Category: Daily Financial Times

People’s Leasing and Finance PLC (PLC), Sri Lanka’s leading non-bank financial institution and flagship subsidiary of People’s Bank, has been recognised among the top 100 most valuable brands in the ‘Brand Finance Sri Lanka Top 100 Most Valuable Brands 2026’ ranking.

Furthermore, it is noteworthy that the company has secured a position among the top three most valuable brands within the non-Bank Financial Institution sector.

Brand Finance publishes annual ranking of the world’s most valuable brands across various countries. Headquartered in London, Brand Finance is one of the world’s leading independent brand valuation and strategy consultancy firms. Through its globally recognised brand valuation methodology, Brand Finance evaluates the financial values and strength of brands.

According to the Brand Finance brand valuation rankings, People’s Leasing and Finance PLC has recorded significant growth in its brand value this year. According to the Brand Finance brand rankings, People’s Leasing and Finance PLC has advanced three positions, moving up from the 25 position in 2025 to the 22nd position in 2026. Furthermore, the company’s brand value has increased from Rs. 5.4 billion to Rs. 7.5 billion, while also achieving an AA+ brand strength rating. This reflects an important milestone for the company, demonstrating its strong brand image, customer trust and outstanding performance in the financial services sector.

The Government has fully implemented over 94% of its public external debt restructuring and reached agreement on terms with just under 99% of external creditors, according to the latest investor presentation by the Finance Ministry and Central Bank, with a small number of creditor agreements still to be completed.

The presentation delivered by Treasury Secretary Dr. Harshana Suriyapperuma at the investor call with Bondholders earlier this month, provided an update on debt restructuring alongside the country’s fiscal, external and economic position. The Finance Ministry has also published the presentation following the call. However, it did not include the usual questions and answers as before.

As of August, implementation had been concluded for debt owed to China Exim Bank, the Saudi Fund for Arab Economic Development and the Kuwait Fund, while agreements had also been implemented with International Sovereign Bondholders and China Development Bank. Implementation involving SriLankan Airlines Bondholders remained ongoing.

Within the Official Creditor Committee (OCC), Sri Lanka had finalised 11 bilateral agreements covering $ 4.3 billion and signed 10 as of August.

Agreements have been signed with Japan for $ 2.19 billion, India for $ 800 million, France for $ 446 million, the UK for $ 200 million, Germany for $ 215 million, Korea for $ 259 million, Spain for $ 84 million, Australia and Denmark for $ 39 million each and Belgium for $ 11 million. Two of three agreements with Hungary, covering $ 35 million, have also been finalised.

Discussions with Austria, Canada, the Netherlands, Russia, Sweden and the US remained ongoing, while a component of the Spanish restructuring involving CESCE was pending signature.

The restructuring is being completed against a still-high public debt stock. Total public debt stood at $ 103.86 billion at end-2025, equivalent to 95% of GDP. Government debt accounted for $ 100.36 billion, comprising $ 62.69 billion in domestic debt and $ 37.66 billion in external debt. State-owned enterprise debt amounted to $ 3.48 billion.

Of Central Government external debt at end-2025, 75% was at fixed interest rates, 23% at floating rates and 2% interest-free. The US dollar accounted for 68% of the currency composition, followed by Special Drawing Rights at 17%, yen at 6%, yuan at 4%, renminbi at 3% and euro and other currencies at 2%.

On the economy, the presentation cited the IMF’s projection of 3% real GDP growth in 2026, down from about 5% in 2025. The IMF had revised its 2026 projection from 3.1% to 3% to reflect uncertainty surrounding the Middle East conflict, while raising its 2027 forecast from 3.1% to 3.2%.

The economy expanded by 5.1% year-on-year in the first quarter of 2026, marking the 11th consecutive quarter of positive growth.

Gross official reserves stood at $ 6.5 billion at end-June 2026, compared with $ 7.3 billion in February. The presentation attributed the decline to pressures from higher fuel costs and lower tourism following the Middle East conflict. The end-June reserve stock was around 60% of the IMF’s reserve adequacy metric.

Headline inflation was recorded at 6.8%, while the presentation cited a revised projection of around 6% by end-2026, reflecting the pass-through from higher fuel and energy prices. It expects inflation to move gradually towards the 5% target in 2027.

On the fiscal front, the primary surplus reached 5.4% of GDP in 2025, against a 2.3% program target. The presentation attributed the outperformance partly to motor vehicle import-related revenue, equivalent to 2.8% of GDP, and improved domestic VAT collection.

For the medium term, the fiscal projections envisage a primary surplus of 2.1% of GDP in 2026 and 2.6% from 2027 onwards. The presentation said a temporary relief package responding to the Middle East conflict was capped at Rs.100 billion, or around $ 323 million.

The investor presentation also identified completion of the remaining debt restructuring agreements, development of a Medium-Term Revenue Strategy and continued rebuilding of fiscal and external buffers among the authorities’ priorities.

Sri Lanka’s IMF Extended Fund Facility has meanwhile disbursed SDR 1.78 billion, or about $ 2.4 billion, following completion of the combined fifth and sixth reviews in May. The latest reviews provided access to an additional SDR 508 million, equivalent to about $ 695 million, bondholders were told.

Cassegrain Wines formally celebrated its entry into the Sri Lankan market at an exclusive event on 19 August 2026 at The Sundowner, Colombo Swimming Club, in the presence of Australian High Commissioner to Sri Lanka Matthew Duckworth.

The launch introduces Sri Lankan guests to a family-owned Australian wine story shaped by French heritage, more than four decades of winemaking in New South Wales, Australia and a longstanding commitment to quality and innovation. Cassegrain Wines thanks Favourite International for stocking the range and for its confidence in bringing the wines to Sri Lankan consumers.

Cassegrain Wines Director/CEO Shiana Tyler said the strong interest received from the Sri Lankan market had made the launch especially encouraging.

‘We are delighted to introduce Cassegrain Wines to Sri Lanka and deeply grateful to Favourite International for believing in our wines and making them available in this market. The interest and warmth we have already received have been incredibly encouraging. Sri Lanka holds a special place in my heart as my parents grew up here and I have visited Sri Lanka many times. We see this launch as the beginning of a meaningful and lasting relationship between Cassegrain and the Sri Lankan market,’ said Shiana Tyler.

Cassegrain Wines Chairman Selva Saverimuttu said the occasion carries particular personal meaning, connecting his Sri Lankan heritage and University of Colombo education with the Australian wine business he now helps lead.

‘As a Sri Lankan and a graduate of the University of Colombo, it is a proud and deeply personal moment to see Cassegrain Wines welcomed into Sri Lanka. This relationship brings together two places that have played an important part in my life. I believe Cassegrain’s combination of family heritage, craftsmanship and modern Australian winemaking will resonate strongly here, and I look forward to building a long-term partnership founded on mutual respect, quality and shared opportunity,’

added Selva Saverimuttu.

Cassegrain Wines is an award-winning, family-founded winery based in Port Macquarie, New South Wales, Australia. Drawing on French winemaking heritage dating back to 1643, Cassegrain combines traditional techniques with modern Australian innovation. Its multi-regional approach sources premium grapes from leading regions across New South Wales, with wines produced, matured and bottled at its integrated winery. The business has operated for more than 40 years and exported internationally for over 35 years.

Favourite International, Sri Lanka, is a specialist importer and distributor of wines, beers, champagnes, liqueurs, selected spirits and unique non alcoholic beverages from around the world. Founded in 1996, today they carry an extensive collection of the most admired global brands.

Supported by extensive industry reach and knowledge and bolstered by decades long relationships with vineyards and brewers, they are the ‘preferred beverage partner’ to multiple outlets across all sectors in the Sri Lankan beverage market.

Park Street Wines, the retail partner of Favourite International, operate two outlets-in Colombo

and Negombo. With a range of products covering every taste and budget, every item is carefully tasted and chosen for sale by in house teams and presented by origin, varietal and price for easy selection.

Janashakthi Finance PLC, has appointed Ivon Brohier as Chief Financial Officer strengthening its senior leadership team as the Company amplifies its focus on growth, financial performance, and organisational transformation.

Ivon brings over 20 years of leadership experience in the financial services sector, with expertise spanning corporate finance, strategic planning, financial governance, risk management, and business transformation. Her career includes senior leadership roles at PMF Finance PLC, Softlogic Finance PLC, Abans Finance PLC, Nations Trust Bank, and AMW Capital Leasing and Finance PLC.

Prior to joining Janashakthi Finance, she served as Chief Operating Officer at PMF Finance PLC, following her tenure as Chief Executive Officer and Chief Financial Officer at Softlogic Finance PLC. Across these roles, she has been involved in driving business growth, strengthening financial and operational performance, enhancing governance frameworks, and supporting organisational transformation.

Janashakthi Finance CEO Sithambaram Sri Ganendran said: ‘Ivon brings a strong combination of financial expertise, leadership experience, and a deep understanding of the financial services sector. Her appointment comes at an important stage in Janashakthi Finance’s growth journey. I am confident that her expertise will further strengthen our financial management, governance, and strategic decision-making as we continue building a stronger and more competitive business.’

In her new role, Ivon will provide strategic financial leadership across the Company, with responsibilities encompassing the strengthening of financial management and governance while supporting business planning, risk management, and strategic decision-making.

With Ivon’s appointment, Janashakthi Finance further consolidates its leadership capabilities while advancing its growth strategy, building greater financial resilience, and enhancing value for its customers and stakeholders.

Bally’s Colombo successfully concluded its Super Baccarat Tournament 2026, further strengthening its position as Sri Lanka’s premier luxury gaming and entertainment destination through four days of world-class competition, premium hospitality and international-standard event management. Held from 15 to 18 July, the tournament brought together baccarat enthusiasts from across the region for an event that combined strategic gameplay with Bally’s Colombo’s signature hospitality. Designed to cater to both seasoned players and newcomers, the tournament reflected the property’s commitment to delivering sophisticated gaming experiences that meet international standards.

The four-day tournament featured multiple competitive tables, attracting strong participation and creating an atmosphere of excitement throughout the event. Participants competed for exclusive rewards while enjoying Bally’s Colombo’s premium facilities, seamless service and luxury entertainment environment. The tournament reached its climax on 18 July, when five finalists competed in an intense championship round. The closely contested finale showcased skill, strategy and composure under pressure, providing spectators with a thrilling conclusion that highlighted the growing popularity of competitive baccarat in the region. Bally’s Colombo said the tournament was organised with a strong emphasis on professionalism, transparency and fair play, reinforcing its commitment to providing a secure and enjoyable gaming environment. The successful execution of the event further enhanced the property’s reputation for hosting large-scale gaming tournaments that attract both local and international participants. Guest feedback also reflected the tournament’s success, with participants commending the quality of organisation, elegant ambience and exceptional service delivered throughout the event. The positive response underscores Bally’s Colombo’s continued investment in creating memorable entertainment experiences that extend beyond gaming.

Building on the success of the Super Baccarat Tournament 2026, Bally’s Colombo plans to introduce more international-standard tournaments, exclusive promotions and premium entertainment experiences in the future. The property remains focused on positioning Colombo as a leading destination for luxury gaming while contributing to the country’s tourism and hospitality sector through world-class events. Bally’s Colombo extended its appreciation to all participants, guests, partners and employees whose support and dedication contributed to the success of the tournament, reaffirming its commitment to delivering exceptional experiences where luxury meets excellence.

Kelani Valley Plantations PLC (KVPL) has launched an exclusive collection of single-origin artisanal and specialty teas, each produced from tea grown on an individual estate.

The limited-edition range highlights the distinct characteristics of Ceylon Tea from different growing environments and marks KVPL’s renewed focus on estate-specific, value-added tea production.

Part of the Hayleys Group, KVPL has built the limited-edition portfolio for tea lovers who value rarity and a genuine connection to the estate where each tea originates. Unlike conventional blends that combine teas from multiple growing regions, each tea is sourced from a single estate, preserving the characteristics associated with each growing environment. Factors including elevation, soil composition, rainfall and humidity contribute to the terroir and, in turn, the character of each tea.

The portfolio features Silver Tips, artisanal White Tea, Golden Tips and specialty estate Black Teas. Silver Tips and White Tea are produced from velvet-like buds and are naturally sun-dried, resulting in light infusions with floral notes and a sweet finish. Golden Tips, among the most luxurious teas in the range, undergo a specialized processing method that yields an amber infusion with rich, flavor-packed notes, and are produced in restricted quantities. The specialty estate Black Teas are handcrafted in small batches, with each tea reflecting the characteristics of its source estate.

The quality of the range begins with the selective harvesting of premium tea buds. Skilled workers pluck only the most delicate, nutrient rich buds during the early hours of the day, which ensures only the most suitable buds enter production. The buds are then processed using traditional artisan and orthodox techniques designed to preserve their natural aroma and delicate character. Output is deliberately limited, so that close attention can be paid to every stage.

A KVPL spokesperson said: ‘In a world moving toward mass production, we believe the future of luxury tea lies in going back to what made it extraordinary in the first place, the estate, the soil, the hands that shape it. This is our vision for Ceylon Tea going forward, honoring where each leaf comes from and carrying Sri Lanka’s name forward with it. Value addition is central to this strategy, moving Ceylon Tea beyond bulk exports and into the premium segment where it belongs. We believe this is also the direction the plantation sector must take, building a future where Sri Lankan tea competes on distinction rather than volume alone.’

The Cabinet of Ministers has approved the swift implementation of National Medicinal Drug Policy 2026-2030, aimed at improving access to affordable, quality medicines, while strengthening pharmaceutical supply chains and local production.

The policy prioritises ensuring sustainable, equitable and affordable access to safe and quality medicines that meet international standards and address the health needs of the public. It also seeks to promote the use of scientifically sound and cost-effective medical products by healthcare professionals and consumers, with the aim of improving treatment outcomes and reducing wastage.

Another key priority is to strengthen domestic pharmaceutical manufacturing, with greater emphasis on producing essential medical products with certified efficacy, safety and quality.

Cabinet Spokesperson and Health Minister Dr. Nalinda Jayatissa told the weekly post-Cabinet meeting media briefing that the new policy replaces the National Pharmaceutical Policy formulated in 2005. Although efforts were initiated to update the policy, the process remained incomplete between 2020 and 2025.

He said the new 2026-2030 policy takes into account experience gained from implementing the existing framework, evolving healthcare needs, changes in global pharmaceutical markets, vulnerabilities in medicine supply chains and emerging requirements for expanding local pharmaceutical manufacturing.

Dr. Jayatissa said the policy is intended to support the Government’s broader health objective of ensuring that all Sri Lankans have access to safe, effective and quality essential medicines at affordable prices, while creating a more resilient and efficient pharmaceutical sector.

The proposal to this effect was submitted by Health Minister Dr. Jayatissa.

Singer Finance (Lanka) PLC is to raise up to Rs. 3 billion through a rights issue to strengthen its capital adequacy ratios and support lending.

The company’s Board on 31 July 2026 resolved to increase its stated capital through the issue of up to 76,648,787 new ordinary voting shares, subject to regulatory and shareholder approvals.

Under the proposed issue, shareholders on the register as at the end of trading on the date of entitlement will receive eight new ordinary voting shares for every 29 existing ordinary voting shares held.

The new shares will be offered at Rs. 39.20 each.

Singer Finance said the proceeds would be used to improve the company’s capital adequacy ratios and for lending purposes.

As at 30 June 2026, the company’s stated capital stood at Rs. 4.005 billion, represented by 277.85 million ordinary voting shares.

The proposed rights issue received Central Bank approval on 19 August 2026 under the Finance Companies (Structural Changes) Direction No. 01 of 2013.

The issue remains subject to the Colombo Stock Exchange approving in principle the issue and listing of the new shares, as well as shareholder approval by ordinary resolution at an Extraordinary General Meeting.

The share traded 70 cents up at Rs. 49 mid-session yesterday. The company reported net assets of Rs. 35.36 a share as of end-June 2026. Hayleys PLC-controlled Singer (Sri Lanka) PLC was the biggest shareholder with a 79.93% stake.

Tony Ganlath of Ganlath Timber and Transport Services has been elected President of the Sri Lanka-Malaysia Business Council (SLMBC) of the Ceylon Chamber of Commerce for the 2026-2027 term. Malaysian High Commissioner Badli Hisham Adam attended the occasion as the Chief Guest.

The Council’s 32nd Annual General Meeting held recently at the Amari Hotel, Colombo. The AGM marked an important milestone for the SLMBC, with the appointment of a new office-bearer team to lead the Council during the coming year.

Zahrine Hameen of Aitken Spence Travels Ltd. was elected Senior Vice President, while Mohamed Rushdi of MTL Lanka Travels and Logistics Ltd. was appointed Vice President. Wathsala Wijesinghe of International Scholar Educational Services Ltd. will serve as Treasurer. Immediate Past President Marshad Barry of Amana Bank PLC will continue to serve on the committee.

Representatives from a diverse range of companies will also contribute to the Council’s activities. These include Dialog Axiata PLC, Eduko Pathway Ltd., K and D Group of Companies, Mansoor Gems, Mway Ltd., Overseas Cargo Consultants Ltd., Public Bank Berhad, SmashTaps Ltd., SN Travels Ltd. and World Express (CMB) Ltd.

During the AGM, Barry presented the latest SLMBC newsletter and a token of appreciation to Malaysian High Commissioner Badli Hisham Adam.

AIA Insurance Lanka Ltd., is partnering with the Sri Lanka Insurance Brokers’ Association (SLIBA) on BeyondRisk 5K, a landmark wellness initiative designed to unite the insurance industry around wellness and industry collaboration.

The event on Saturday will bring together insurance brokers, insurance companies, reinsurance companies, regulators, corporate partners, sponsors, and fitness enthusiasts. As an organisation committed to helping people live healthier, longer and better, this partnership is an extension of AIA’s purpose-led approach to encouraging healthier lifestyles both within and beyond the communities it serves.

The event will feature a range of engaging activities including the 5K run, a fitness session, lucky draw prizes, interactive games, photo opportunities and entertainment. Participants can look forward to exciting rewards, including smart watches for the top three finishers, finisher medals for the first 25 participants to cross the finish line, and e-certificates for all participants. The event also provides a valuable platform for networking, enabling attendees to engage with professionals from across the insurance industry.

Sri Lanka Insurance Brokers’ Association President Ainsley Alles said: ‘SLIBA BeyondRisk 5K is a celebration of unity, wellness, and collaboration within Sri Lanka’s insurance industry. We invite all industry stakeholders to come together beyond business, strengthen relationships, and demonstrate our collective commitment to building a healthier and more connected insurance community.’

AIA Insurance Lanka Chief Marketing Officer Sasith Bambaradeniya said: ‘Good health is the foundation for a better life. SLIBA BeyondRisk 5K wellness initiative aligns perfectly with AIA’s purpose of helping people live Healthier, Longer, Better Lives. We are delighted to support an initiative that brings together the insurance industry in a shared commitment to health and wellness.’

AIA together with SLIBA is inviting all insurance industry stakeholders to join the SLIBA BeyondRisk 5k, a memorable morning of fitness that demonstrates how collaboration beyond business can create healthier communities.