Category: Daily Financial Times

One of Sri Lanka’s leading entrepreneurs and business personalities, Kumar Sundararaj, has been appointed as the District Governor of Rotary International District 3220 (Sri Lanka and Maldives) for the Rotary year 2026/27.

A respected entrepreneur with decades of business leadership, Kumar has successfully built and led several enterprises across healthcare, hospitality, real estate, and International trade. He heads a diverse portfolio of businesses including Kish International, Kish Laboratories, Kish properties, Savannah Impex India, and Savannah Restaurant, earning recognition for his visionary leadership, commitment to quality, and business excellence.

A proud alumnus of Edith Cowan University, Australia, Kumar holds a Master of Business Administration (MBA). Combining strong academic credentials with extensive business experience, he has established himself as a dynamic leader driven by innovation, strategic thinking, and sustainable growth.

Beyond business, Kumar has remained deeply committed to humanitarian service and community development. Through the Sundararaj Foundation and numerous social initiatives, he has supported projects in education, healthcare, and community empowerment. One of the ongoing initiatives is ‘Sharp Eyes Learn Better’, a countrywide program dedicated to identifying vision problems among schoolchildren and providing prescribed spectacles, ensuring that no child is disadvantaged in education due to poor eyesight.

With more than two decades of dedicated Rotary service, Kumar has held several key leadership positions at district level, contributing significantly to leadership development, district administration, strategic planning, membership growth, and humanitarian service. Widely respected for his ability to inspire collaboration and lead by example, he has become one of Rotary District 3220’s most admired and trusted leaders.

Supported by his wife Shanthala, children Sanchala and Kishan, and grandson Sharnirsh, Kumar now assumes leadership of Rotary International District 3220 with a vision to strengthen clubs, expand humanitarian service, empower future leaders, and create sustainable impact across Sri Lanka and the Maldives.

As District Governor for 2026/27, Kumar Sundararaj is committed to mobilising Rotarians across both countries to Create Lasting Impact through meaningful service, collaboration, and lasting community transformation.

Healthcare-focused investment company joins U.S.-based investor Sandhya Ajjarapu in franchise ownership

Kandy Royals confirmed that Optimum Health Care Ltd., a healthcare-focused investment company with interests in leading healthcare businesses in Sri Lanka, India and across the region, has acquired a 50% ownership stake in the franchise ahead of the sixth edition of the Lanka Premier League.

Optimum Health Care will join existing owner Sandhya Ajjarapu, a US-based investor and entrepreneur with interests across healthcare, biotech, biofuels, information technology, pharmaceuticals, sports and media, in leading the next phase of the Kandy Royals franchise.

The partnership brings together two ownership groups with complementary interests in healthcare, investment, sport and community development. It is expected to support the long-term growth of Kandy Royals as a competitive cricket franchise, commercially sustainable sporting property and platform for engaging fans across Kandy and the Central Province.

With strong connections to Kandy and Pallekele, Optimum Health Care views the investment as an opportunity to associate with one of Sri Lanka’s most followed sports and engage with a passionate cricketing community.

Welcoming the new co-owner, Lanka Premier League Director, Samantha Dodanwela said: ‘Sri Lanka Cricket welcomes Optimum Health Care to the Kandy Royals ownership group. Strong and committed franchise ownership is important to the continued development of the Lanka Premier League, and this investment reflects growing confidence in the tournament’s sporting and commercial potential. We look forward to seeing the new partnership contribute positively to Kandy Royals and the wider LPL ecosystem.’

IPG Founder and Chairman, Anil Mohan said: ‘We are pleased to welcome Optimum Health Care as a co-owner of Kandy Royals. The addition of an investor with regional business experience, a strong connection to Kandy and a clear interest in community wellbeing adds further value to the franchise. This partnership provides Kandy Royals with a stronger platform to grow its sporting, commercial and fan engagement ambitions.’

Welcoming Optimum Health Care to the franchise, Kandy Royals co-owner Sandhya Ajjarapu said: ‘I am delighted to welcome Optimum Health Care as our new partner in Kandy Royals. We share a long-term commitment to building a professionally managed and competitive franchise that represents Kandy with pride. Their regional experience, healthcare focus and connection to the community will be valuable as we work together to strengthen the franchise and contribute to the continued growth of the Lanka Premier League.’

Optimum Health Care Director V. Nadarajah said: ‘Kandy and Pallekele have a special place in our journey, and this partnership with Kandy Royals is therefore very meaningful to us. Cricket brings people together across Sri Lanka, and through this franchise, we see a proud opportunity to support the sporting spirit of Kandy and the Central Province. We are pleased to be part of a team that carries such a strong regional identity, loyal fan base and exciting future.’

Optimum Health Care Director Akshat Shah said: ‘We are excited to partner with Kandy Royals and become part of the Lanka Premier League. The LPL has grown into one of Sri Lanka’s most visible sporting platforms, attracting strong television audiences, digital engagement, stadium attendance and media coverage. As a healthcare investment company, we also believe strongly in promoting sport as a pathway to health, wellbeing and positive community engagement.’

Under the expanded ownership structure, Kandy Royals will continue to focus on building a competitive team, deepening its connection with supporters and creating long-term value for players, partners and the wider cricketing community.

University of Kelaniya-led clinical trials influence global guidelines, secure USFDA approval and improve stroke prevention

By Amira Cader

Sri Lanka has emerged as a global leader in hypertension research, with locally generated clinical evidence reshaping international treatment guidelines, securing US Food and Drug Administration (USFDA) approval and earning a novel blood pressure therapy a place on the World Health Organisation’s (WHO) Model List of Essential Medicines.

This achievement took centre stage at a high-level scientific forum organised by the University of Kelaniya recently, where clinicians, researchers, policymakers, regulators, and patient representatives explored how the country’s landmark research can now be translated into better health outcomes for Sri Lankans while strengthening the nation’s reputation as an international clinical research destination.

University of Kelaniya Vice Chancellor Senior Prof. Nilanthi de Silva underscored the importance of translating scientific evidence into national health benefits through collaboration among academia, healthcare professionals, and policymakers.

University of Kelaniya Faculty of Medicine Senior Professor of Pharmacology and Clinical Trials Unit (CTU) Director Prof. Asita de Silva outlined the scientific evidence behind the landmark research.

He noted that hypertension remains the world’s leading cause of preventable death despite the availability of effective and affordable treatments, making improved blood pressure control a global public health priority.

Prof. de Silva said the CTU focuses on developing innovative, cost-effective, and scalable healthcare solutions to address major public health challenges through well-designed interventional and epidemiological studies conducted in collaboration with internationally recognised centres of excellence.

He outlined how researchers at the University of Kelaniya, working alongside Sri Lankan specialists and experts from The George Institute for Global Health, developed a fixed low-dose triple combination antihypertensive therapy designed to improve blood pressure control.

‘More than 50% of the scientific data underpinning the internationally recognised research originated from Sri Lanka, demonstrating the country’s capacity to conduct rigorous clinical trials with global impact,’ he said.

Drawing on evidence from multi-country studies, Prof. de Silva explained that cardiovascular disease continues to disproportionately affect low- and middle-income countries, with South Asians experiencing acute myocardial infarctions approximately six years earlier than their European counterparts.

One of the landmark studies discussed was the TRIUMPH clinical trial, conducted between 2016 and 2018, which investigated whether initiating treatment with a low-dose triple-pill combination was more effective than conventional care for patients with mild to moderate hypertension. The study demonstrated significantly better blood pressure control with the combination therapy than with standard treatment.

Consultant Cardiologist Dr. Gamini Galappaththi said hypertension affects approximately 35% of Sri Lankan adults, underscoring the need for early intervention and low-dose combination therapy to improve blood pressure control and reduce cardiovascular risk.

Consultant Neurologist Dr. Bimsara Senanayake presented the neurological perspective, highlighting the critical role of effective blood pressure control in preventing recurrent strokes and improving long-term patient outcomes.

The forum also highlighted evidence showing that the triple-pill therapy reduced the risk of recurrent stroke by 40% when added to standard care, with only 27 patients needing treatment to prevent one recurrent stroke.

The event concluded with a panel discussion moderated by Prof. Asita de Silva, featuring Dr. Galappaththi, Dr. Gotabhaya Ranasinghe, and Dr. Senanayake. Discussions focused on translating research evidence into routine clinical practice, improving equitable access to effective treatment, positioning Sri Lanka as a recognised destination for high-quality clinical research, and fostering collaboration across sectors while maintaining scientific independence, integrity, and transparency.

Participants noted that the research has already influenced international hypertension treatment guidelines, received USFDA approval, and led to the inclusion of the therapy in the WHO’s Model List of Essential Medicines.

The forum concluded with a call for stronger collaboration among researchers, clinicians, and policymakers to translate these findings into routine clinical practice, improve blood pressure control, and reduce the burden of cardiovascular disease, while further strengthening Sri Lanka’s position as a global centre for high-quality clinical research.

Great Place To Work has announced the 50 Best Workplaces in Sri Lanka for 2026 – the 14th consecutive year study contributing to the world’s largest ongoing workplace culture research. Conducted between April 2025 and March 2026, the study surveyed over 80,000 employees (who represented a 93,000 workforce) across 200 organisations spanning over 20 industries, with an impressive average response rate of 86%.

The 50 Best Workplaceswere selected using the globally standardised Great Place to Work model, using two key lenses: Firstly, the Trust IndexSurvey, accounting for 75% of the score, measuring employee experiences of trust, pride, and camaraderie. Secondly, the Culture Audit, which contributes 25% of the score, evaluates people practices that foster positive workplace culture in the long-term. Statistical standards, strict anonymity protocols, post-survey audits, and random employee verifications were used to verify the integrity of the results.

The level to which organisations are a ‘Great Place To Work For All’ are measured through trust in leadership and the ability for employees to reach their full potential accounting for 85% of the final assessment score, with innovation by all, living by meaningful values, and leadership effectiveness making up the remaining 15%.

To qualify, organisations needed to be registered in Sri Lanka, employ more than 20 people, achieve Great Place To Work Certification passing a minimum of 70% positive Trust Index employee feedback rating within 1 year of the selection period, and complete a ‘For All’ Culture Audit submission.

The Best Workplaces in Sri Lanka in 2026 recorded an average of 91% positive employee perception, significantly outperforming the Rest by 11% points. The Best highlighted fairness in pay and top management as role models as the strongest drivers of emotional connection. While workplace politics and fairness in promotions remain areas of concern across all organisations, the Best continue to lead in addressing these challenges.

The following organisations were recognised among the 50 Best Workplaces in Sri Lanka for 2026, across four employee-size categories:

Micro category (up to 100 employees); Oxford College of Business, Altrium, Wedagedara Producers, Peri Logistics, Adapt Information Technologies, SYNERGEN Technology Labs, VS Fresh, Winners Global Investments, BoardPAC and Sunquick Lanka.

Small category (101 -250 employees); AB Mauri Lanka, Agro Ventures Plantations, Dijital Team, Advantis Express – Licensee of Federal Express, Uzabase, Wrth Lanka, Gapstars, Stelacom, Toppan Forms (Colombo), and Perfect Business Solution Services.

Medium category (251-500 employees); Ideal Motors, YKK Lanka, Bairaha Farms, Technomedics International, Intrepid Colombo, Douglas and Sons, DYVESTA Group, Expolanka Freight, BCD Travel Sri Lanka, Lion Brewery (Ceylon), Savinda Graphic Systems, PGP Glass Ceylon, and Janashakthi Insurance,

Large category (over 500 employees); the recognised organisations were Hilton, Hayleys Plantations, Amsafe Bridport, AIA Insurance Lanka, Marriott International, Sitrek Security Solutions, Diamond Cutters, Omega Line, S.A Silva and Sons Lanka, Nawaloka Medicare, SYNERGEN Health, Singer Finance (Lanka), United Tobacco Processing, HNB Life, DIMO, HNB General Insurance and Sunshine Group

An awards ceremony will be held on 11 September 2026 at Cinnamon Life, recognising the Best Workplaces in Sri Lanka and Asia 2026, preceded by a regional conference on 10 September, featuring knowledge-sharing sessions and practical insights on building high-performing workplace cultures.

Committee challenges assumption that operators would join formal system; Governor proposes broader probe into illegal foreign exchange flows

The Parliamentary Committee on Public Finance (CoPF) last week questioned the effectiveness of the Central Bank of Sri Lanka’s (CBSL) attempt to bring informal money transfer operators into the regulated financial system after officials disclosed that not a single Hawala or Hundiyal operator has registered under the new licensing framework introduced earlier this year.

The discussion unfolded as the committee reviewed amendments to regulations governing money or value transfer service providers, with lawmakers probing whether the Central Bank’s strategy was likely to formalise a long-established informal sector or merely criminalise it without improving enforcement.

CBSL officials explained that regulations introduced in 2024 required money transfer operators to register with the Central Bank, while the latest amendments extend the framework to overseas-registered operators conducting business in Sri Lanka.

The revised regulations also lower the minimum capital requirement for locally registered operators to Rs. 15 million from Rs. 20 million, a change officials said was intended to encourage registration. They added that three overseas-based operators had applied for registration under the amended framework.

However, officials acknowledged that no operators had yet registered under the original framework applicable to local providers.

They said only one application had been received, with the applicant requesting a reduction in the capital requirement, prompting the latest amendment.

CoPF Chairman Dr. Harsha de Silva questioned whether the capital threshold was genuinely preventing operators from registering, arguing that a Rs. 5 million reduction was unlikely to influence businesses handling substantial informal remittance flows.

‘Do you think 5 million capital requirement is the reason why these Hundiyal and Hawala fellows are not registering? Or is there something else?’ he asked, suggesting other factors were discouraging operators from entering the formal system.

Committee member Ravi Karunanayake similarly questioned whether the policy had achieved its intended outcome.

Recalling earlier discussions when authorities expressed confidence that operators would register once the legal framework was introduced, he asked whether Hawala activity had in fact diminished or simply continued outside the regulatory perimeter.

CBSL officials responded that while they could not conclude Hawala activity had disappeared, formal worker remittances had recovered sharply after falling during the economic crisis, suggesting greater use of licensed channels.

The committee questioned whether official remittance data adequately captured informal foreign exchange transactions, particularly in light of recent public debate over alleged large-scale illicit financial flows.

CBSL Governor Dr. Nandalal Weerasinghe added that the new registration regime had nonetheless strengthened enforcement by making unlicensed Hawala and Hundiyal operations explicitly illegal, enabling law enforcement agencies to prosecute operators found conducting such business without Central Bank registration.

LCB Finance PLC yesterday said it has delivered a year of strong financial performance and strategic expansion for the financial year ended 31 March 2026, recording a 55% increase in Profit Before Tax (PBT) to Rs. 439 million while continuing to strengthen its position as one of Sri Lanka’s fast-growing finance companies.

The company’s total assets increased to Rs. 12.87 billion, marking a significant milestone within just a decade of operations. The performance reflects LCB Finance’s continued focus on sustainable growth, operational excellence, prudent risk management, and expanding access to financial services across the country.

Total operating income rose by 36.9% year-on-year to Rs. 1.34 billion, supported by strong lending and deposit mobilisation. Net interest income increased by 43.03% to Rs. 1.21 billion, reflecting effective balance sheet management and disciplined execution of the company’s growth strategy.

LCB Finance’s lending portfolio expanded by 32% to Rs. 10.30 billion, driven by continued demand across key sectors including SMEs, self-employment, housing, tourism, transport, cooperative enterprises, and women-led businesses. The company also recorded exceptional growth in its gold loan portfolio, which surged by 136%, highlighting increasing customer demand for secured short-term financing solutions.

Customer confidence remained strong throughout the year, with deposits growing by 35% to Rs. 6.29 billion. The sustained increase reflects the trust placed in LCB Finance by customers and its commitment to delivering secure and reliable financial services.

Supporting its long-term growth strategy, the company expanded its branch network to 23 locations with the opening of two new branches, including a Premier Branch in Wellawatte. The expansion enhances LCB Finance’s ability to provide convenient access to financial services, particularly in underserved and emerging regional markets.

Beyond financial performance, LCB Finance continued to invest in employee development through structured training programs, career advancement opportunities, and digital capability building. The company also reaffirmed its commitment to strong corporate governance, regulatory compliance, and ethical business practices while maintaining close engagement with the Central Bank of Sri Lanka and other stakeholders.

Looking ahead, LCB Finance plans to further accelerate its growth trajectory by opening seven additional branches before the end of 2026 while advancing its digital transformation agenda. Sustainability will remain central to the company’s long-term strategy as it continues to balance financial performance with social responsibility and inclusive economic development across Sri Lanka.

TAL Lanka Hotels PLC, the owner and operator of the iconic Taj Samudra Hotel, has announced plans to raise Rs. 1.87 billion through a Rights issue to strengthen its balance sheet, repay borrowings and fund refurbishment work at its Colombo hotel.

The company’s Board of Directors resolved yesterday to issue 66,836,785 ordinary voting shares through the Rights issue, offering 42 new shares for every 108 existing shares held by shareholders.

The new shares will be issued at Rs. 28 each, with the company expecting to raise a total of Rs. 1,871,429,980 from the issue. The share traded at Rs. 33 yesterday reporting a gain of 60 cents.

The proceeds will be utilised for the repayment or pre-payment of certain loans obtained by the company, financing refurbishment and renovation of its Colombo hotel, settling payments due to vendors and suppliers including overdue operator fees, and meeting general corporate requirements including operational expenses, professional fees and legal costs.

The company currently has a stated capital of Rs. 2.72 billion, comprising 171,866,018 ordinary voting shares. There are 9,606 shareholders inclusive of 82 foreigners. Public holding is 14%.Among major shareholders are TAL Hotels and Resorts Ltd., (62.55%), IHOCO BV (23.4%) and EPF (4%).

The proposed Rights issue remains subject to approval in principle from the Colombo Stock Exchange for the issue and listing of shares, as well as shareholder approval at a General Meeting.

Amana Bank has launched ‘Amana Bank Teen Savings’ coinciding with National Teenagers Day. Launched under the tagline ‘Smart for Teens; Secure for Parents’, Amana Bank Teen Savings is a unique savings solution designed to help teenagers take their first steps toward financial independence while ensuring parental guidance and security. Tailored for children aged from 13 to 17, this account blends the best of savings and transactional features, allowing teens to budget, save, and spend wisely while parents maintain oversight, reinforcing smart financial habits.

Amana Bank Teen Savings offers a personalised Visa Debit Card enabled for shopping and ATM withdrawals, with parents having the ability to pre-set transaction limits to ensure responsible spending. Teen account holders will also gain access to the ‘Your Bank’ online banking platform, enabling seamless fund transfers and bill payments, again with limits pre-set by parents to ensure prudent usage. The account is further enhanced with instant SMS alerts, e-statements, WhatsApp Banking, along with a daily end-of-day summary SMS sent to the parent’s mobile-enabling them to easily monitor and stay informed on their child’s transactions.

Furthermore, to encourage academic excellence, the Bank will reward teens who achieve outstanding results in national examinations with special cash incentives. While offering an attractive profit rates, parents can also transfer the profits from the child’s existing Amana Kids Savings or Flexi Term Investment Account to the Teen Savings account.

To facilitate seamless onboarding and transition to Teen Savings, parents/guardians of existing Amana Kids Savings customers with access to the ‘Your Bank’ Internet Banking platform can conveniently open the Teen account via the ‘E-mail Us’ feature on the App. With just a simple message, the account opening can be conveniently arranged, eliminating the need for a branch visit. Alternatively the teen along with their parents can visit any Amana Bank branch to open the account.

Furthermore, to instill smart financial habits and enhance financial literacy amongst its teen account holders, the Bank will actively engage on social media platforms, sharing valuable educational content on money management.

Vice President Retail Banking and Marketing Siddeeque Akbar said: ‘With the introduction of Amana Bank Teen Savings, we are not only empowering teenagers with the right tools and knowledge to develop responsible financial habits but also providing parents with the reassurance of oversight and security. This initiative reflects Amana Bank’s commitment to fostering financial decision making in young minds while ensuring parents have the confidence that their children are managing money wisely.’

Ceylinco Life has commenced construction of its 36th company-owned branch building with the laying of the foundation stone for a new eco-friendly edifice in Kirindiwela, reaffirming the life insurance market leader’s continued investment in sustainable infrastructure and enhanced customer service.

The ceremony was attended by Ceylinco Life Chairman R. Renganathan, Managing Director/CEOThushara Ranasinghe, members of the Board of Directors and senior management of Ceylinco Life, alongside valued customers and distinguished invitees from the Kirindiwela area.

Driven by its commitment to delivering superior service in a welcoming and customer-centric environment, Ceylinco Life has consistently invested in purpose-built branch buildings that serve as flagship locations. The Kirindiwela branch will join a network of 35 such company-owned buildings currently in operation across the country, each designed to offer elevated standards of service and modern facilities.

The new building will be constructed on company-owned land and developed in line with the Company’s green building concept, incorporating environmentally responsible design principles and energy-efficient technologies.

Spanning a floor area of 3,440 square feet, the Kirindiwela branch will utilise locally developed prefabricated construction technology from the National Engineering Research and Development Centre (NERD). The building is planned to operate on a 100 per cent self-sufficient solar electricity system, eliminating reliance on the national grid.

Key sustainability features of the proposed building include natural ventilation design, a topography-friendly layout, a green patch with grass grown in between interlocking blocks, energy-efficient air conditioning and lighting systems, and a rainwater harvesting facility. A dedicated Sewerage Treatment Plant (STP) will recycle wastewater for toilet flushing and gardening, while the company will practice the green concept of ‘Reuse’ in air-conditioning and electronic equipment, further minimising environmental impact.

The facility will also provide ample parking for more than 10 vehicles, enhancing convenience for customers.

Ceylinco Life said it continues to integrate modern construction methods and advanced technologies across its operations, aligning its infrastructure development with its broader commitment to sustainability, operational efficiency, and customer satisfaction.

Ceylinco Life has been the market leader in Sri Lanka’s life insurance industry for 22 consecutive years. Recognised as the Best Life Insurer in Sri Lanka by World Finance for the 12th consecutive year and voted the ‘Peoples Life Insurance Service Provider of the Year’ for an unprecedented 20th consecutive year in 2025, Ceylinco Life offers innovative insurance solutions that protect and de-risk the ambitions of policyholders. In 2025, Ceylinco Life was also ranked the most valuable insurance brand in Sri Lanka and the 22nd most valuable brand overall by Brand Finance.

The Health Ministry has inaugurated a newly expanded Accident and Emergency (A and E) Unit and a modernised main medical laboratory at Teaching Hospital Peradeniya following an investment of over Rs. 92 million aimed at strengthening healthcare services in the Central Province.

The facilities were opened recently under the patronage of Health Minister Dr. Nalinda Jayatissa, with the participation of Deputy Health Minister Hansaka Wijemuni.

The project included the establishment of a Level II Accident and Emergency Care Unit by expanding and integrating the existing Primary Care Unit with a newly constructed adjoining facility. The Ministry allocated Rs. 37 million for the modernisation of the emergency unit and a further Rs. 55 million for relocating and upgrading the hospital’s main laboratory.

Officials said the emergency unit, which handled nearly 32,000 patients in 2025 despite limited facilities, has significantly increased its capacity. Bed capacity has risen from 18 to 47, while wall oxygen access has expanded from five to 15 patients. Staffing levels are also being increased from 69 to 144 personnel.

Addressing the event, Dr. Jayatissa said the Government was investing heavily to restart and complete health infrastructure projects that had stalled in previous years. He noted that substantial allocations had been made through this year’s budget to improve healthcare facilities nationwide.

The Minister also highlighted ongoing efforts to address workforce shortages in the health sector, stating that plans are underway to recruit the required staff and determine healthcare staffing requirements for the next three years in consultation with the Ministry of Finance and the Department of Management Services.

Dr. Jayatissa announced that Cabinet approval has been granted to establish a separate directorate within the Ministry of Health to streamline the management of emergency treatment services, while praising the contribution of specialist medical staff working in accident and emergency care.

Deputy Minister Wijemuni said the Government intends to develop Peradeniya Teaching Hospital in phases, describing it as one of the country’s leading teaching hospitals affiliated with the University of Peradeniya.

The newly established laboratory was created in a renovated building previously occupied by the Laboratory Technician Training School. It will provide biochemistry, haematology, microbiology, histopathology and blood banking services to inpatients, outpatients and surrounding healthcare institutions.

Established with assistance from the Government of Japan in 1980, Teaching Hospital Peradeniya is one of the largest tertiary care hospitals in the Central Province, with a bed capacity of 1,008. The hospital serves a population of around 2.4 million people and provides treatment to over 80,000 inpatients and 250,000 outpatients annually, while also functioning as a major clinical training and research centre for medical and allied health sciences students.