorrow and Sunday, 12 October, with the three remaining matches in the League stage.

Chief scores:

CDB beat Fairfirst Insurance by 5 wickets.

Fairfirst Insurance 93 (13.5) (Kamil Mishara 15, Moditha Ranatunga 33, Sohan de Livera 18, Promod Madushan 2/16, Tharindu Ratnayake 3/23, Navindu Prabath 3/15)

CDB 93-5 (13) (Shevon Daniel 45, Avishka Fernando 20, Dilum Sudeera 2/28, Thanuka Dabare 2/19)

Maliban Biscuits beat BBK Partnership by 14 runs.

Maliban Biscuits 118 (19.4) (Sangeeth Cooray 62, Ranjith Kumar Newton 2/16, Tony Breig 2/16, K. Shayamasunder 3/19, V. Viyaskanth 2/19)

BBK Partnership 104 (18.2) (Santhush Gunatillake 21, V. Viyaskanth 34, Dushan Hemantha 2/15, Sanoj Dharshaka 4/19)

The Asian Infrastructure Investment Bank (AIIB) and the Government of Sri Lanka have signed a loan agreement for the Kerawalapitiya-Port L Second Transmission Line Project, under which AIIB will provide $ 52 million in sovereign-backed financing to help Sri Lanka unlock its renewable energy potential and advance sustainable development.

The project involves the design, supply, constructing, testing, and commissioning of a 220kV single-circuit underground cable system linking the Kerawalapitiya Switching Station to the Colombo Port L Grid Substation.

As the second underground cable on this route, it will complement the first line commissioned in 2019, which will soon be insufficient to meet the projected electricity demand in the Greater Colombo area.

The new transmission line is critical for ensuring uninterrupted power supply, maintaining grid stability, and enabling the evacuation of renewable energy from the northern and eastern regions towards major load centres in Colombo.

Once operational, the project is expected to benefit local communities, urban services, and businesses in the Greater Colombo development area by providing a stable and reliable electricity supply.

It will also directly support the growing power needs of the upcoming special economic zone, while indirectly reducing the risk of major blackouts, delivering considerable economic and social benefits.

This project stands as a strong testament to the deepening partnership between AIIB and Sri Lanka, a founding member of the bank.

So far, AIIB has supported five transformative projects in the country, with a total financing of $ 534 million across the energy, transport, and urban sectors, driving sustainable growth and development.

The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing ‘Infrastructure for Tomorrow,’ with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalised at $ 100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilise capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.

The Colombo stock market yesterday dipped largely due to profit taking amidst healthy turnover.

The benchmark ASPI declined by 0.3% and the active S and P SL20 by 0.4%. Turnover was Rs. 7.3 billion.

Foreign investors remained net sellers, recording a net outflow of Rs. 196.2 million.

First Capital said post hitting the 22,000 milestone on ASPI, marked the first day of profit taking, after 15 consecutive days of gains.

While both retail and HNW participation was high, investors have largely realized gains on the Banking sector counters and conglomerates.

BUKI, SUN, DIAL, COMB and CARS were the top contributors to the index.

Banking sector took the lead in terms of sector wise contributions to turnover, with a share of 21%, followed by the Capital Goods sector and Food retailing sector, which produced a combined contribution of 35%. Food retailing sector’s high turnover was underpinned by the increased HNW participation observed in CARG and CTHR.

NDB Securities said high net worth and institutional investor participation was noted in Cargills, C T Holdings and Commercial Bank. Mixed interest was observed in Lanka Credit and Business Finance, John Keells Holdings and Colombo Dockyard whilst retail interest was noted in Kotagala Plantations, Co-Operative Insurance Company and Hela Apparel Holdings.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index lost 0.35%. The share price of Commercial Bank increased by 75 cents to Rs. 197.

The Capital Goods sector was the second highest contributor to the market turnover (due to Colombo Dockyard and John Keells Holdings) whilst the sector index decreased by 0.74%. The share price of Colombo Dockyard recorded a gain of Rs. 4.50 to Rs. 134.

The share price of John Keells Holdings declined by 20 cents to Rs. 21.50.

Cargills and C T Holdings were also included amongst the top turnover contributors. The share price of Cargills closed flat at Rs. 750. The share price of C T Holdings moved down by Rs. 1.50 to Rs. 651.

Cabinet Spokesman and Mass Media Minister Dr. Nalinda Jayatissa has urged those questioning about the legality of the appointment of Ranga Dissanayake as Director General (DG) of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to seek redress from the Supreme Court.

Addressing the weekly post-Cabinet meeting media briefing, he said that if the selection made by the Constitutional Council was flawed, irregular, and unconstitutional, former Minister Udaya Gammanpila or any other concerned party could go through a legal process to challenge Dissanayake’s appointment.

‘Criticising is of no use when there is a legal process available. I know former Minister Gammanpila is well conversant with the law in this regard,’ he said, questioning the motive behind raising allegations against the CIABOC DG long after his appointment was made.

Dr. Jayatissa expressed his suspicion over the timing of the allegation when the CIABOC had completed several investigations and begun arrests connected to corruption cases.

‘We have doubts whether some parties, including former Minister Gammanpila, are trying to discredit the CIABOC as they have some other interests,’ he said, adding that Government views such efforts as attempts not by those who are against fraud, corruption, and bribery, but only those who want to shield some involved in corruption and bribery.

He said that those who truly stand against fraud and corruption would not attack the CIABOC at a time when it is performing its duties.

Meanwhile, he reiterated the Government’s commitment to upholding the independence of the CIABOC, stressing that investigations into complaints should be carried out promptly and without interference.

Dr. Jayatissa emphasised that while the Government provided facilities and resources to investigative institutions such as the CIABOC and the Criminal Investigation Department (CID), it would not intervene in their operations.

‘If someone makes allegations against an institution like the CIABOC, the best solution is for the DG or the Commission itself to respond, but not the Government,’ the Minister said.

He also said that the Government had full confidence in the officials of the CIABOC as they were performing their duties responsibly and professionally.

According to Dr. Jayatissa, the attempts to level baseless accusations against the CIABOC appeared to be efforts to undermine its ongoing investigations and the best means to challenge the appointment of the CIABOC DG, who has extensive legal experience as a former Magistrate and High Court Judge, was through a legal process.

Answering a question whether there was a lethargy in taking legal actions against those who have corruption charges in the Government, he said all complaints were going through a due legal process.

‘If any allegations have been made against ministers, the CIABOC will continue to investigate them according to its procedures. The Government remains committed to ensuring the CIABOC functions independently and efficiently to strengthen the anti-corruption framework,’ he stressed.

E.B. Creasy and Co. PLC has made a further Rs. 400 million investment in subsidiary company Lanka Special Steels Ltd.

The investment was made by way of a direct investment of Rs. 300 million in 27.2 ordinary shares at Rs. 11.04 and converting Rs. 100 million worth of debt due from Lanka Special Steels into equity by the allotment of 9 million shares at Rs. 11.04 a share.

On 27 February 2024, E.B. Creasy disclosed that its Board had deferred an earlier decision to dispose 100% of its equity stake in Lanka Special Steels Ltd. to another of its subsidiaries Laxapana PLC in order to re-evaluate the proposed transaction.

On 8 April 2025, E.B. Creasy announced that it would convert Rs. 400 million of debt due from Lanka Special Steels into equity comprising 29.3 million shares at Rs. 13.65 each while negotiated the sale of its stake to Laxapana PLC. Discussions are still ongoing, E.B. Creasy said in stock exchange filing yesterday.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) yesterday inaugurated its 46th National Conference of Chartered Accountants, a business summit focused on redefining the nation’s economic trajectory by harnessing global insight for local impact.

Held under the theme ‘UPRISE – Global Insight >> Local Impact’, the three-day conference, taking place from 8 to 10 October 2025 at the Monarch Imperial, was ceremonially inaugurated yesterday in the presence of global thought leaders, diplomats, corporate leaders, entrepreneurs, industry pioneers, and top-tier professionals.

The conference dubbed as the biggest annual business summit in the country was officially inaugurated by global business leader Minor International Group CEO and Minor Hotels CEO Dillip Rajakarier, in the presence of CA Sri Lanka President Heshana Kuruppu, Vice President Tishan Subasinghe, National Conference Committee Chairman Chamara Abeyrathne, Technical Committee Chairman Dr. Wasaba Jayasekera, and CEO Lakmali Priyangika.

In his opening address, Kuruppu said this year’s theme is a powerful, intentional call to action. ‘It demands that we, as a nation, rise above current challenges. We must look beyond our shores not to imitate, but to innovate, and to absorb global knowledge and translate it into local action that rebuilds, revitalises, and redefines Sri Lanka.’

‘This is where our profession’s most sacred duty resides’, Mr. Kuruppu explained, citing that Chartered Accountants are the guardians of public trust and the independent arbiters of truth in financial reporting. ‘The numbers we certify are not just ink on paper; they are the foundation upon which investors place their bets on our country’s future. When we sign an audit report, we are not just validating a balance sheet, we are underwriting a piece of Sri Lanka’s credibility,’ he said.

Kuruppu added: ‘Every time we uphold an ethical standard, every time we challenge a questionable practice, every time we insist on transparency, we are not just doing our job, we are fortifying the very pillars of our economy.’

Delivering his speech, Abeyrathne, highlighted the historic turnout emphasising that this year the conference had achieved the highest number of physical delegates in the conference’s history. ‘Over 2,100 of you are here in person, which is a powerful testament to the unwavering spirit of our community. To the more than 500 delegates joining us virtually from across the globe, a very warm welcome. Together, we are a gathering of over 2,600 strong, forming the largest and most vibrant assembly this conference has ever seen.’

Abeyrathne said that the National Conference, a flagship event of CA Sri Lanka, has for over four and a half decades, been a catalytic force in Sri Lanka›s professional landscape. ‘But tonight, we are not just continuing a legacy; we are making history.’

Dr. Jayasekera said: ”UPRISE – Global Insight >> Local Impact’ is more than a theme; it is a matter of national importance. At this critical juncture, with Sri Lanka facing immense challenges that demand courage, vision, and decisive action, Chartered Accountants firmly believe that an uprise is both possible and essential.’

‘This conference is built around that very need: to learn, to lead, and to transform. Chartered Accountants must lead this journey with integrity and expertise. Together, let us activate a national movement to build a resilient, thriving economy, to transform challenges into opportunities, and ensure Sri Lanka not only survives but thrives,’ Dr. Jayasekera added.

The conference features six dynamic sessions designed to inspire, challenge, and empower Sri Lanka’s business and professional communities.

The Colombo stock market yesterday dipped largely due to profit taking amidst healthy turnover.

The benchmark ASPI declined by 0.3% and the active S and P SL20 by 0.4%. Turnover was Rs. 7.3 billion.

Foreign investors remained net sellers, recording a net outflow of Rs. 196.2 million.

First Capital said post hitting the 22,000 milestone on ASPI, marked the first day of profit taking, after 15 consecutive days of gains.

While both retail and HNW participation was high, investors have largely realized gains on the Banking sector counters and conglomerates.

BUKI, SUN, DIAL, COMB and CARS were the top contributors to the index.

Banking sector took the lead in terms of sector wise contributions to turnover, with a share of 21%, followed by the Capital Goods sector and Food retailing sector, which produced a combined contribution of 35%. Food retailing sector’s high turnover was underpinned by the increased HNW participation observed in CARG and CTHR.

NDB Securities said high net worth and institutional investor participation was noted in Cargills, C T Holdings and Commercial Bank. Mixed interest was observed in Lanka Credit and Business Finance, John Keells Holdings and Colombo Dockyard whilst retail interest was noted in Kotagala Plantations, Co-Operative Insurance Company and Hela Apparel Holdings.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index lost 0.35%. The share price of Commercial Bank increased by 75 cents to Rs. 197.

The Capital Goods sector was the second highest contributor to the market turnover (due to Colombo Dockyard and John Keells Holdings) whilst the sector index decreased by 0.74%. The share price of Colombo Dockyard recorded a gain of Rs. 4.50 to Rs. 134.

The share price of John Keells Holdings declined by 20 cents to Rs. 21.50.

Cargills and C T Holdings were also included amongst the top turnover contributors. The share price of Cargills closed flat at Rs. 750. The share price of C T Holdings moved down by Rs. 1.50 to Rs. 651.

A Buddhist monk from Rathupaswala, Ven. Theripahala Siridhamma Thero, began a hunger strike in Tangalle yesterday to protest the Government’s decision to withdraw the security detail of former President Mahinda Rajapaksa.

The protest started around 1 p.m. near the D. S. Senanayake statue, opposite Carlton House in Tangalle, according to local reports.

The monk is demanding the reinstatement of security for Rajapaksa and other former presidents, arguing that removing state protection for a former head of state is unacceptable and poses risks to their safety.

Ven. Siridhamma Thero said he will continue the fast until the government reverses the decision and restores full security arrangements.

Taj Samudra, Colombo was honoured to host the national women’s cricket teams of Australia, Bangladesh, and South Africa during their recent visit to Sri Lanka. In a heartfelt display of Sri Lankan hospitality, the teams were welcomed with traditional drummers and garlanding ceremonies, symbolising the warmth and cultural richness of the island nation. A warm welcome ceremony led by the Area Director – Taj Maldives

Five State-Owned Enterprises (SOEs) under the Industries and Enterprise Development Ministry have handed over a total of Rs. 757.4 million in dividends to the Treasury, reflecting improved performance under the new Government.