Category: Daily Financial Times

Cash Management Akila Perera; Vice President – Strategy and Business Intelligence Nadika Ranasinghe; Vice President – Legal Dinali Dunuwille; Chief Manager – Transaction Banking Ramesh Perera; Assistant Vice President – Transaction Banking and Trade Operations Thilanke S. Weerasinghe; Director/CEO Kelum Edirisinghe; CSE CEO Rajeeva Bandaranaike; Chief Market Operations Officer Chandrakanth Jayasinghe; Head – Central Depository Systems Nadeera Athukorale; Manager – Legal and Enforcement (Legal, Enforcement and Compliance) Kanishka Gunawardena; Senior Vice President – Legal, Enforcement and Compliance Shivandini Liyanage; and Manager – Corporate Solutions and CRM (Central Depository Systems) Hemal Weerasinghe

National Development Bank PLC (NDB) recently formalised a strategic partnership with Central Depository Systems Ltd. a wholly owned subsidiary of the Colombo Stock Exchange (CSE), to enhance the efficiency and reliability of dividend disbursement for companies listed on the CSE. The agreement, signed at a ceremony held recently, marks a meaningful step towards strengthening Sri Lanka’s capital market infrastructure while elevating the experience for issuers and investors alike.

Through this collaboration, NDB introduces a streamlined dividend pay-out solution designed to simplify what has traditionally been a complex administrative process. By leveraging the bank’s robust transaction capabilities and operational expertise, listed companies are now able to manage dividend distributions seamlessly through a dedicated system that prioritises accuracy, speed, and convenience.

The service offers multiple disbursement options, including electronic funds transfers, cheque processing, and customised payment methods, ensuring greater flexibility for corporates while enabling shareholders to receive their dividends through faster and more direct channels. This approach significantly reduces processing delays and minimises the potential for manual errors, reinforcing confidence among investors and contributing to stronger investor relations for listed entities.

NDB’s partnership with CDS reflects the bank’s continued commitment to supporting the advancement of Sri Lanka’s financial ecosystem through innovative banking solutions. By aligning with CDS’ broader efforts to modernise engagement within the capital market, the bank plays an active role in delivering cash management capabilities that respond to the evolving needs of market participants.

NDB Director/CEO Kelum Edirisinghe noted that the initiative underscores the bank’s strategic focus on providing future-ready financial solutions that create tangible value for corporate clients while supporting the long-term development of the country’s investment landscape.

As Sri Lanka’s capital markets continue to progress, collaborations of this nature remain essential in fostering efficiency, transparency, and operational excellence. NDB remains dedicated to empowering businesses and investors through meaningful financial services, reinforcing its role as a trusted partner in driving sustainable economic growth.

Renuka Foods PLC has announced a subdivision of its issued ordinary shares following a resolution passed by the Board of Directors at a meeting held on Friday (6).

Under the proposal, each existing issued ordinary share will be subdivided into two ordinary shares, without affecting the stated capital of the company.

As a result, the number of issued ordinary voting shares will increase from 180,005,317 to 360,010,634, while issued ordinary non-voting shares will increase from 7,306,800 to 14,613,600.

The company said the subdivision is permitted under Article 11(2) of its Articles of Association and does not require shareholder approval. The effective date of the subdivision will be informed to the Colombo Stock Exchange in due course.

The share of Renuka Foods ended up Rs. 1.60 on Friday at Rs. 72.40. Non-voting shares ended Rs. 1.50 on the up at Rs.55.80.

As of end-September 2025, the company reported net assets of Rs. 33.69 per share, with a 24.31% public float for voting shares and 72.25% float for non-voting shares.

Top voting shareholders were Renuka Agro Exports Ltd., (36.52%), Shaw Wallace and Hedges Ltd., (11.34%) and CJ Patel and Company (8.37%).

The iconic open-air art fair, Kala Pola, concluded its 33rd edition yesterday at Ananda Coomaraswamy Mawatha (Green Path), Colombo 07, bringing together artists and art enthusiasts at an event introduced by the George Keyt Foundation and sponsored by John Keells Holdings PLC.

Amana Bank PLC has appointed Mustafa Kassim to its Board as a Non-Independent Non-Executive Director.

Kassim is an entrepreneur and business leader best known as the Founder and Chief Executive Officer of Roar Global, a diversified marketing and technology group he established in 2014. Under his leadership, Roar Global has evolved from a digital media startup into a group of businesses operating across platform marketing and applied AI, with a presence in eight markets across the Asia-Pacific region.

Today, the group comprises six portfolio companies, serves thousands of clients, and is supported by a team of over 150 professionals across its regional operations.

Recognised internationally for his contributions to the media and marketing industry, Kassim was named to Forbes 30 Under 30 Asia in the Media, Marketing and Advertising category.

Kassim holds a Bachelor of Arts in Economics from California State University, Northridge (USA).

Throughout his career, he has been an active voice on leadership, digital innovation, and the evolving role of marketing and technology in business growth, regularly engaging with industry forums and media.

The banks said Kassim’s appointment brings to the Board hands-on experience in building and scaling multi-market businesses, navigating digital transformation, and applying technology to drive operational efficiency and customer engagement. His perspective on platform-led growth, venture development, and innovation-led strategy strengthens the Board’s oversight of the Bank’s long-term strategy, digital initiatives, and governance framework.

Amana Takaful PLC’s Board of Directors has recommended a Rights Issue of ordinary voting shares to strengthen the company’s equity base and improve its Capital Adequacy Ratio (CAR) in line with the Risk-Based Capital framework introduced by the Insurance Regulatory Commission of Sri Lanka.

Under the proposed Rights Issue, shareholders will be offered three ordinary voting shares for every 14 existing ordinary voting shares held, at a price of Rs. 19 per share. The Issue will comprise over 52.8 million shares, raising a total consideration of Rs. 1,004,242,283.

The company’s current stated capital stands at Rs. 2,159,952,741.

Amana Takaful ended Friday Rs. 0.30 up at Rs. 25.30. The company reported net assets of Rs. 23.45 per share as of end-September 2025. Senthilverl Holdings was the top shareholder at 27.11%, followed by Osman Kassim (21.85%), Sattar and S.S. Kassim (15.16%), and Amana Bank PLC (13.26%). The public shareholding was 75.61%.

The proposal was approved by the Board on 5 February and is subject to the Colombo Stock Exchange granting approval in principle for the issue and listing of the shares, as well as shareholder approval at a General Meeting.

Associated Motorways Ltd., (AMW), a member of the Al-Futtaim Group and the authorised distributor for Nissan and Suzuki in Sri Lanka, said it secured a commanding 55% market share to emerge as the clear market leader in the country’s Class A SUV segment for 2025.

This milestone performance was driven entirely by the outstanding success of the Nissan Magnite and Suzuki Fronx.

In a year where total Class A SUV sales reached 6,860 units, AMW recorded sales of 3,774 units, the highest achieved by any single distributor in the segment. The Nissan Magnite accounted for approximately 40% market share, while the Suzuki Fronx contributed a further 15%, collectively redefining leadership in this fast-growing category.

The success of the Magnite and Fronx reflects strong alignment with Sri Lankan consumer preferences, offering a compelling combination of bold design, advanced features, fuel efficiency, safety, and value. This performance is further strengthened by AMW’s nationwide sales and aftersales infrastructure, supported by the global automotive expertise, operational excellence, and governance standards of the Al-Futtaim Group. Sales momentum accelerated significantly in the second half of the year, reinforcing sustained demand and customer confidence in both models.

AMW Managing Director Jawahar Ganesh said: ‘This achievement is a direct result of the exceptional response to the Nissan Magnite and Suzuki Fronx in Sri Lanka. Securing a 55% market share in the Class A SUV segment is not just a sales milestone; it reflects customer trust in our products, our people, and our promise of a superior ownership experience. With the strong backing of the Al-Futtaim Group, we remain committed to delivering world-class standards across every customer touchpoint. I thank our customers for choosing AMW and commend our teams across the island for their dedication and execution.’

AMW’s leadership in the Class A SUV segment reinforces its position as one of Sri Lanka’s most influential automotive distributors. With a trusted presence in the local automotive industry for over 75 years, AMW continues to combine globally respected brands, deep local market understanding, and the scale and credibility of the Al-Futtaim Group. The Nissan Magnite and Suzuki Fronx continue to set new benchmarks for performance, popularity, and value in their class.

As AMW looks ahead, the company remains focused on strengthening its leadership through continued product innovation, enhanced customer experience, and sustainable growth, ensuring its brands remain the preferred choice for Sri Lankan SUV customers.

Why was Saman Ekanayake, former Secretary to ex-President Ranil Wickramasinghe arrested by the CID and remanded by Colombo Fort Magistrate till 11 February? His arrest on 27 January 2026 was allegedly for disbursing Rs.16.6 million in public funds for the then President’s London visit, claimed by the prosecution as a private visit.

Wouldn’t spending public funds on subpar coal purchase by the Energy Minister mean the same or more? With more direct culpability in importing substandard coal with public funds, should not Energy Minister (Engineer) Kumara Jayakody be sacked from the Cabinet of Ministers and immediately arrested, to investigate the corrupt deal on subpar coal with public funds? Shouldn’t he and his cronies involved in importing substandard coal be held responsible for the total cost of the whole racket and also for expenses in clearing environmental hazards and compensating affected people due to use of substandard coal they imported?

This issue of importing substandard coal was first raised in parliament by D.V. Chanaka MP, on 21 August, before the 2024 parliamentary elections. He alleged the whole process of importing coal has been subverted into a scam. Contesting MP Chanaka’s allegations, MP Ajith Perera of SJB claimed it could not happen under a very honest Minister who is against corruption and called for documented evidence. The gazette notification on import of coal was subsequently tabled in parliament by MP Chanaka who said, while Chairman of the relevant State Corporation had refused authorising the coal deal, had resigned from his post. Government had also begun investigations.

Three months later, elections for the 16th parliament were held and the new JVP/NPP Government was sworn in on 18 November. Campaign promise of clean and accountable governance with transparency was yet again reiterated and promised with more fanfare. President Anura Kumara Disanayake (AKD) was on record saying, within their ranks, there is none with any allegations on cheating, fraud or corruption. That they are the only political outfit who could establish “a clean and an accountable” Government.

That proud statement was completely ignored thereafter, President AKD opted to appoint a close ally of his, one (Engineer) Kumara Jayakody, as a “national list” MP and was then sworn in as Minister of Power and Energy. President AKD is certainly aware, this dubious character was removed from duty at the State Fertiliser Corporation way back in 2015, accused of a Rs. 8 million plus fraud. Meanwhile, on complaints made to the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), it was reported in the media, he would be indicted for bribery by CIABOC.

Re-negotiations on substandard coal imports delayed due to 2024 parliamentary elections, began under this JVP/NPP Minister of Power and Energy, (Engineer) Kumara Jayakody. One year and two months after the JVP/NPP Government and Power and Energy Minister (Engineer) Kumara Jayakody swearing in, Opposition MP Chanaka on 8 January last, once again raised in parliament, the issue of substandard coal imports and their use at the Norochcholai, Lakvijaya power plant. He accused the JVP/NPP Government and their Power and Energy Minister (Engineer) Kumara Jayakody of heavy corruption in importing substandard coal being used at Norochcholai resulting in possible damage to its kilns, with smoke and ash settling on plants and fields and also humans being subjected to toxic environmental pollution.

The Environment Ministry too now accepts, use of substandard coal has resulted in substantial environmental damage in Norochcholai area. Deputy Minister of Environment Anton Jayakody had told the media, if substandard coal has resulted in environmental damage, relevant authorities would attend to them. He had also said, there is concern over the Sulphur content in them. If there are environmental hazards due to them, the Deputy Minister had said, that should be discussed with the Central Environmental Authority (CEA).

On the day before Independence, Minister (Engineer) Kumara Jayakody’s statement to parliament proved the mediocrity of Opposition MPs who failed to raise required issues in responding. Based on media reports of parliamentary affairs, Minister (Engineer) Jayakody had told parliament, if as required, “quality coal” is not supplied, the Government will not hesitate to write off the supplier and get cabinet approval for “emergency purchases”. The Opposition had failed to demand from the Minister what they would do with “subpar” coal already received and who would bear the cost for such supplies. They have failed to ask the minister what “surcharge” there would be on the supplier, for subpar coal supplied. They have failed to tell the Minister, cabinet approval for emergency purchases would only allow for “untendered purchasing” at open market prices and would not certify “quality”.

While the Ministry has reluctantly accepted environmental hazards, there is no denial that subpar coal used in Norochcholai will not only have adverse impact on the coal plant, but would also adversely affect the environment, the greenery, the biodiversity and the people of the area. The Government therefore has to programme and implement environmental recovery measures and decide on decent compensation for affected people. Let them not be “dud cheques” as Ditwah victims were treated with.

What would the bill on total damage be that includes (i) cost of subpar coal and that of safely destroying them (ii) the cost of the total compensation package for the affected and (iii) the cost of environmental recovery measures? Not surprisingly though, this massive subpar coal import is not being treated as it should be, by the Opposition and the media that usually pulls out dirty stories with a nauseating chill.

All that leaves more responsibility with social activists, consumer rights and good governance campaigners. They need to demand for immediate removal of (Engineer) Kumara Jayakody from his ministerial post and his arrest along with his cronies for quick and independent investigations. Demand this clan repay all costs of the scam and environmental damage, for People do not need to fund massive scams with their tax-money. So there begins the campaign for accountability and good governance, if the conscious urban society wants to.

A special commemorative event was held on 30 January 2026 at the Mahapola Ports and Maritime Academy of the Sri Lanka Ports Authority (SLPA) to mark the 20th Anniversary of the Port of Colombo’s engagement with the MEGAPORT Initiative.

The MEGAPORT Initiative is closely aligned with United Nations Security Council Resolution 1540 (2004), which was adopted at the Security Council’s 4956th meeting on 28 April 2004. The resolution affirms that the proliferation of nuclear, chemical, and biological weapons, as well as their means of delivery, poses a serious threat to international peace and security. It calls upon all states to take appropriate and effective measures to prevent the proliferation of weapons of mass destruction (WMD) and to strengthen international cooperation through relevant treaties and enforcement mechanisms.

In line with the requirements of UNSCR 1540 and to prevent the illicit trafficking of nuclear and radiological materials through ports, the Sri Lanka Customs and the Sri Lanka Ports Authority entered into an agreement in 2006 with the National Nuclear Security Administration (NNSA) of the United States to implement the MEGAPORT – Container Security Initiative. The Port of Colombo was the first port in the South and Southeast Asian region to embark on this important global security programme.

Under the initiative, advanced radiation detection systems were installed at one of the world’s most important maritime hubs as part of a global effort to interdict illicit movements of nuclear materials, while ensuring that legitimate trade flows are not disrupted and the competitiveness of participating ports and nations is maintained.

The US Department of Energy, through the NNSA, continues to provide technical assistance to the Port of Colombo in the form of equipment, materials, and specialised training. Security Officers of the Sri Lanka Ports Authority and designated officers of all port terminals serve as Local Alarm Station (LAS) Operators, who report all portal alarm statuses directly to the MEGAPORT Surveillance Unit of Sri Lanka Customs, which functions as the Central Alarm Station (CAS).

To mark the 20th anniversary of the initiative, commemorative pins and jackets were presented to current security personnel actively involved in MEGAPORT operations.

The event also recognised and appreciated the contributions of pioneer members of the SLPA Security Division attached to the initiative, including retired Assistant Superintendents R. M. Abeykoon Bandara, I. L. Aruna Priyanga, and K. M. R. R. Ranasinghe, whose dedication laid the foundation for the programme’s long-standing success.

Sri Lanka Ports Authority Chairman Admiral (Retd.) Sirimewan Ranasinghe, Sri Lanka Customs Director General Seevali Arukgoda, Sri Lanka Atomic Regularity Council Director General Kapila De Silva, SLPA Managing Director Ganaka Hemachandra, Sri Lanka Atomic Energy Board Director Prasad Mahakumara, US Embassy Regional Indo Pacific Strategy Coordinator Dustin Bickel, SLPA Harbour Master Capt. Nirmal Silva, Director Security Air Vice Marshal Dilshan Wasage, US Embassy Senior Defense Official Lt. Col. Matthew House, Sri Lanka Navy – Port Facility Security Officer and Harbour Security Coordinator, Security Coordinators of all Container Terminals including JCT, SAGT, CICT, CECT, CWIT, Officials of SLPA Electrical Engineering Division, Information System Division and Security Division were among notable invitees of this anniversary celebration event.

Dialog Axiata PLC has announced strong financial results for the 2025 financial year (FY25), with mobile, fixed line, and digital pay television businesses recording a positive core revenue growth of 16% year-to-date (YTD).

Group headline revenue reached Rs. 179.6 billion, up 5% YTD, despite the continued strategic scaling down of a low-margin international wholesale business. In the fourth quarter of 2025, revenue was recorded at Rs. 46.5 billion up 2% quarter-on-quarter (QoQ) and 2% year-on-year (YoY).

Group Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) reached Rs. 86 billion up 30% YTD, supported by core revenue performance and cost rescaling initiatives. On a QoQ basis, Group EBITDA demonstrated a modest growth to record at Rs. 23 billion, up 2% QoQ, with an EBITDA margin of 49.5% in line with revenue performance. The Group EBITDA margin reached 47.9% for FY2025, up 9.2 percentage points.

Group Net Profit After Tax (NPAT) reached Rs. 20.8 billion for FY25, up 67% YTD mainly resulting from robust EBITDA growth, despite higher tax and net finance costs. Normalised for forex impact, NPAT growth was recorded at +>100% YTD to reach Rs. 22.1 billion. On a QoQ basis, NPAT grew 3% to reach Rs. 5.9 billion, resulting from strong EBITDA performance.

On the back of strong operational performance, the Group recorded Operating Free Cash Flow (OFCF) of Rs. 49.3 billion for FY25 up >100% YTD.

The company in a statement said that in line with the dividend policy and financial performance of the Group and taking into account the forward investment requirements to serve the nation’s demand for Broadband and Digital services, the Board of Directors of Dialog Axiata PLC at its meeting held on 6 February resolved to propose for consideration by shareholders, a dividend to ordinary shareholders amounting to Rs. 1.50 per share. The said dividend, if approved by shareholders, would translate to a dividend yield of 5% based on the share closing price for FY25.

The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting (AGM) of the company, the date pertaining to which would be notified in due course.

At entity level, Dialog Axiata PLC (company) continued to be the primary contributor to Group revenue (76%) and Group EBITDA (74%). Aided by sustained growth in the data segment and cost-rescaling initiatives, company revenue was recorded at Rs. 135.8 billion for FY25, up 18% YTD, while EBITDA rose 32% YTD to reach Rs. 63.6 billion.

On a QoQ basis, 4Q 2025 revenue was recorded at Rs. 34.8 billion, down 1% QoQ due to a reclassification of hubbing revenue, while EBITDA declined 1% QoQ to record Rs. 17 billion, largely attributable to network restoration costs and donations made in relation to Cyclone Ditwah relief efforts.

Furthermore, NPAT was recorded at Rs. 15.6 billion for FY25, up 41% YTD. Normalised for forex impacts, the company NPAT was up +>100% YTD to reach Rs. 17 billion. On a QoQ basis, company NPAT was recorded at Rs. 4.5 billion, down 6%.

Dialog Television (DTV) continued to consolidate its leadership in the digital pay-TV space, maintaining a subscriber base of over 1.6 million as at end-FY25. Revenue for FY25 grew 4% YTD to Rs. 12.9 billion, while on a QoQ basis, revenue declined 4% to reach Rs. 3.2 billion in 4Q 2025, reflecting the seasonal advertising revenue uplift recorded in 3Q 2025.

DTV EBITDA was up 26% YTD at Rs. 2.7 billion for FY25, supported primarily by ongoing cost-rationalisation initiatives; however, DTV recorded a net loss of Rs. 0.7 billion for the year.

Dialog Broadband Networks (DBN), featuring the Group’s fixed telecommunications, broadband, and international businesses, recorded revenue of Rs. 35.5 billion for FY25, down 28% YTD due to the conscious scaling down of low-margin international wholesale business amounting to Rs. 16 billion. Downstream of revenue decline, DBN EBITDA grew 29% YTD to reach Rs. 19.6 billion for FY25, with the EBITDA margin improving 24.3 percentage points to record at 55% for the year. NPAT reached Rs. 6.1 billion for the same period, up +>100% YTD, supported by a steep decline in costs.

Dialog Group continued to be a notable contributor to State revenues, remitting a total of Rs. 54.7 billion to the Government of Sri Lanka during FY25. Total remittances included direct taxes and levies amounting to Rs. 11.1 billion and Rs. 43.6 billion in consumption taxes collected on behalf of the Government.

Group capital expenditure for the year ended 31 December 2025 reached Rs. 20.2 billion, resulting in a CapEx to Revenue ratio of 11%. Capital expenditure was directed towards investments in high-speed broadband infrastructure to further expand the Group’s leadership in Sri Lanka’s broadband sector.

Dialog commercially launched Dialog 5G Ultra, strengthening its leadership in next-generation connectivity with over 220 live sites and more than 1.5 million subscribers already connected to the country’s largest 5G network. As the first operator to enable commercial 5G in Sri Lanka and the only provider with both 3500 MHz and 27 GHz spectrums, Dialog is uniquely positioned to deliver nationwide coverage, gigabit speeds, and advanced enterprise solutions. The Group plans to invest $ 100 million over the next two years to expand 5G connectivity.

Dialog committed Rs. 420 million to the Government’s ‘Rebuilding Sri Lanka’ initiative to support recovery following Cyclone Ditwah. The contribution will fund the restoration of critical hospital infrastructure and refurbishment of ICT facilities in over 20 affected schools, strengthening healthcare access and digital learning in impacted regions. Dialog also supported over 8 million customers during the disaster through free connectivity services to maintain communication. This commitment builds on the Group’s longstanding role in national crisis response and underscores its continued focus on community resilience and sustainable national development.

From left: Sustainability Assurance and Advisory Service Pasan Withana, Asia Siyaka Warehousing Director Emil Diaz, Asia Siyaka Commodities PLC Director/COO Charmara Dissanayake, Climate and Conservation Consortium Head of Client Engagement Lisa Perera, Asst. Manager, Sustainability – Assurance and Advisory Service Nelusha Paranawidana, Asia Siyaka Commodities PLC Managing Director Anil Cooke, CEO Yashojith Kuruneru and Director Dhammike Wedande

Asia Siyaka Warehousing Ltd., (ASW), Sri Lanka’s leading tea auction logistics service provider, has achieved a significant global milestone by becoming the world’s first tea logistics company to be awarded ZeroCarbon certification, reaffirming its commitment to sustainability, operational excellence, and responsible supply chain management The ZeroCarbon certification, granted by Sustainable Future Group (SFG).

This achievement positions ASW as a benchmark organisation within the global tea logistics sector.

SFG recognises organisations that have comprehensively measured their greenhouse gas emissions, implemented effective emission reduction strategies, and offset residual emissions in line with internationally accepted carbon-neutral standards.

In addition to ZeroCarbon certification, Asia Siyaka’s purpose-built warehouse facility is also LEED (Leadership in Energy and Environmental Design) certified, making it the first tea logistics facility globally to hold both LEED and ZeroCarbon credentials. The company has further strengthened its compliance framework by obtaining ISO 22000 food safety certification, reinforcing its commitment to quality, safety, and international best practices.

The certification process involved a rigorous evaluation of Asia Siyaka’s environmental impact across its operations, including energy usage, resource efficiency, and emissions management. The company has implemented multiple sustainability initiatives and supported verified environmental offset programs to achieve full carbon neutrality.

This milestone delivers tangible value across the tea industry value chain by enabling producers, brokers, and exporters to reduce logistics-related emissions while enhancing their environmental, social, and governance (ESG) performance. Asia Siyaka’s ZeroCarbon operations also support international buyers seeking greater transparency, traceability, and sustainability assurance within their sourcing processes. ASW, a fully owned subsidiary of Asia Siyaka Commodities PLC, continues to invest in innovation, sustainability, and operational excellence, reinforcing Sri Lanka’s position as a global leader in responsible tea logistics and strengthening the long-term competitiveness of Ceylon Tea in international markets. Strategically located at Muthurajawela, Wattala, the logistics hub of Sri Lanka and close proximity to Colombo Port, ASW has 240,000 square feet spread over 6 acres of land with 29,000 pallet positions with a holding capacity of 11 million kilograms of tea at any given time.