Category: Daily Financial Times

A 31-member business delegation led by the Federation of Indian Export Organisations (FIEO), India’s apex export promotion organisation, visited Sri Lanka from 8-10 July 2026 to explore new opportunities for enhancing bilateral trade and business partnerships. The delegation comprised companies from diverse sectors, including pharmaceuticals, engineering goods, apparel and textiles, food and agricultural products, and infrastructure.

During the visit, the delegation interacted with High Commissioner of India to Sri Lanka Santosh Jha, who shared insights on Sri Lanka’s evolving economy, the growing India-Sri Lanka economic partnership and the vast opportunities for expanding bilateral trade and investment.

Companies from the food commodities and agriculture sectors also held discussions with officials of the Trade, Commerce, Food Security and Cooperative Development Ministry on sector-specific issues and opportunities for collaboration. The delegation further interacted with members of the Indo-Lanka Chamber of Commerce and Industry (ILCCI), representatives of the Access Group, and members of the various Market Associations coordinated by GOPIO, to explore business opportunities, establish new commercial linkages and identify avenues for expanding bilateral trade.

As part of its continued efforts to promote bilateral trade and business-to-business engagement, the High Commission of India organised an interaction titled ‘India-Sri Lanka Trade Connect: Interaction with FIEO Delegation’ on 9 July 2026 at Taj Samudra, Colombo. The event brought together members of the visiting Indian delegation with representatives of leading Sri Lankan companies and prominent business organisations, including the Indian CEO Forum (ICF), National Chamber of Exporters of Sri Lanka (NCE), Indo-Lanka Chamber of Commerce and Industry (ILCCI) and the Ceylon Chamber of Young Lankan Entrepreneurs (COYLE). The event served as a platform for productive B2B interactions aimed at fostering new business partnerships and strengthening bilateral trade.

In his address, the High Commissioner highlighted the expanding India-Sri Lanka economic partnership and noted that India continues to be Sri Lanka’s principal trading partner, the largest source of foreign investment, and the leading source of tourist arrivals. He observed that, according to the Department of Commerce, Government of India, bilateral merchandise trade had reached approximately $ 7.2 billion during 2025-26 and that Sri Lanka’s exports to India had grown by nearly 160% over the last five years, significantly outpacing the growth in India’s exports to Sri Lanka. High Commissioner also highlighted the complementary strengths of the two economies and India’s role as a reliable supplier of essential commodities such as refined petroleum, medicines and staple food. He underscored the immense potential to further deepen trade and strengthen business-to-business partnerships.

The formal exchange of the Memorandum of Understanding (MoU) between the Federation of Indian Export Organisations (FIEO) and the National Chamber of Exporters of Sri Lanka (NCE), which had been signed virtually on 19 August 2025, also took place during the event. The MoU seeks to strengthen institutional cooperation through information sharing, promotion of trade and investment, business networking and identification of new opportunities for collaboration.

The visit of the FIEO delegation reaffirmed the shared commitment of India and Sri Lanka to further strengthen bilateral trade, deepen business-to-business linkages and expand economic cooperation.

Wesley College produced a scintillating attacking display to retain the Sir Oliver Goonetilleke Shield with an emphatic 41-24 victory over S. Thomas› College in their annual rugby encounter played at the CR and FC Ground at Longdon Place yesterday.

The thrilling contest was evenly poised at halftime with the scores locked at 19-all after both teams exchanged tries in an entertaining opening spell. However, Wesley dominated the second half with a relentless attacking performance, adding four more tries to pull away from their traditional rivals.

The winners crossed the whitewash seven times and added three successful conversions, while the Thomians replied with four tries and two conversions. Wesley›s pace, handling skills and clinical finishing proved the difference as they overwhelmed the Thomian defence after the interval.

The victory ensured Wesley retained the prestigious Sir Oliver Goonetilleke Shield, awarded in honour of Sri Lanka›s first Ceylonese Governor-General. The encounter once again lived up to its reputation as one of the oldest and most keenly contested school rugby fixtures in the country.

Referee was Hasantha Weranga.

Wine lovers and discerning diners are invited to an evening where exceptional cuisine and world-class wines come together at Capital Bar and Grill, Shangri-La Colombo’s signature steakhouse.

On 24 July 2026, guests will enjoy A Sommelier Curated Dining Experience, an exclusive one-night event featuring a specially crafted set menu expertly paired with distinguished Frescobaldi wines. Guiding guests through the evening will be renowned sommelier Bruno Butragueño, who will share insights into each pairing, offering a deeper appreciation of the craftsmanship behind every glass and every course.

Designed to elevate the dining experience beyond the plate, the evening celebrates the harmony between food and wine, with each pairing carefully selected to enhance flavours, textures and aromas throughout the menu.

Whether a seasoned wine enthusiast or someone looking to discover the art of wine pairing for the first time, guests can expect an intimate culinary journey that showcases the timeless traditions of one of Italy’s most celebrated wine producers alongside Capital Bar and Grill’s contemporary dining experience.

The exclusive event will take place from 6.30 p.m. to 10.30 p.m. and is priced at Rs. 25,000 nett per person.

Reservations are required, with limited seats available. For reservations, WhatsApp +94 76 289 2322.

Permanent Representative of Sri Lanka to the United Nations Office and other International Organisations in Switzerland, Ambassador Sumith Dassanayake reaffirmed Sri Lanka’s commitment to strengthening a modern, inclusive and effective intellectual property (IP) system while addressing the Sixty-Eighth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO), held on 8 July 2026 at WIPO Headquarters in Geneva.

In his statement, the Permanent Representative underscored the importance of intellectual property as a key driver of innovation, creativity, trade, technology transfer and inclusive economic development. He highlighted its contribution to empowering inventors, creators, micro, small and medium-sized enterprises (MSMEs), women, youth and academia, thereby supporting sustainable economic growth.

Ambassador Dassanayake highlighted the progress achieved under the WIPO-National Intellectual Property Office of Sri Lanka (NIPO) Bilateral Agreement for Technical Support. He noted the successful completion of the IP document digitisation and scanning project in May 2026 and the inclusion of Sri Lanka’s national trademark collection in WIPO’s Global Brand Database, which enhances the international visibility of Sri Lankan trademarks.

The Permanent Representative also outlined Sri Lanka’s priority areas in the field of intellectual property, including the promotion of geographical indications, strengthening the copyright framework, fostering innovation, enhancing university-industry collaboration, and supporting research and development.

Reaffirming Sri Lanka’s strong partnership with WIPO, Ambassador Dassanayake expressed appreciation for the Organisation’s continued technical assistance and capacity-building support. He also reiterated Sri Lanka’s support for the implementation of WIPO’s Development Agenda.

Director General of National Intellectual Property Office, Himali Hettihelage was present during the WIPO Assemblies in Geneva.

In celebration of World Chocolate Day, The Kingsbury, Colombo proudly presents The Chocolate Atelier, a spectacular three-day High Tea Buffet honouring the artistry, depth and decadence of chocolate.

Running from 10 to 12 July, this exclusive culinary event reimagines a classic afternoon high tea through a lens of pure cocoa mastery, offering Colombo’s chocolate connoisseurs an unparalleled sweet and savoury experience.

The buffet features a lavish display curated by the hotel’s celebrated pastry team, highlighting the versatility of chocolate across both traditional and contemporary creations. Guests will immerse themselves in an array of velvety mousses, handcrafted brownies, rich artisanal cakes, and delicate pastries, perfectly paired with a curated selection of premium savoury items designed to balance the palate. Set against the sophisticated, five-star backdrop of The Kingsbury, it provides an exquisite afternoon retreat for families, friends and chocolate lovers alike.

The Chocolate Atelier is priced at Rs. 5,500 nett per person. For reservations, please call +94 112 421 221.

Power World Gyms, Sri Lanka’s leading fitness brand with over 30 years of experience, has partnered with Fitzky to redefine how fitness is accessed, experienced and integrated into everyday life for communities across its network.

This partnership brings together Power World’s established fitness infrastructure and Fitzky’s digital-first platform to create a more seamless and user-centric fitness journey. Through Fitzky, customers can now discover and purchase Power World Gym memberships with ease, removing traditional barriers and simplifying access to premium fitness facilities through a single, integrated platform experience.

In addition, the introduction of the Fitzky Fit Pass adds a new layer of flexibility to the fitness landscape. Users are no longer tied to fixed routines or single-location commitments. Instead, they can choose a day-pass option that allows them to access Power World gyms as well as a wider network of partner fitness centres, enabling a more dynamic and adaptable approach to training.

From a customer experience perspective, this collaboration reflects a shift toward convenience-led fitness consumption. Whether individuals are looking for long-term membership commitments or flexible, on-demand access, the partnership ensures that fitness can now align more closely with modern lifestyles, schedules, and personal goals.

Further, this initiative strengthens Power World’s digital footprint while expanding Fitzky’s value proposition as a comprehensive fitness marketplace. Together, both brands are driving a more connected fitness ecosystem. One that prioritises accessibility, choice and user empowerment.

The partnership signals a clear move towards making fitness not just a destination, but an easily accessible service. Available anytime, tailored to individual needs and delivered through a streamlined digital experience.

Finch Foods has opened its premium travel retail outlet at Bandaranaike International Airport, marking a significant milestone in the company’s journey to build a globally recognised Sri Lankan food brand.

Located within the Departure/Transit Duty Free area, the outlet has been designed to showcase the finest ingredients, flavours and gifting collections from Sri Lanka to international travelers.

The new outlet brings together a curated range of premium Ceylon products, including cinnamon, vanilla, botanicals, natural wellness products, superfoods, authentic Sri Lankan spices, artisan food products, premium honey, natural oils and exclusive gifting collections. Designed as an immersive retail experience, the outlet celebrates Sri Lanka’s rich agricultural heritage, craftsmanship and culinary identity while presenting them through a modern premium brand experience.

For Finch Foods, the opening represents more than the launch of a new retail outlet. Establishing a permanent presence at Sri Lanka’s international gateway provides the brand with a powerful platform to introduce international travellers to value-added Sri Lankan products. It also reinforces the company’s long-term vision of taking the finest of Sri Lanka to the world through innovation, premium branding and global market access.

Managing Director Fawaz Fassi said: ‘The opening of our outlet at Bandaranaike International Airport is a proud milestone in the Finch Foods journey. More than a retail outlet, it is a platform to introduce millions of international travelers to the very best of Sri Lanka and demonstrate how our country’s finest ingredients can become globally recognised branded products.’

Finch Foods was established as part of a broader entrepreneurial vision to build a globally competitive food business. The company initially represented and distributed leading international FMCG brands in Sri Lanka before identifying an opportunity to create its own premium Sri Lankan food brand for local and global markets. While Sri Lanka is internationally recognised for ingredients such as Ceylon cinnamon, tea and spices, Finch Foods saw an opportunity to move beyond the export of raw commodities by creating premium, value-added products capable of competing on the global stage.

The company operates under recognised food safety and quality management systems, including GMP, HACCP, ISO 22000 and ISO 9001.

The new airport outlet also features carefully curated gifting collections designed specifically for travelers. These include elegant gift boxes and exclusive airport selections that allow visitors to take home an authentic yet premium expression of Sri Lanka. The concept is intended to move beyond traditional souvenirs by offering meaningful, high-quality products that can be enjoyed, shared and gifted.

‘At Finch Foods, we are committed to adding value to Sri Lankan ingredients through innovation, premium branding and exceptional customer experiences. Our purpose, ‘Connecting Cultures Through Flavour,’ is reflected in this milestone, which enables us to introduce the finest of Sri Lanka to travelers from around the world. We are grateful to Airport and Aviation Services (Sri Lanka) Ltd., our partners, suppliers and the Finch Foods team for helping us bring this vision to life,’ Fassi added.

The Classic Car Club of Ceylon (CCCC) successfully concluded its 34th year at its Annual General Meeting, held on 25 June 2026 at The Kingsbury Hotel, Colombo.

The meeting marked the culmination of another outstanding year for the Club, highlighted by a series of successful events and initiatives celebrating Sri Lanka’s vibrant classic motoring community. These included Starlight and Classics, the Ceylon Motor Show 2026, the Heritage Rally, British Car Day 2026, the Classic Car Diaries video series, and the Club’s annual Corporate Social Responsibility (CSR) project.

The meeting was chaired by Protem Chairman Dr. Harsha Cabral, who proposed the nomination of Sanjiv Alles for a fourth consecutive term as President. The nomination was unanimously endorsed by the members present, who also elected the Office Bearers and Executive Committee for the 2026-2027 year.

In his acceptance address, the President thanked the membership for the confidence placed in him and the Committee, and reaffirmed the Club’s commitment to preserving and promoting Sri Lanka’s rich classic motoring heritage. He highlighted the importance of continuing to innovate through unique events, educational initiatives and digital engagement, while encouraging members to actively participate in the Club’s activities and help inspire the next generation of classic motoring enthusiasts. As the Club embarks on its 35th year, it looks forward to another exciting calendar of events that will continue to celebrate Sri Lanka’s motoring heritage, strengthen the camaraderie among enthusiasts, and inspire greater appreciation for classic vehicles across the country.

Office-Bearers and Executive Committee for the year 2026/2027 Office Bearers:

President: Sanjiv Alles

Vice Presidents: Senaka Kotagama and Hatim Akbarally

Secretary: Priyanga Samaratunga

Assistant Secretary: Rajitha Cooke

Treasurer: Suhen Vanigasooriya

Assistant Treasurer: Shiraz Akbarally

Immediate Past President: Clive de Silva Jr.

Competition Secretary: Chanaka Jinasena

Executive Committee:

Social Secretary: Shalike Ganewatta

Ramani Ponnambalam

Chandana Amaratunga

Dinesh De Silva

Ramal Jasinghe

Kishan D. Perera

Dilshan Gomes

Amrit Alles

Vice Patrons

Asgi Akbarally

Geepal Fernando

Minority shareholders of Associated Motor Finance Company PLC (AMF) have renewed their challenge to the proposed amalgamation with L B Finance PLC after the Central Bank of Sri Lanka (CBSL) informed them that the pricing of the transaction falls outside its regulatory mandate, prompting shareholders to intensify calls for intervention by the Securities and Exchange Commission of Sri Lanka (SEC).

The shareholders continue to argue that the proposed cash consideration of Rs. 55 per share does not adequately reflect the value of their holdings and have urged the SEC to examine whether the consideration is fair and whether minority shareholder interests have been sufficiently protected.

In correspondence with shareholders, the CBSL said its role as the regulator of licensed finance companies is focused on safeguarding depositors and maintaining the soundness of regulated institutions, indicating that the valuation and pricing of the proposed amalgamation do not fall within its regulatory purview.

Responding to the CBSL, the minority shareholders acknowledged the Central Bank’s explanation but said they were still awaiting responses from the SEC and the Colombo Stock Exchange (CSE), arguing that no independent valuation report has been published to justify the proposed amalgamation price.

They noted that, during L B Finance’s mandatory offer in November 2025, HNB Investment Bank (Private) Limited, acting as the independent adviser, concluded that shareholders should not accept the Rs. 50 per share offer because it was below values indicated by several valuation methodologies, including price-to-book, price-to-earnings and volume-weighted average price analyses. The then Board of Directors of AMF endorsed the independent adviser’s opinion while advising shareholders to make their own assessment before deciding whether to accept the offer.

The shareholders argue that the subsequent amalgamation proposal offering Rs. 55 per share has not been supported by a comparable independent valuation or a detailed explanation of how the consideration was determined.

The concerns stem from L B Finance’s acquisition of a 65.6% controlling stake in AMF at Rs. 50 per share in September 2025, followed by a mandatory offer to remaining shareholders at the same price.

The shareholders have also questioned statements made at AMF’s Extraordinary General Meeting (EGM) on 30 June. In their latest correspondence, they said CBSL officials had previously informed them that AMF was able to continue as a standalone company and faced no issues relating to capital adequacy, financial ratios or other regulatory requirements, and that the proposed amalgamation had been initiated at the request of L B Finance.

However, they allege that during the EGM, AMF Chief Executive Officer T. M. A. Sallay told shareholders that the company could not survive as a standalone entity and that its financial ratios were unsatisfactory, urging shareholders to vote in favour of the special resolution. The minority shareholders contend that these remarks appear inconsistent with the information previously conveyed to them by the CBSL and have asked whether any regulatory action is warranted.

Separately, the shareholders claimed that around 114 minority shareholders, collectively holding more than 8.2 million shares or about 7.3% of AMF’s issued shares, voted against the special resolution at the EGM. They also said the company’s second-largest shareholder, Dr. Weththige Jinadasa, who holds about five million shares, attended the meeting in person and also voted against the resolution.

The minority shareholders have reiterated their request that regulators examine whether the valuation appropriately reflects AMF’s financial performance, future earnings potential and prevailing market conditions. They have also raised concerns regarding post-acquisition developments, including increased impairment provisions and the cancellation of a proposed debenture issue, and asked regulators to consider whether these developments had any bearing on the valuation.

AMF shares closed unchanged at Rs. 53 on Wednesday. The company reported net assets of Rs. 42.02 per share as at end-March 2026.

The merger with LB Finance PLC will take effect on 31 July and AMF shares will be suspended from trading on the Colombo Stock Exchange from the close of market on 27 July ahead of the amalgamation becoming effective.

Under the agreed terms, AMF shares will not be converted into LB Finance shares. Instead, shareholders of AMF other than LB Finance will receive a cash consideration of Rs. 55 per share.

Upon completion of the amalgamation, the shares held by LB Finance in AMF will be cancelled in accordance with Section 240(3)(a) of the Companies Act, No. 7 of 2007.

LB Finance currently holds a 73% stake in AMF, following the completion of a voluntary offer made late last year at Rs. 50 per share. The amalgamation will result in AMF ceasing to exist as a separate listed entity, with its business and assets being absorbed into LB Finance.

Nations Trust Bank has appointed Ananda Jayawardana to its Board as its Independent Non-Executive Director.

Jayawardana is a senior finance professional with over 25 years of international experience in Leveraged and Structured Finance, Debt Capital Markets and Corporate Banking with extensive expertise in originating, structuring, and executing complex cross-border financing solutions across Asia leveraging export credit agencies, multilaterals, and global financial institutions.

His previous appointments include Head of Structured Export Finance (ASEAN and South Asia) and Executive Director – Leveraged and Structured Solutions at Standard Chartered Bank, Singapore; Executive Director – Primary Debt Markets at the Royal Bank of Scotland, Hong Kong; and Director – Structured Lending (Asia Pacific), Hong Kong and earlier Assistant Vice President/Team Head – Corporate Banking at ABN AMRO Bank, Sri Lanka.

He holds an MBA in Corporate Finance from Georgia State University, USA, and a BBA in Economics from Georgia College, USA, and has also completed professional trainings including Aspiring Directors Program, INSEAD and High Potential program and Bankers Training Program, ABN AMRO Bank.