Category: Daily Financial Times

Arcasia Investment and Trading Ltd. and ATX Partners Ltd. have announced a voluntary offer to acquire all the issued and paid shares of Industrial Asphalts (Ceylon) PLC at 40 cents a share, having already secured binding undertakings representing 50.16% of the company’s issued share capital.

The offerors said they intend to acquire all 3,749,411,250 issued shares of Industrial Asphalts at a consideration of 40 cents per share under the voluntary offer made in terms of the Company Take-overs and Mergers Code.

The share ended Friday unchanged at 60 cents. The company reported assets of 47 cents a share as of end-March 2026. Govindasamy was the top shareholder with a 48.03% stake, followed by Senthilverl Holdings (4.71%), B. Srikumar (4.27%), A.J.S.N. Amerasinghe (2.04%), and S.A. Gulamhusein (2.04%).

Industrial Asphalts Director Ramanan Govindasamy has entered into a binding share sale and purchase agreement to sell his entire holding of 1,800,693,010 shares, representing approximately 48.03% of the company, at the offer price. Separately, Srikumar Balasubramaniyam has agreed to sell 80 million shares, equivalent to approximately 2.13% of the issued capital, under a separate binding agreement.

The two agreements provide the offerors with undertakings over 1,880,693,010 shares, or approximately 50.16% of the issued ordinary shares. The offerors said they have not received any other undertakings from shareholders either to accept or reject the offer. The offer is conditional on the acquisition of more than 50% of Industrial Asphalts’ shares. Upon the tender of the agreed shares by the two shareholders, the voluntary offer will automatically convert into a mandatory offer under Rule 31 of the Company Take-overs and Mergers Code.

The offerors also declared that neither they nor any parties acting in concert had acquired shares in Industrial Asphalts during the 12 months preceding the commencement of the offer period.

Once the agreed acceptances are received, the offer will become unconditional as to acceptances, requiring the offerors to purchase all shares tendered at the offer price, while shareholders will no longer be entitled to withdraw shares submitted under the offer.

The two offerors will acquire shares tendered under the offer in equal proportions, with each purchasing 50% of the shares accepted by shareholders. Shares acquired under the offer must be free of all liens, charges, pledges and other encumbrances.

Arcasia, incorporated in 2019, said its principal activities include investment management, trading and related commercial operations, while ATX, incorporated in 2024, is engaged in retail trade and related commercial activities. The companies said they are acting in concert for the purposes of the transaction and currently hold no shares in Industrial Asphalts.

The offer will be open to all shareholders registered at the close of the offer. A detailed offer document, including the offer timetable and other relevant information, will be dispatched to the board and shareholders of Industrial Asphalts within 28 days of the announcement.

A 27-year-old Canadian national has been arrested at Bandaranaike International Airport (BIA) in Katunayake after officials allegedly discovered more than 20 kilograms of hashish concealed in his luggage.

The seized narcotics weighed 20 kg and 117 g and have an estimated street value of Rs. 201.89 million, according to preliminary investigations.

Authorities said the contraband was detected during an examination of the suspect’s baggage following his arrival in Sri Lanka.

Investigators alleged that the suspect purchased the narcotics in Toronto, Canada, before travelling to Doha, Qatar, and boarding a connecting Qatar Airways flight to Sri Lanka. He arrived at BIA at around 2:30 a.m. yesterday on Qatar Airways flight QR-662, officials said.

In a shocking revelation, the National Intellectual Property Office (NIPO) last week announced that Sri Lanka has yet to receive an application to register Ceylon Tea as a Geographical Indication (GI), despite the country’s globally recognised 159-year tea heritage.

Responding to a question posed at the Sri Lanka-USA Business Council (SLUSABC) breakfast forum on ‘The IP Trade Corridor – Strengthening US-Sri Lanka Economic Partnership through Intellectual Property Protection,’ NIPO Director – Information and Examination Nalinda Atapattu disclosed that many iconic Sri Lankan products have yet to benefit from GI protection.

‘The NIPO has not yet received an application from the Sri Lanka Tea Board to register Ceylon Tea as a GI,’ he answered, insisting the need for industries to take the lead in protecting products with strong geographic identities.

He called on both policymakers and industry stakeholders to accelerate efforts to secure international protection for ‘uniquely Sri Lankan products’ to carve out a sustainable, niche market if the country aims to boost its competitiveness and sustain the global export market.

Atapattu explained that GI differs fundamentally from trademarks because they are collective intellectual property (IP) rights rather than assets owned by individual companies.

‘It is important to understand that GIs are not owned by individual businesses, they are collective rights that protect entire producer communities,’ he said.

As a result, he stressed that producer associations, industry bodies, and other stakeholders must first reach consensus and develop a common strategy before applying for GI registration.

Atapattu said the country’s GI framework remains at an early stage of development. ‘Sri Lanka established its GIs framework only recently, and we are still at an early stage,’ he added.

In February 2022, the European Union (EU) granted Ceylon Cinnamon GI status, marking Sri Lanka’s first-ever GI certification.

However, Atapattu noted that many other iconic Sri Lankan products have yet to benefit from similar protection, including Ceylon Sapphire and other unique gemstones.

In June 2026, the Sri Lanka Export Development Board (EDB) and the Industry Ministry, with support from the Asian Development Bank (ADB) ,unveiled the National Export Development Plan (NEDP) 2026-2030. Accordingly, exports are positioned as the main driver of growth, with targets of 14-15% of GDP and $ 36 billion in total exports by 2030, comprising $ 28 billion in merchandise exports and over $ 8 billion in services exports.

He identified two key priorities for Sri Lanka to strengthen protection for country-specific products.

‘The first is greater recognition among policymakers of the strategic value of GIs in enhancing export competitiveness, protecting product authenticity, and creating greater value for producers. The second is for industries themselves to organise collectively and initiate the registration process, rather than relying solely on Government agencies,’ he said.

Atapattu also disclosed that the NIPO is working towards Sri Lanka’s accession to the Lisbon Agreement, an international treaty that facilitates the protection and recognition of GIs and appellations of origin across member countries.

Joining the Agreement, he said, would strengthen international recognition of Sri Lanka’s GI indications and provide stronger protection for products with unique geographic origins in overseas markets.

His remarks come amid growing global emphasis on IP provisions in modern free trade agreements (FTAs), where GIs have become an increasingly important tool for protecting nationally distinctive products and enhancing their commercial value in international markets.

CEAT Kelani Holdings has expanded its radial tyre portfolio in Sri Lanka with the launch of two new SUV-focused products engineered to deliver a superior blend of control, comfort and durability across the country’s diverse driving conditions.

The launch introduces the SecuraDrive SUV tyre in size 215/65 R16 and the CrossDrive AT tyre in size 245/70 R16, taking CEAT’s total radial tyre portfolio in Sri Lanka to 82 variants. Designed and tested at CEAT’s R and D Centre in Frankfurt, Germany, these tyres bring globally benchmarked engineering to local roads, combining advanced compound technology and tread design with practical performance benefits for everyday driving.

The SecuraDrive SUV is positioned for modern urban and highway-driven SUVs such as the Toyota Rush, Suzuki Vitara, Nissan Qashqai, Juke and X-Trail, Kia Sportage and even utility vehicles like the Toyota Hilux. It has been engineered to deliver high-speed stability, precise handling and consistent grip across wet and dry surfaces.

At a technical level, the tyre’s wide face cavity and five-rib tread design increase the contact area with the road, ensuring more even pressure distribution. For users, this translates to better grip, improved braking confidence and longer, more even wear. Its optimised cavity shape reduces rolling resistance, which not only enhances fuel efficiency but also contributes to a smoother, more controlled drive.

Noise and ride comfort, two critical factors for SUV owners, have been addressed through a combination of pitch sequencing and advanced tread geometry. By using an optimised pitch distribution developed through algorithm-based design, the tyre significantly reduces road noise and vibration, resulting in a quieter cabin experience. Complementing this is an optimised ply line and reduced belt deflection, which work together to minimise vibration and improve handling stability.

Wet weather performance, a key concern on Sri Lankan roads, is enhanced by fluidic sipe designs that efficiently channel water away from the tyre surface. This improves traction and reduces the risk of aquaplaning, giving drivers greater confidence in heavy rain. Reinforced construction, including a two-ply build and rim flange protection, further improves durability and resistance to road damage, making the tyre well suited to both city use and rougher road conditions.

For more rugged applications, the CrossDrive AT has been developed as an all-terrain solution for vehicles such as the Mitsubishi Triton, Mitsubishi L200, Isuzu D-Max, Mitsubishi Montero and Kia Sorento. Designed to appeal to drivers with a more adventurous lifestyle, this tyre combines off-road capability with on-road refinement.

Its aggressive zig-zag groove pattern is engineered to bite into loose and soft surfaces, delivering strong forward traction when driving on gravel, mud or uneven terrain. At the same time, surface-adaptive 3D sipes flex in response to the road, maintaining stability and grip on wet tarmac as well as loose trails.

A key technical feature is its self-cleansing tread design, which actively ejects mud, stones and debris through an optimised open pattern. This prevents tread clogging, ensuring consistent traction and preserving the integrity of the tyre over time. In practical terms, drivers experience fewer interruptions in grip when transitioning between terrains.

Despite its off-road emphasis, the CrossDrive AT has been engineered for everyday usability. Tighter lateral grooves improve block stability and reduce air pumping, which lowers road noise and delivers a more composed, quieter ride on highways, an important balance for SUVs used both in the city and beyond.

Both new tyres benefit from CEAT’s ongoing investment in research and testing, with rigorous evaluation conducted across wet, dry and extreme conditions to optimise compound mix, tread performance and overall durability. Specially designed sidewalls and tread patterns help absorb shocks and vibrations, ensuring better control and ride comfort on Sri Lankan roads.

Every CEAT tyre undergoes stringent quality checks, and the company remains the only tyre manufacturer in Sri Lanka certified with IATF 16949:2016, reflecting adherence to globally recognised automotive quality standards.

Backed by a comprehensive four-year warranty and supported by a network of more than 550 dealers island-wide, the new SecuraDrive SUV and CrossDrive AT tyres are now available at authorised CEAT outlets with introductory pricing.

The National Chamber of Commerce of Sri Lanka (NCCSL) will host the National Business Excellence Awards (NBEA) 2026 tomorrow at the Shangri-La Colombo, commencing at 5 p.m.

Celebrating its 21st consecutive year, the NBEA recognises and rewards outstanding business achievements.

Over the years, the awards have honored companies that demonstrate excellence in business and organisational performance across a wide range of sectors.

This year’s milestone event is expected to bring together leading business leaders, entrepreneurs, government officials, and diplomatic representatives to honor the highest standards of corporate excellence and sustainability. The awards evaluation process is led by a highly respected Panel of Judges, ensuring transparency, integrity, and rigorous assessment.

Over 140 nominees across 31 sectors and business categories will be unveiled during the ceremony, which will be followed by a glamourous sit-down dinner and networking opportunities for distinguished guests. The grand ceremony will be graced by Chief Guest French Ambassador Remi Lambert.

The National Business Excellence Awards 2026 completed its evaluation process through a multi-stage assessment led by an independent Technical and Financial Evaluation Committee chaired by Ernst and Young Partner – Financial Accounting Advisory Services Rajith Perera, followed by a final review by an independent panel of judges Co-Chaired by Postgraduate Institute of Management Senior Professor in Management Ajantha Dharmasiri and human resources and labour law consultant and Attorney-at-Law Lasantha Salgado.

Sri Lanka has emerged as one of the fastest-improving emerging market sovereigns for investor relations and debt transparency, with the Institute of International Finance (IIF) ranking the country fourth among the largest improvers in its 2026 assessment, as the Government seeks to rebuild investor confidence following its debt restructuring.

The IIF’s Investor Relations and Debt Transparency Report 2026: The Transparency Dividend found Sri Lanka’s overall Investor Relations Country Score rose to 43.67 out of 50 in 2026 from 37.33 in 2025, placing the country in the top quartile of 57 emerging markets and developing economies assessed against international best practices. The survey average increased only marginally to 37 from 36.1 a year earlier.

The report identified Sri Lanka among a small group of ‘fast movers,’ recording the fourth-largest improvement in investor relations scores with a gain of 6.3 points, behind Vietnam, Belize, and Mozambique. It also highlighted Sri Lanka as one of the strongest performers in improving debt transparency practices during the year.

The Finance and Planning Ministry said Sri Lanka’s improvement was driven by stronger debt transparency and environmental, social and governance (ESG) data and policy dissemination, with the country becoming the fifth-highest improver in both categories.

According to the Ministry, Sri Lanka’s debt transparency ranking improved significantly from 19th among score improvers in 2025 to fifth in 2026, reflecting what it described as sound debt management practices adopted over the past year.

The Ministry attributed the progress to continued efforts by the Public Debt Management Office (PDMO), working with other Government institutions, to strengthen the country’s sovereign investor relations framework through enhanced investor engagement and debt transparency.

It said the improvements were expected to strengthen investor confidence, broaden Sri Lanka’s sovereign investor base, support market access, and enhance the country’s credibility in international capital markets.

The IIF said the findings come as governments worldwide face intensifying competition for global capital amid a structural spending ‘super-cycle’ driven by defence expenditure, clean energy investment, artificial intelligence (AI) infrastructure, and rising healthcare costs, while borrowing costs remain elevated and fiscal space remains constrained.

Against that backdrop, the report argues that transparency has become an increasingly important determinant of borrowing costs for emerging markets.

The IIF said timely, credible, and predictable disclosure of fiscal, debt, and policy information enables investors to distinguish known risks from unknown risks, reducing the uncertainty premium embedded in sovereign borrowing costs. Over time, stronger disclosure and sustained investor engagement can broaden the investor base, reinforce market access, and contribute to more stable sovereign credit ratings.

While transparency cannot compensate for weak economic fundamentals, the report said it allows policymakers to address underlying fiscal challenges more effectively with investor support and is one of the few factors influencing borrowing costs that remains entirely within the control of sovereign authorities.

The SriLankan Airlines Swimming Team made quite a splash at the Travel Trade 2026 Swimming Competition, emerging as the Overall Champions with a significant lead. The team also claimed both the Men’s and Women’s Overall Championship trophies, demonstrating the teamwork, determination and winning spirit that continue to define SriLankan Airlines. The airline’s Swimming Team now hopes to extend its winning streak at the upcoming Mercantile 2026 Swimming Championship in October.

Seylan Bank PLC successfully concluded its participation as the Official Banking and Leasing Partner of the Colombo EV Motor Show 2026, marking the Bank’s first-ever partnership with Sri Lanka’s largest international electric vehicle and motor accessories exhibition.

Held from 26 to 28 June at the Sirimavo Bandaranaike Memorial Exhibition Centre (BMICH), the three-day event attracted more than 17,000 visitors, bringing together leading automotive brands, industry stakeholders and electric mobility enthusiasts.

As the Official Banking and Leasing Partner, Seylan Bank leveraged the exhibition to showcase its comprehensive portfolio of banking products and services, with a special emphasis on Seylan Leasing’s flexible financing solutions for electric vehicles. Throughout the event, visitors received personalised financial consultations while exploring exclusive leasing packages featuring competitive interest rates, attractive processing fee discounts, fast-track approvals and convenient repayment options designed to make vehicle ownership more accessible.

The exhibition featured over 200 trade stalls representing electric vehicles, motor accessories, spare parts, lubricants, tyres, batteries, charging solutions and a wide range of automotive products and services, providing an ideal platform for the Bank to engage directly with prospective vehicle buyers. Seylan Bank also promoted its ‘Speed Drive’ leasing facility, which enables customers to initially pay only the interest component before commencing capital repayments, offering greater financial flexibility. In addition, visitors explored the Bank’s credit card portfolio, digital banking solutions and other financial products tailored to modern lifestyle needs.

Seylan Bank Assistant General Manager – Marketing and Sales Asiri Abhayaratne said: ‘Our participation at the Colombo EV Motor Show 2026 reflects Seylan Bank’s commitment to supporting Sri Lanka’s transition towards sustainable mobility. The overwhelming response from visitors demonstrates the growing demand for flexible and innovative financing solutions, and we are pleased to have connected with thousands of prospective customers while showcasing how Seylan Leasing can make electric vehicle ownership more attainable.’

Through initiatives such as this, Seylan Bank continues to strengthen its position as a trusted financial partner, delivering innovative banking and leasing solutions that support the evolving needs of Sri Lankan consumers while contributing to the country’s growing electric vehicle ecosystem.

Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe has instructed officials to streamline customs clearance procedures for food imports to reduce delays and costs.

An international conference examining South Asia’s most pressing legal and social issues will bring scholars, legal practitioners, judges, journalists and researchers from around the world to Colombo on 28 and 29 July to the historic Galle Face Hotel.

The conference, Law and Society in South Asia: Interdisciplinary Perspectives from the Ground, is co-organised by Dr. Shanthi Senthe of the University of Windsor’s Faculty of Law, in partnership with the Centre for South Asia at Stanford University (Dr. Sharika Thirnagama and Dr. Lalita du Perron) and the Global Legal Studies Center at the University of Wisconsin Law School (Dr. Sumudu Attapatu).

The event drew more than 260 expressions of interest from participants representing institutions including the University of Colombo, University of Jaffna, Stanford University, the University of Wisconsin, Yale University, Harvard University, Columbia University and universities across South Asia and East Asia. From that response, the conference committee selected 103 submissions for the program.

For Senthe, the conference caps years of international relationship-building and reflects the place of Canadian commitment and Windsor Law’s growing influence on the global stage. The partnership grew out of years of her research and scholarly collaborations with colleagues at Stanford and Wisconsin. Senthe also stresses the significance of Sri Lanka as the host country for this conference.

Sri Lanka is more than the host of this inaugural conference-it is central to the conversations the conference seeks to inspire. Home to a distinguished community of legal scholars and a rich intellectual tradition, Sri Lanka provides an unparalleled setting for examining the relationship between law, society, and justice in the Global South. The conference celebrates the country’s academic leadership while creating new opportunities for collaboration between Sri Lankan researchers and leading scholars from around the world. By placing Sri Lanka at the center of these international conversations, the conference affirms the importance of locally grounded scholarship in addressing global legal challenges and shaping more inclusive and equitable futures.

‘These collaborations don’t happen overnight – they are built through years of scholarship, research partnerships and international engagement,’ said Senthe.

While grounded in legal scholarship, the conference’s scope extends well beyond traditional legal disciplines. Participants will explore environmental justice, gender equality, post-conflict reconstruction, governance, economic development and human rights – examining how legal systems intersect with the social, political, cultural and economic realities of the communities they serve.

‘Law doesn’t exist in isolation,’ said Senthe. ‘The goal is to create space for interdisciplinary conversations that examine how legal systems interact with the communities and societies they serve, especially in the Global South.’

That interdisciplinary approach has drawn submissions from researchers in Sri Lanka, India, Nepal, Indonesia, Bangladesh, Pakistan, Thailand, Singapore, China, Hong Kong, Canada and the United States, including academics, legal professionals, judges, investigative researchers and journalists working on legal and social issues throughout the Global South.

Senthe hopes the conference will give local researchers and legal scholars in Sri Lanka a platform to share their expertise with an international audience. ‘We want to create a platform that elevates scholarship coming directly from the region,’ she said. ‘Some of the most important perspectives on South Asian legal and social issues come from scholars who are living, researching and working there.’

The conference underscores Windsor Law’s longstanding commitment to interdisciplinary research and international engagement, and demonstrates how faculty research can build lasting connections between institutions, countries and communities.

‘This is the kind of work universities should be doing,’ Senthe said. ‘Bringing together people with different perspectives, different expertise and different experiences to learn from one another and tackle important questions that affect societies around the world.’

Senthe credits the conference’s success to a network of community support, and acknowledged the Rodzik family, Windsor Law Dean Reem Bahdi, and the colleagues and collaborators whose mentorship, generosity and belief in the vision helped make the conference possible.

As organisers finalise the program, the strong international response signals the growing importance of interdisciplinary approaches to law and society – and the role Windsor Law is playing in leading those conversations.