Category: Daily Financial Times

Sri Lanka’s renowned open-air art fair, Kala Pola, is set to bring alive the streets of Colombo with colour, creativity, and conversation as Kala Pola returns for its 33rd edition on 8 February, along Ananda Coomaraswamy Mawatha (Green Path), Colombo 7.

Conceptualised and introduced by The George Keyt Foundation in 1993, and sponsored and co-presented by the John Keells Group through an unbroken patronage since 1994, Kala Pola has grown into a cultural landmark that continues to reshape how visual art is showcased and experienced in Sri Lanka.

Remaining true to its founding philosophy, the event is proudly uncurated, providing participating artists and sculptors with the opportunity to showcase their talent, connect with art enthusiasts, learn from and network with other artists, and expand their clientele.

Kala Pola displays a broad variety of forms and styles, ranging from intricate sculptures, humorous caricatures, and abstract paintings to modern and traditional Sri Lankan art. Attracting art lovers, collectors, connoisseurs, and students from all parts of the country and tourists from various parts of the world, the event creates a vibrant, welcoming, and wholesome atmosphere spurred by music, camaraderie, art discussions, children’s art workshops, and an array of cultural performances.

As a longstanding and iconic visual art flagship amidst Sri Lanka’s vibrant calendar of arts and cultural events, Kala Pola continues to stand as a unique open-air platform for visual expression. By bringing together both established and emerging artists in an inclusive, uncurated setting in the heart of Colombo, the event fosters meaningful connections between creators and audiences, offering accessibility, diversity, discourse, and a shared appreciation for art among a wide cross-section of the public, while spurring the creative economy of the country.

Nations Trust Bank (NTB) also supports Kala Pola as its Official Banking Partner.

Arts falls within the focus area of ‘Social Health and Cohesion,’ which is one of the four focus areas of John Keells Foundation (JKF) – the Corporate Social Responsibility (CSR) entity of John Keells Holdings PLC (JKH).

Marking the commencement of the public veneration of the Sacred Devnimori Relics of Lord Buddha, President Anura Kumara Dissanayake made the first floral offering yesterday at the Hunupitiya Gangaramaya Temple.

The arrival of the Sacred Relics in Sri Lanka followed discussions held between President Dissanayake and Indian Prime Minister Narendra Modi during the latter’s visit to Sri Lanka last year. As a result of these discussions, and through the personal intervention of Prime Minister Modi with the full patronage of the Government of India, arrangements were made to bring the Sacred Devnimori Relics to Sri Lanka for public veneration.

Until now, the Sacred Devnimori Relics had been kept under high security at the Baroda Museum in India and had never been taken outside the country. This marks the first occasion on which the Relics have been brought overseas, granting the people of Sri Lanka a rare opportunity to behold and pay homage to them.

Earlier yesterday, the Sacred Relics were brought to Sri Lanka via the Bandaranaike International Airport, Katunayake. Following religious observances conducted upon placing the Relics on a special platform, they were conveyed in a special motorcade to the Hunupitiya Gangaramaya Temple. Amidst blessings from the Maha Sangha, the Relics were then placed on a specially prepared platform and opened for public veneration, with the President making the first floral offering.

Accordingly, the public will be able to venerate the Sacred Devnimori Relics in person at the historic Hunupitiya Gangaramaya Temple from today (5) till 11 February, for a continuous period of seven days. Facilities have been arranged to allow devotees to pay homage 24 hours a day.

To mark this significant occasion, which further strengthens Indo-Sri Lanka relations, President Dissanayake presented a special commemorative token to Gujarat State Governor Acharya Devvrat. Hunupitiya Gangaramaya Temple Chief Incumbent Venerable Dr. Kirinde Assaji Nayaka Thera in turn presented the President with a special memento bearing a replica of the Sima Malaka of the temple.

In addition, a Memorandum of Understanding (MoU) relating to the public veneration of the historic Sacred Devnimori Relics in Sri Lanka was exchanged between Buddhasasana, Religious and Cultural Affairs Minister Dr. Hiniduma Sunil Senevi and Acting Indian High Commissioner Dr. Satyanjal Pandey.

The Sacred Relics were discovered during archaeological excavations conducted in the 1960s at the historic Devnimori archaeological site in the Aravalli District of Gujarat, the home region of Prime Minister Modi. The excavations were carried out around a stupa within a Buddhist monastic complex, where two relic caskets were unearthed.

The Sacred Relics of Lord Buddha were found within one of these caskets. An inscription discovered inside the reliquary, which reads, ‘the place where the relics of the Buddha endowed with the 10 powers are enshrined,’ is considered the strongest evidence affirming the authenticity and sanctity of the Relics.

The event was attended by members of the Maha Sangha representing the three Nikayas, led by Most Ven. Dimbulkumbure Wimaladhamma Anunayaka Thera of the Malwathu Chapter of the Siam Maha Nikaya, International Buddhist Confederation Secretary General Ven. Shartse Khensur Rinpoche Jangchup Choeden Thera, and members of the Maha Sangha from India.

Softlogic Finance PLC is seeking shareholder approval for a proposed a Rs. 7.6 billion reduction of its stated capital as part of a balance sheet restructuring exercise.

The company’s stated capital currently stands at Rs. 9.93 billion. Under the proposal, this will be reduced to Rs. 2.33 billion by writing off accumulated retained losses amounting to Rs. 7.6 billion against stated capital. Following the reduction, the number of issued shares will remain unchanged.

In a note to shareholders, the company said the primary objective of the proposed reduction is to clean up the balance sheet by eliminating carried-forward losses and presenting a clearer financial position. It stressed that the exercise will not involve any cash distribution to shareholders, will not alter individual shareholdings, and will not reduce the company’s net asset value.

The Softlogic Finance Board believes the restructuring will provide a more stable foundation for future operations, including the ability to declare dividends and raise funding for business expansion.

The proposed reduction requires approval by way of a special resolution at a forthcoming EGM. The company said management has confirmed that there are no agreements with creditors that restrict proceeding with the capital reduction.

The share price of Softlogic Finance closed Tuesday down 20 cents at Rs. 5.50.

As of end-December 2025, the company reported net assets at Rs. 3.06 a share. Softlogic Capital was the biggest shareholder with a 91.49% stake followed by Softlogic Life Insurance (1.63%) and Mercantile Fortunes Ltd. (1.04%).

The public shareholding was 6.12% involving over 58.58 million shares among 2,910 shareholders.

The Cabinet of Ministers on Monday approved the Renewable Energy Resources Development Plan 2025-2030, a key policy framework aimed at meeting 70% of Sri Lanka’s national electricity demand from renewable energy sources by 2030 and achieving carbon neutrality by 2050.

The approval follows the submission of the plan to the Cabinet by the Energy Minister Eng. Kumara Jayakody, in line with the National Policy on Renewable Energy and the statutory requirements of the Sri Lanka Sustainable Energy Authority Act, No. 35 of 2007, which mandates the preparation of a long-term renewable energy development plan.

‘The plan has been prepared by the Sri Lanka Sustainable Energy Authority (SLSEA) after extensive consultations with relevant stakeholders and covers three main sectors of renewable energy development,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing on Tuesday.

He said it focuses on identifying and prioritising suitable land for renewable energy projects, establishing a clear implementation timeframe, and advancing the development of a comprehensive Renewable Energy Map and Renewable Energy Gardens across the country. The framework also includes the development of floating solar panel projects as part of efforts to diversify renewable energy generation while optimising land use.

According to Cabinet decisions, the plan is designed to provide a structured and coordinated pathway to accelerate renewable energy deployment, strengthen energy security, and reduce reliance on fossil fuels, while aligning Sri Lanka’s energy transition with its long-term climate commitments.

Responding to questions on whether stakeholder consultations had been conducted prior to implementing renewable energy projects, particularly in light of concerns that acres of land clearance could exacerbate human-elephant conflict, Dr. Jayatissa said that stakeholder meetings had indeed been held.

He noted that discussions with relevant parties were part of the planning process to address environmental, social, and land-use concerns associated with renewable energy development and the details would be shared at the next briefing.

The ticket counter at the Sri Lanka Cricket (SLC) headquarters will be relocated to the CCC grounds, effective from today. The ticket counter at the CCC grounds will open at 1 p.m. as access to roads in and around the CCC grounds will be limited due to the Independence Day celebrations.

The counter at the CCC grounds will be located opposite the bank ATM at the NCC grounds, along Maitland Place.

The Human Rights Commission of Sri Lanka (HRCSL) has expressed deep concern over what it described as emerging threats to freedom of expression in Sri Lanka, particularly the ability of journalists to carry out their professional duties without undue interference.

In a statement issued yesterday, the Commission said it was especially disturbed by a growing trend of law enforcement authorities initiating investigations into allegedly defamatory speech, including speech by journalists, despite defamation no longer being a criminal offence under Sri Lankan law.

The HRCSL highlighted a recent incident involving journalist Tharindu Jayawardena, who is also a member of the Commission’s Sub-Committee on Freedom of Expression. Jayawardena was summoned for a Police inquiry without being informed of the reasons for the summons, a lapse the Commission said later emerged was linked to a complaint alleging defamatory remarks in his reporting on corruption involving the use of public funds.

The Commission noted that the failure to inform an individual of the reasons for a Police summons constitutes a breach of a circular issued by the Inspector General of Police (IGP) on 2 July 2025, which requires investigating officers to clearly disclose the basis for summoning any person.

Reiterating constitutional guarantees, the HRCSL stressed that freedom of expression is protected under the Constitution and applies to all forms of expression, including those made through online platforms. It recalled Supreme Court jurisprudence affirming that the right protects not only speech that is favourably received, but also expression that may offend, shock, or disturb the State or sections of the population.

While recognising that freedom of expression may be subject to restrictions under Articles 15(2) and 15(7) of the Constitution, the Commission emphasised that such restrictions must satisfy the tests of necessity, proportionality, and reasonableness. It cautioned that unnecessary or disproportionate restrictions could contribute to public frustration and social unrest.

Addressing defamation, the HRCSL said there remains a widespread misconception that defamatory speech can attract criminal sanctions. It pointed out that defamation falls exclusively within the jurisdiction of civil courts, noting that Chapter XIX of the Penal Code was repealed in 2002. As such, the Commission said, the Sri Lanka Police have no authority to entertain or investigate complaints that relate solely to alleged defamation.

The Commission further observed a pattern in which political actors and influential individuals seek to file complaints with law enforcement agencies over allegedly false or defamatory statements, particularly on online platforms. It recalled international human rights standards requiring public figures to tolerate a higher degree of criticism than private individuals and urged such figures to respond through proportionate means, such as public clarification, rather than recourse to police investigations.

The HRCSL also raised serious constitutional concerns regarding the use of the Online Safety Act, warning that its deployment to suppress freedom of expression, including for the purported purpose of preventing defamation, raises significant questions of legality. While acknowledging that online safety is a legitimate objective, the Commission said the current law fails to adequately address genuine online harms and has drawn broad criticism from civil society.

The Commission called on the Government and relevant authorities to take immediate steps to safeguard freedom of expression, including refraining from misusing criminal processes to address matters that properly fall within the domain of civil law.

Sri Lanka presented a clear message of confidence, reform, and long-term opportunity at the exclusive Port City Colombo Investor Forum held on 27 January at the Shangri-La Hotel, Singapore.

Jointly organised by the High Commission of Sri Lanka in Singapore and Port City Colombo, the forum positioned Port City Colombo as the centrepiece of Sri Lanka’s next phase of economic transformation.

The forum brought together close to 100 senior invitees from across real estate, financial services, investment and asset management, IT and digital services, professional services, and regional business leadership, reflecting broad-based interest in Port City Colombo’s services-led investment proposition.

Opening the forum, High Commissioner of Sri Lanka to Singapore Senarath Dissanayake underscored Sri Lanka’s commitment to strengthening economic engagement with Singapore and regional partners, noting that Port City Colombo reflects the country’s readiness to integrate more deeply with global markets under internationally aligned standards.

Delivering the keynote address, Presidential Special Envoy for Foreign Investment and Western Province Governor Hanif Yusoof said that Sri Lanka today is ‘not a recovery story, but a transformation story’, with Port City Colombo serving as a platform for that transformation to become tangible. He highlighted Sri Lanka’s rapid economic turnaround following the most severe crisis in its history. He noted stabilised inflation, renewed growth, strengthened foreign reserves, and restored macroeconomic confidence, a recovery recognised by international institutions as among the fastest in recent times.

The Special Envoy emphasised Sri Lanka’s commitment to long-term reform, institutional independence, and economic discipline. He pointed to constitutional guarantees and legal reforms, including the establishment of an independent Central Bank, strengthened fiscal and debt management laws, and a transparent, rules-based economic framework that enhances predictability and investor confidence.

He further noted that Sri Lanka offers a clear and familiar investment environment, anchored in common law traditions, bilateral investment protection treaties, double taxation avoidance agreements, and full recognition of international arbitration, providing investors with the freedom to repatriate capital and access international dispute-resolution mechanisms.

Yusoof echoed these sentiments during a live discussion on Channel News Asia from Singapore, where he reaffirmed Sri Lanka’s transition from crisis management to long-term economic transformation. During the interview, he positioned Port City Colombo as an export-oriented, services-led economic platform anchored in private capital and governed by a clear, rules-based regulatory framework, designed to catalyse high-value sectors such as financial services, IT and digital exports, professional services, logistics, and regional headquarters operations.

Colombo Port City Economic Commission (CPCEC) Chairman Harsha Amarasekara PC elaborated on the governance framework of Port City Colombo, established under the Colombo Port City Economic Commission Act, No. 11 of 2021. He highlighted that Port City Colombo is Sri Lanka’s first multi-services Special Economic Zone, governed by an independent Commission and supported by a single-window facilitation mechanism, offering investment protection, predictable incentives, and strong legal safeguards.

The forum also featured insights from Singapore’s business community, with remarks by GFTN Capital Deputy Chairman/CEO and Singapore Indian Chamber of Commerce and Industry Chairman Neil Parekh and market perspectives from Real Estate Developers’ Association of Singapore CEO Anthony Chua who highlighted the strategic relevance of Port City Colombo as a gateway for regional and global investors.

The discussions further highlighted Port City Colombo’s growing collaboration with leading regional and global corporates, including Keppel, a long-standing partner and collaborator in Sri Lanka that also provides advisory and consultancy support on EMC-related aspects of the development.

Keppel Senior Manager Real Estate Lam Siu Chang shared perspectives on sustainable urban development, infrastructure-led growth, and the role of integrated, future-ready cities in attracting long-term institutional capital, reinforcing strategic alignment with global best practices and institutional interest in Port City Colombo as a long-term investment destination.

A detailed overview of investment opportunities and processes was delivered by CPCEC Director General Revan Wickramasuriya who outlined the streamlined process, long-term fiscal incentives for Businesses of Strategic Importance, enhanced mobility of capital through exemptions under the Foreign Exchange Act, foreign currency transactions in 16 designated currencies, and visa facilitation through a Green Channel for investors and professionals.

Independent third-party perspectives were provided by KPMG Sri Lanka, with Suresh Perera and Rifka Ziyard presenting an objective assessment of Sri Lanka’s economic outlook and the tax and regulatory framework applicable to Port City Colombo.

Investor confidence was reinforced through testimonials from Ansell and Millennium IT ESP, sharing first-hand experiences of operating in Sri Lanka and the Port City Colombo ecosystem.

CHEC Port City Colombo Ltd. Assistant Managing Director Bai Xiaping delivered the vote of thanks and noted that the development represents a comprehensive ecosystem where businesses can establish regional headquarters, scale operations, access global talent, and connect seamlessly to South Asia and the wider Indian Ocean economy.

CFA Society Sri Lanka announced that it will conduct a half-day learning program on ‘Understanding the Fundamentals of Credit Research’, in collaboration with Acuity Analytics, on Monday, 16 February 2026, from 8:30 a.m. to 12:30 p.m. at the Courtyard by Marriott, Colombo City Centre.

Commenting on the objective of the program, CFA Society Sri Lanka CEO Aruna Alwis said that the session is designed to provide participants with a strong foundational understanding of credit research principles applicable across fixed income investing and lending institutions. Participants will gain practical insights into assessing issuer and borrower creditworthiness, along with exposure to key frameworks and techniques used to identify and evaluate major credit risks within organisations.

The program is targeted at professionals involved in credit evaluation, risk management, financial analysis, and investment decision-making. The intended audience includes credit analysts, credit risk managers, fixed income portfolio managers, corporate and SME relationship managers, corporate finance professionals, finance students, as well as CFA charter-holders and CFA Program candidates seeking deeper market insight.

The session will be led by Acuity Analytics Associate Director Fixed Income and Credit Research CFA Kasun Thanthrimudalige and Delivery Manager Investment Research CFA Farah Wijayakumara.

Registrations will be accepted on a first-come, first-served basis. For further details and registration, please visit www.cfasocietysrilanka.org

Alpha Fire Services PLC unveiled its new logo at its headquarters in Colombo in the presence of the company’s Board of Directors and legendary Cricketer Aravinda De Silva alongside the management team and employees, making the event a collective celebration of the company’s transformation and future organisation.

Alpha Fire Services’ new logo reflects ongoing transformation into a future-ready organisation,

built on strong governance, operational excellence and sustainable growth while remaining firmly rooted in its values and technical expertise. Managing Director Viraj Fernando outlined the company’s strategic direction for the years ahead.

He said that Alpha Fire Services is focused on strengthening its corporate governance framework while expanding its footprint within Sri Lanka, setting up regional service centres across the country. ‘We have identified Maldives as a key international entry market and we are in the process of establishing a dedicated trading arm to supply certified fire safety equipment to both local and regional markets, supporting growing demand across the construction and infrastructure sectors,’ he said.

Fernando highlighted the company’s recent relocation to its newly acquired, fully owned facility in Polgasowita describing it as a major operational milestone. The move is expected to enhance efficiency by centralising resources and reducing long-term overheads. With the growth of the construction industry and the alignment of national fire safety regulations with international standards, he expressed confidence in a sustained increase in demand for Alpha Fire products and services.

‘Our strength is the trust we have built with our customers who have given us continuous business over 35 years enabling us to establish our legacy in the fire detection and protection industry,’ Fernando said.

The Cabinet of Ministers has approved the award of tenders for the installation of independent battery storage systems at 16 electrical substations across Sri Lanka, a major step towards maximising the utilisation of solar energy in the national electricity grid.

The approval follows the submission of a General Board Memorandum by Power Minister Eng. Kumara Jayakody, highlighting the need for battery storage to address one of the key challenges in integrating renewable energy into the power system. Under the Government’s program, a total of 10 MW/40 MWh battery systems will be installed at each substation, totalling 160 MW/640 MWh nationwide.

A statement issued by the Ministry noted that the tenders for the project were initially invited on 30 July 2025, with the opening scheduled for 16 September 2025. Due to high interest, the tender period was later extended to 14 October 2025, resulting in 153 submissions for the 16 grid substations.

The Cabinet approval was granted on 2 January following the recommendations of the Independent Tender Committees, which reviewed all technical and other specifications applicable to each site.

‘The project will be implemented under the Build, Own, and Operate (BOO) model, in line with the Cabinet decision taken on 28 April 2025,’ the statement noted.

The battery storage systems are expected to enhance grid stability, allow better integration of solar power, and help optimise electricity supply from renewable sources, marking a significant milestone in the country’s renewable energy expansion.