Category: Daily Financial Times

President Anura Kumara Disanayake called on Japan’s Emperor Naruhito at the Imperial Palace on Tuesday during his State visit. Upon his arrival at the Imperial Palace in Tokyo, the official residence of the Emperor of Japan, President Disanayake was warmly received by Emperor Naruhito and the two subsequently engaged in a cordial discussion. Disanayake returned to Sri Lanka yesterday morning after the three-day visit to Japan.

The Securities and Exchange Commission of Sri Lanka (SEC) recently launched its strategic plan titled “12 Pillars One Vision for a Resilient Market,” presenting a transformative roadmap designed to position the country’s capital market as a primary engine for economic growth.

SEC Chairman Prof. Hareendra Dissabandara unveiled the framework at a ceremony attended by Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando, Treasury Secretary Dr. Harshana Suriyapperuma, senior officials from the SEC and the Colombo Stock Exchange, and key stakeholders from across the financial sector.

The strategic plan represents the culmination of a year-long consultation process involving capital market professionals, regulatory bodies, international development partners, and industry experts in what Prof. Dissabandara described as “a 360-degree assessment” of the market’s challenges and opportunities.

“The SEC Act 19 of 2021 mandates us not merely to regulate, but to create and maintain a fair, orderly, efficient, and transparent securities market,” Prof. Dissabandara said. “For too long, the creation, maintenance and development aspects have been overlooked. This strategic plan reclaims that mandate and charts a course for genuine transformation.”

The Chairman emphasised that the work is intergenerational in scope: “This is not for our generation but for generations to come, going beyond Generation Alpha to Generation Beta and beyond. We must build a vibrant capital market for Sri Lanka’s future.”

Addressing critical market gaps Prof. Dissabandara presented statistics highlighting the urgency of capital market development.

Sri Lanka’s stock market capitalisation represents merely 26% of GDP, compared to Hong Kong’s 1,200%, Singapore and Malaysia’s 200%, and even below regional peers like Bangladesh. The corporate debt market is virtually non-existent at 0.8% of GDP, while Government securities dominate the financial sector at 58.5% of GDP.

Current market participation stands at less than 1% of Sri Lanka’s 22 million population around 60,000 active investors with capital market literacy below 10%.

“We face a fundamental problem of growth,” the Chairman explained. “To achieve the 8-9% annual GDP growth economists agree we need, beyond the current 5% requires massive investment. At least 20% of that investment must flow through our capital markets, providing growth capital without the burden of 8-9% interest rates that currently plague government projects.”

To illustrate the capital market’s transformative potential, Prof. Dissabandara cited John Keells Holdings’ Cinnamon Life project, the largest private sector project in Sri Lankan history, second only to Hambantota Port among all projects.

“This demonstrates the power of our capital market,” he emphasised. “Think about the interest burden if this were financed through loans at 8-9%. Capital formation through equity markets provides growth without debt crisis. This is the model we must replicate across sectors.”

The 2016 Capital Market Assessment provided a baseline, revealing that many identified weaknesses remain unaddressed while potential strengths have been underutilised, leaving Sri Lanka “far behind and somewhat backward” compared to regional markets.

“This is not the final outcome,” Prof. Dissabandara clarified. “We invite continued deliberation, criticism, and additions. Those who can contribute to their own industry’s development, come and join us. The place is ready.”

Reflecting on Sri Lanka’s recent economic challenges, the Chairman traced the crisis to fundamental growth problems: low economic growth led to budget deficits, debt burden, foreign reserve depletion, and a vicious export-import cycle.

“We’ve moved from rescue to recovery. Now we seek growth,” he said. “Growth cannot happen by simply saying we will do it. We have a great economic plan, but limited funds must be carefully channelled to identified growth areas. The capital market must play its role in this national transformation.” The strategic plan aims to achieve:

Stock market capitalisation of at least 50% of GDP (from current 26%)

Corporate debt market expansion to meaningful levels (from 0.8%)

Market participation increasing to 10% of population (from less than 1%)

500-1,000 listed companies (from 286)

Robust derivatives and alternative investment products

Enhanced investor protection and market transparency

Seamless fund flow from surplus to deficit agents across the economy

Addressing the forum, Prof. Fernando underscored the critical role of investment in driving Sri Lanka’s next phase of growth.

He emphasised that without investment, growth cannot be sustained, noting that while it must be sustainable, at times exponential growth within a defined period is necessary to make up for the decade already lost.

Highlighting the importance of quality investments for capital formation, he stressed that the capital market must not be seen as a domain only for large investors, but one that welcomes participation from all citizens.

‘Bridging the gap between savings and investments is essential,’ he said, adding that in an efficient market, information should be openly accessible to ensure a truly democratic capital market. He further affirmed that the role of government is to act as a facilitator in this transformation.

‘I envision the SEC not simply as a regulator monitoring the market, but as a dynamic facilitator driving capital market formation and development forward,’ Prof. Fernando said.

In his speech Dr. Suriyapperuma, noted that Sri Lanka’s journey of growth and transformation has already begun, built on prudent economic management, financial discipline, and improved governance. He said that early entrants to the market stand to benefit as stability takes hold and opportunities expand.

He pointed to recent GDP growth of around 5% as evidence of this progress, emphasizing that the gains achieved must be made sustainable.

Stability, he said, has already brought tangible benefits: corporates have improved profitability and forecasting ability, investors have seen renewed confidence reflected in market indices, and citizens have experienced lower interest rates, contained inflation, and increased opportunities.

Dr. Suriyapperuma said the SEC’s Strategic Plan and its 12 pillars as a vital step in sustaining this progress by strengthening governance, deepening market participation, and engaging all stakeholders in the journey. He reaffirmed the Treasury’s commitment to supporting initiatives that build on this stability and uplift society to the next level.

John Keells Holdings Chairman Krishan Balendra illustrated how capital markets have powered John Keells’ growth trajectory over decades.

“We have raised capital repeatedly through rights issues, private placements, and even innovative warrant instruments traded on the CSE. These funding mechanisms enabled us to complete the $ 1.2 billion Cinnamon Life project and invest $ 80 million in the Colombo West Terminal,’ Balendra said.

He emphasised the critical role of investor confidence: “If you build a track record as a listed company, investors will support you even in crisis. This is exactly what happened when Fairfax invested $ 75 million in convertible debentures during our darkest economic period.”

Balendra concluded with a direct appeal: “For unlisted corporates and SOEs, why not leverage capital markets for growth? For listed companies where promoters hold excessive stakes, consider dilution. The new single borrower limits will make this necessity, not choice.”

ADB Consultant Hiran Mendis shared regional perspectives with forum: ‘I remember when the South Asian Federation of Exchanges was established, and the Colombo Stock Exchange held the second Chairmanship, ahead of India’s NSE and Bombay Stock Exchange. That was the regard these institutions had for us. We need to build on that legacy.”

He noted Sri Lanka’s proven capabilities: “The infrastructure we have, the CCP, the trading systems, must be mobilised for the greater good. Exchange-traded funds, Sustainability Bonds including Blue Bonds for our vast exclusive economic zone, consolidation of debt markets, these are proven strategies that can transform our market.”

Mendis said: “We are too small a market to fragment our efforts. When we work together to make the cake bigger, everyone’s slice grows.”

Over 250 finance and capital market professionals participated in this forum.

The country’s leading state development bank, the Regional Development Bank (RDB), has been close to the hearts and minds of Sri Lankans for four decades, offering a wide range of savings and financial services. The bank has introduced a wide range of savings accounts for children from infants to senior citizens.

Children are the future of a nation and they can be identified as the lifeblood of a country. It is the responsibility of parents and adults to provide them with proper education and guidance to ensure their future security. Accordingly, with the aim of instilling the value of thrift in the hearts of children from an early age and creating a financially disciplined generation for the country, the RDB has introduced the Kekulu Account, a savings account that offers attractive interest rates and many other benefits.

Accordingly, the eco-friendly RDB Kekulu Saving Till can be introduced as the most valuable gift that can be given to children on this World Children’s Day. This has been designed to be used as a pen holder later on.

From October 1, 2025, the RDB branch network will offer this special savings account to children who come to the bank branches to open new Kekulu accounts, as well as to children who come to the bank with their old savings account.

In addition, for the children of RDB Kekulu account holders,

Educational seminars

Special gift scheme based on the account balance

Educational achievement Appreciations

Scholarships for the children who passed Grade 5 scholarship examination

Special savings programs

School banking units

A number of programs to improve savings habits are launched by the RDB throughout the year, and we respectfully invite your children to open a Kekulu account and seize these opportunities.

The ICC Women’s Cricket World Cup (CWC) 2025 got off to a historic start in Guwahati on Tuesday, with the opener between India and Sri Lanka setting a new opening day attendance record at any Women’s CWC.

The game drew 22,843 fans at the Assam Cricket Association (ACA) Stadium, a record for the most attended group stage fixture at any Women’s World Cup.

The previous record of 15,935 was set during the India-Pakistan ICC Women’s T20 World Cup Group A clash in 2024.

The milestone is the latest to come from the ongoing marquee tournament, which has also set new benchmarks in fan accessibility and a record prize money pool in women’s cricket history.

ICC Hall of Famer Sachin Tendulkar has lauded the great miles covered by women’s cricket in recent times.

‘I must acknowledge the strides made in the past few years. The Women’s Premier League (WPL) has been nothing short of a game-changer,’ Tendulkar said in his column for ICC. ‘It has provided the platform, visibility, and financial security that generations of women cricketers could only dream of.’

‘A lot of credit must go to Jay Shah, who, during his time as Board of Control for Cricket in India (BCCI) Secretary, pushed for equal match fees for men and women and laid the foundation for the WPL. These steps may appear administrative on paper, but in reality, they change lives. They tell every aspiring young girl that her passion is valued equally. I also want to thank the ICC for announcing record prize money for this tournament, even surpassing what was on offer for the men’s World Cup in 2023.’

He added: ‘Symbolically and practically, it sends a powerful message-that women’s cricket deserves not just applause, but equal respect.’

The ongoing Women’s CWC is the 13th edition of the tournament. The eight-team competition sees the best in the world vying for the ultimate prize in the game.

The farcical comedy that took place during the awards ceremony at the conclusion of the 17th Asia Cup tournament in Dubai on Sunday where India refused to accept the winner’s trophy from Asian Cricket Council (ACC) President Mohsin Naqvi who is also Chairman of the Pakistan Cricket Board and the Interior Minister of Pakistan, just goes to show how much times have changed over the years where politics creeping into sports is ruining everything that sports stands for.

Going back to February 1996, the year Sri Lanka won the cricket World Cup, India and Pakistan players showed solidarity by coming together to play for the Wills Combined XI which was an India-Pakistan Combined side against Sri Lanka to prove to the world that Sri Lanka was a safe place to play cricket after Australia and West Indies had declined to tour citing security concerns.

Australia’s opening match of the 1996 World Cup was set to be played at the R. Premadasa Cricket Stadium in Colombo which had witnessed a bomb explosion the previous month, and West Indies were due to face the host country a week later.

Sri Lanka who was joint hosts with India and Pakistan faced an uncertain future of hosting the World Cup matches due to the decisions taken by Australia and West Indies.

It was then that Pakistan and India came together in solidarity combining to form a dream team called the Wills India and Pakistan Combined XI with top stars from both teams ready to feature in a 40-over warm-up match against Sri Lanka at the R. Premadasa Stadium and clear any doubts over players’ safety. It was played for the Wills Solidarity Cup.

The match took place a day before the start of the World Cup that saw the Wills Combined India-Pakistan XI led by Mohammed Azharuddin take on Arjuna Ranatunga’s Sri Lankan side.

The Wills Asian XI had some dream combinations with Sachin Tendulkar and Saeed Anwar opening the batting and Wasim Akram and Waqar Younis bowling in tandem with Anil Kumble. Aamir Sohail, Ijaz Ahmed, Ajay Jadeja, Rashid Latif and Aashish Kapoor completed their eleven.

Batting first, Sri Lanka managed 168-9 in 40 overs, with Asanka Gurusinha and Ranatunga scoring 34 and 32 respectively and leg-spinner Anil Kumble ending with figures of 8-1-12-4 which eventually won him the Player of the Match award. Waqar and Wasim picked up Sanath Jayasuriya and Romesh Kaluwitharana cheaply. The opening pair was to become the cornerstone of Sri Lanka’s World Cup win a few weeks later.

Sri Lanka spinners, Muttiah Muralitharan and Upul Chandana, picked up a couple of wickets each, but the Combined Wills XI cruised home by four wickets following notable contributions from each of their batsmen, notably Tendulkar 36 and Azharuddin 32.

Despite the show of strength, Australia and West Indies refused to change their stance. Sri Lanka won a walkover in their matches against both teams. Interestingly, both Australia and West Indies faced each other in one semi-final in Chandigarh, where Australia emerged victorious. The other semi-final played at Kolkata saw Sri Lanka being awarded the match against India by default after spectator riots.

Sri Lanka went onto eventually win their maiden World Cup defeating Australia in the final at Lahore.

Intikhab Alam, manager of the Wills Combined XI said: ‘This is the first time that India and Pakistan are playing as one team in its history. I sincerely hope with this match India and Pakistan will resume cricket ties. I hope it is the turning point. It was a tremendous sight to have both Indian and Pakistan cricketers get together at the airport. I don’t think you can achieve any better goals than that. We are happy to be here and it is the least we can do for our countries.’

Such was the solidarity that existed between India and Pakistan which over the years has sadly eroded due to politics.

Scores: Sri Lanka 168-9 (40) (Asanka Gurusinha 34, Arjuna Ranatunga 32, Aashish Kapoor 2/34, Anil Kumble 4/12)

Wills Combined XI 171-6 (34.3) (Sachin Tendulkar 36, Mohammed Azharuddin 32, Ajay Jadeja 28, Rashid Latif 21*, M Muralitharan 2/46, Upul Chandana 2/35)

The tragedy that occurred at internationally famed Na Uyana monastery, killing seven Buddhist monks on the spot and injuring six other Bikkus is another heartrending news that shocked the entire Sri Lanka within the last one month. From the wide publicity given over the electronic media, it is reported that this unfortunate accident has taken place when the steel cable attached to the cable cart had snapped mid-journey, sending 13 Buddhist monks plummeting down a 300 meters precipice at a rapid speed without any control.

Apparently, this last batch of Bikkus out of three had been returning from a religious observance when the accident struck at about 21:30 hours. The bodies had been flung to a more than 100 meters distance, according to eye-witnesses and rescuers, which gives the impression that the cart has travelled excessive speed after losing control.

Investigations are underway on the orders of the Mahawa Magistrate who made an inspection of the ill-fated cart and the accident in question to ascertain the causes of the snapped cable, as images showed frayed steel cable, blood-stained clothes, damaged equipment, and poorly maintained corroded tracks on which the cart had travelled.

It is not the intention of the writer to point out the causes for the accident, as a full-scale investigation is underway and it is entirely left to the learned magistrate to give a verdict after ascertaining all the relevant facts.

However, there are a few grey areas that demand closer attention.

1. Maximum load: It is learnt that the maximum load of the passengers the cart carries is 800 kg and at the time of the accident the cart has taken 13 Bikkus on this ill-fated trip. If the average weight of a Bikku is around 80 kg, it can be safely assumed that the cart had carried a gross weight of 1,040 kg. What about the weight of the other paraphernalia, the Bikkus have taken as is visible from the incident scene. All in all, it could be assumed that the cart has had a full load of 1,100 kg. Obviously, this load of 1,100 kg is well above the recommended weight of 800 kg. Can a poorly maintained cart shoulder an excessive weight is a question that demands an answer!

2. Inferior quality of materials used for construction: It is learnt that this facility was constructed almost 20 years ago, using leftover material, according to the eyewitnesses who spoke to the media. The writer visited this temple and spent almost a half a day by performing religious activities in the late 1990s and I just cannot remember this facility for the Bikkus to travel from their abodes.

As a matter fact, one foreign Bikku whispered, when questioned, that he had to travel by foot a distance of 350 meters in a difficult terrain to reach the main hall twice a day spending 45 minutes to one hour where the almsgiving are arranged by the public.

The manner in which that donor has constructed and gifted this facility by using leftover sub-standard materials is a matter that cannot be discounted, considering the safety and the vulnerability of the project on a hilly terrain. In the science of mechanical engineering, it is explicitly stated that no chain, rope or lifting tackle shall be used for a sensitive facility of this nature, unless it is of good construction, sound material, adequate strength and free from patent defect. Section 28 (1) A of the Factory Ordinance of 45 of 1942 has clearly specified this requirement. The donor would have undertaken this project in good faith to the monastery but if the substandard materials have been used from the leftovers, it is inevitable to experience such a calamity.

3.Periodical maintenance: it has to be borne in mind that the cart which is extensively used for the transportation of Bikkus should be periodically serviced and maintained for the safety of the Bikkus. The Factory Ordinance in section 28 (1) d, states that all chains, ropes and lifting tackle shall be thoroughly examined by a competent person at least once in every six months or at such greater intervals. Has this vital and mandatory requirement been observed in the breach is the dollar million question.

A monastery is a religious organisation and it does not have a rigid and systematic organisational structure to deal with specific internal segments. Thus, my gut feeling is no periodical examination or servicing has been undertaken by a qualified person or an institution. Periodically, the monastery might have undertaken minor repairs on ad-hoc basis. I have my serious doubt whether the District Factory Engineer or for that matter a reputed engineering institution or qualified engineer had ever visited this plant during the last 20 years.

From the safety point of view, the provision of one cable to the cart cannot be endorsed. Had there been two cables, the extent of the damages could have been either averted or mitigated.

It should have been the duty of the Dayake Saba to look into these aspects. Most of the Dayaka Sabas consist of elderly persons appointed on a routine basis and they lack the knowledge of the regulatory mechanisms that govern these basic facilities.

4. Un-secured prime-mover: What I saw in the telecast was a frightening situation last night as regards the prime-mover to which the steel cable is connected. It is located in an isolated hut and it has not been either securely fenced or protected, thus leaving the hut at the mercy of any undesirable elements to meddle with the system. From the safety point of view this is a very dangerous situation. Anyone could have access to this hut and damaged the fly wheel directly connected to any prime mover, had he wanted to cause a wanton damage with an ulterior motive. The regulation says whether the fly-wheel or prime-mover is situated in an engine house or not, it shall be securely fenced.

5. It is timely that the custodians of the temple or the Dayaka Saba revisit the safety aspects of this monastery and take precautionary measures to avoid health and safety hazards of this precinct on an utmost priority.

6.There may be similar health hazards in other religious places, which pose a threat to the life and limbs of devotees. Hence, it is imperative that the Ministry of Buddha Sasana visit such religious places and take appropriate measures to avoid fatal accidents.

NCINGA yesterday announced that the global technology solutions provider has secured a landmark deal with one of Sri Lanka’s leading banks to implement the country’s first Customer Data Platform (CDP) for hyper-personalised banking experiences.

The project will move into the build and deployment phase in the coming months. Upon completion, the CDP will empower the bank to deliver targeted services, offers, and content; improve digital customer engagement; and drive higher customer lifetime value.

This strategic mandate is a historic first for Sri Lanka’s banking industry and its digital transformation trajectory. Demographic shifts and increased mobile adoption are changing consumer behaviour. CDPs provide banks with the technological foundation to keep abreast of these changes and cultivate more valuable, long-lasting customer relationships. These solutions leverage Artificial Intelligence (AI) and Machine Learning (ML) capabilities to unify data from omni-channels, build customer personas, analyse the entire customer journey, and provide personalised experiences across all customer touch points in real-time.

As CDP adoption is a key step in becoming a true AI-powered bank, a majority of CMOs across industries have marked CDPs as a priority in their two year plans. Any business that has invested in a data warehouse, a Customer Relationship Management (CRM) platform, a mobile app, super app, or even a social listening tool, is already on a CDP journey. NCINGA, with its emphasis on delivering future-oriented technology solutions, has been one of the earliest advocates of CDP adoption in multiple industries. This project will serve as a benchmark for banking industry innovation in Sri Lanka and the wider Asia-Pacific region.

NCINGA Cloud Practice VP Isuru Ponnamperuma said: ‘NCINGA is creating history in Sri Lanka’s CDP adoption journey. We were ahead of the curve, educating the market on AI-driven marketing technologies that drive hyper-personalisation. Earlier in the year, we organised an industry event together with our partners to share more insights about CDP-driven hyper-personalisation. CDPs are the next frontier for B2C businesses, and most importantly, these platforms are never static; they will evolve, and with that, so will your business.’

NCINGA’s comprehensive CDP solutions include custom plug-ins for additional data streams, generative AI integration, and hybrid cloud and on-premise deployments. We also work with businesses to build customised data warehouses, analytical models, and dashboards.

The Sri Lanka Export Development Board (EDB), in collaboration with the Industry and Entrepreneurship Development Ministry recently hosted a dynamic workshop at EDB Head Office to boost the international visibility of Sri Lanka’s creative textile sector.

The program aimed to enhance awareness among government institutions operating under the Industry and Entrepreneurship Development about domestic and international market opportunities and to facilitate easier market access for creative textile products mainly handloom and batik industries.

Sharing their expertise, Buddhi Batiks Ltd., Chief Executive Officer Darshi Kirthisena shared her insights on ‘Presenting Batik Products to the Modern Fashion Market’, demonstrating how traditional batik art can be adapted for global consumers.

University of Kelaniya Department of Marketing Management Senior Lecturer Dr. G. Nilantha Roshan Perera conducted a session on ‘Developing a Global Textile Brand’ where he shared valuable insights on branding strategies, market positioning, and the importance of storytelling in building internationally competitive textile brands.

Adding a practical dimension, Loom and Bean (ApiHappi) Co-Founders Itosha Lankathilaka and Aparna Samarakoon shared their inspiring export success story showcasing how traditional Sri Lankan products can capture international markets.

Meanwhile, Dr. Thushari Vanniarachchi from the University of Moratuwa emphasised stronger collaboration between fashion design institutions and government textile centres, while Sri Lanka Institute of Textile and Apparel (SLITA) Senior Technologist Sarath Wijayabahu outlined SLITA’s critical role in skills training, product innovation, and certification.

The event drew the participation of senior officials including Industry and Entrepreneurship Development Ministry Additional Secretary – Traditional Industry Development Subhadra Walpola, Sri Lanka Institute of Textile and Apparel (SLITA) Director General Tharanga Nalan Gamlath, EDB Acting Additional Director General – Development Kumuduni Mudalige and Director – Industrial Products Manoja Dissanayake, alongside provincial industry directors, textile centre managers, and EDB officers.

This initiative marks an important step in linking Sri Lanka’s rich cultural heritage with global fashion trends, paving the way for enhanced exports, sustainable livelihoods, and a stronger international presence for the island’s creative textile sectors including the handloom and batik industry.

South Asia Gateway Terminals (SAGT) has taken a significant step forward in its journey towards decarbonisation with the installation of a 460kW rooftop solar panel array at its administrative facility.

This milestone project, completed within the 2024/25 financial year, reinforces the company’s commitment to achieving net-zero carbon emissions and increasing its reliance on renewable energy sources.

SAGT has long maintained a strong focus on sustainability, and remains the only terminal in Sri Lanka to publicly disclose its environmental performance through an independently accredited sustainability report. With a clear priority placed on decarbonising terminal operations, SAGT has made substantial progress in reducing Scope 1 emissions, primarily through the hybrid conversion of its Rubber Tyred Gantry (RTG) crane fleet. To date, 28 of 31 cranes have been hybridised, contributing to a 22% reduction in carbon intensity per move over the past six years.

The new solar project addresses Scope 2 emissions, which accounted for 22% of SAGT’s overall carbon footprint in the 2024/25 period. The rooftop installation is part of a wider strategy to transition to clean energy sources, and now supplies approximately 3-5% of the company’s annual energy needs, marking the first instance of onsite renewable energy generation at SAGT.

Looking ahead, the company is accelerating its sustainability agenda with a series of targeted renewable energy and electrification initiatives. As part of this roadmap, SAGT will introduce two electric forklifts in 2025 and plans to convert 30 prime movers to electric models from its fleet of 80. The company is also evaluating additional solar installations on its gatehouse rooftops, aiming to create ‘green gates’ that are self-sufficient and powered entirely by solar energy. This will allow gate operations to be completely independent of the grid, with zero emissions.

SAGT CEO Romesh David said, ‘We are proud to mark this new chapter in our sustainability journey with the commissioning of our rooftop solar array. This investment reflects our deep commitment to reducing our environmental footprint while supporting national and global climate goals. As the industry evolves, we are determined to lead by example, transforming terminal operations through clean energy adoption and innovation-driven decarbonisation’.

Malaysian duo Duncan Lee and Zoe Foo were crowned 2025 Reliance PSA

Challenger Open champions after Zoe Foo defeated Raifa Yattaqi from Indonesia and Duncan Lee got the better of Omar El Torkey of Egypt in a fiery encounter in the finals.

The Reliance PSA Challenger Championship 2025, a 6K Men’s/3K Women’s

Challenger event on the PSA Squash Tour, took place recently at Air Force Squash Complex in Ratmalana. Finals and award ceremony took place with Singer Finance PLC CEO Thishan Amarasuriya attending the occasion as Chief Guest.

Third seed, Duncan Lee and unseeded Omar El Torket who downed second seed home favourite Ravindu Laksiri in quarter finals were the two stand out performers at the top of the Men’s game, and look set to enjoy a fierce fight for the top position.

Omar made a perfect start to the match, taking a 1-0 lead at 11/6.

Malaysian national Champion Duncan fought back strongly to win the second set 12/10 to tally the set scores at 1-1. Duncan kept the momentum to win the last two games at 11/3 and 11/4 to take the 2025 Reliance PSA Challenger Men’s Open title.

Women’s open final saw fifth seed Zoe Foo being given a tough fight by Rafia Yattaqi. Zoe took the first set quite easily at 11/6 before conceding the second set at 11/7. Zoe managed to take the last two sets although the last set went down to the wire at 13/11 to win the 2025 Reliance PSA Challenger Women’s Open title.

The tournament was organised by Sri Lanka Squash under the guidance of

Professional Squash Association (PSA) and sponsored by Reliance logistics with participation of 27 participants from 10 countries.

Reliance Logistics was the main sponsor while Rajat Agro commodities, Sana Lanka Trading, SP Agro, Venus Commodities and Amro sugars supported as co-sponsors. PEO TV was the official broadcast partner for the tournament.