Category: Daily Financial Times

Commercial Bank of Ceylon PLC said it plans to issue Basel III-compliant Tier II listed, rated, unsecured, subordinated, redeemable debentures to raise Rs. 20 billion in three tranches.

Under the proposed structure, the bank intends to issue up to 100 million debentures at a face value of Rs. 100 each, with maturities of five, seven, and 10 years. The debentures will include a non-viability conversion feature, in line with Basel III requirements.

Commercial Bank has also reserved the discretion to issue a second tranche of up to 50 million debentures, amounting to an additional Rs. 5 billion, in the event of an oversubscription of the initial issue. The bank may issue another 50 million debentures, raising a further Rs. 5 billion, subject to demand and Board discretion.

The total fundraising under the program could therefore reach up to Rs. 20 billion, depending on subscription levels and approvals.

The debenture issue is subject to regulatory and shareholder approvals.

The bank also said that it would establish an Employee Share Option Plan (ESOP) covering ordinary voting shares.

Under the proposed ESOP, the total number of share options to be granted over the period from 2026 to 2028 will be up to 46,195,156, based on the number of shares in issue as at 29 January 2026. The maximum percentage of ordinary voting shares that may be issued under the scheme has been capped at 3%.

As at 29 January 2026, Commercial Bank’s stated capital stood at nearly Rs. 91. 65 billion. The stated capital was represented by 1,539,838,556 voting shares and 96,341,685 non-voting shares.

The bank said the granting of options under the proposed ESOP is in compliance with Colombo Stock Exchange (CSE) Listing Rules and will be subject to the CSE granting in-principle approval for the issue and listing of shares arising from the scheme. Final implementation will also require shareholder approval by way of a special resolution at a General Meeting.

India has offered foreign cloud service providers a 20-year tax holiday running until 2047 on revenues earned from services sold outside the country, provided those services are delivered using data centres located in India, as New Delhi moves to attract large-scale investment in artificial intelligence (AI) and cloud infrastructure.

Indian Finance Minister Nirmala Sitharaman announced the measure in the 2026-27 Budget, saying income from global cloud services operated out of Indian data centres would be exempt from tax for more than two decades. Services sold to Indian customers would continue to be routed through locally incorporated resellers and taxed domestically.

The Budget also proposes a 15% cost-plus safe harbour for Indian data-centre operators providing services to related foreign entities, aimed at reducing transfer-pricing disputes and offering greater tax certainty for multinational cloud providers.

The measures come as global technology companies expand data-centre capacity to support rising AI workloads. India has positioned itself as an alternative location for compute infrastructure, citing its engineering talent base and growing domestic demand, even as competition intensifies across the US, Europe, and parts of Asia.

Several US technology firms have announced significant commitments.

Google said in October 2025 it would invest $ 15 billion to build an AI hub and expand data-centre infrastructure in India, following a $ 10 billion commitment in 2020. Microsoft announced in December 2025 plans to invest $ 17.5 billion by 2029 to expand its AI and cloud footprint, while Amazon said it would invest an additional $ 35 billion by 2030, taking its total planned investment in India to about $ 75 billion.

Domestic investment is also rising. In November 2025, Digital Connexion, a joint venture backed by Reliance Industries, Brookfield Asset Management, and Digital Realty Trust, said it would invest $ 11 billion by 2030 to develop a 1-gigawatt AI-focused data-centre campus in Andhra Pradesh. Adani Group said in December 2025 it plans to invest up to $ 5 billion alongside Google in an AI data-centre project in the country.

However, scaling up capacity remains constrained by power availability, electricity costs, and water stress, all of which are critical inputs for energy-intensive AI workloads and could affect construction timelines and operating costs.

According to think tank Future Shift Labs, India’s data-centre power capacity is projected to exceed 2 gigawatts by 2026, up from just over 1 gigawatt currently, and could rise to more than 8 gigawatts by 2030, driven by capital investment of over $ 30 billion.

Beyond cloud and AI infrastructure, the Budget also expanded incentives for electronics and semiconductor manufacturing. The Indian Government said it would launch a second phase of the India Semiconductor Mission, focusing on equipment and materials production, domestic chip intellectual property, and industry-led research and training centres.

Spending under the Electronics Components Manufacturing Scheme has been increased to INR 400 billion from INR 229.19 billion, after the program attracted investment commitments exceeding its original targets. The scheme links incentives to incremental production and investment, covering components used in smartphones, servers, and data-centre equipment.

The Budget also proposed a five-year tax exemption from April for foreign companies supplying equipment and tooling to electronics manufacturers operating in bonded zones, and announced measures to strengthen rare-earth supply chains and ease cross-border e-commerce by removing the INR 1 million value cap per consignment on courier exports.

For decades, Sri Lanka has wooed foreign investors with a familiar playbook: ‘Come to us, and we won’t tax your profits for multiple years.’ This strategy of tax holidays and slashed corporate rates was once a powerful magnet for Foreign Direct Investment (FDI).

However, the global rules of the game have changed overnight. With the implementation of Pillar Two of the OECD’s Base Erosion and Profit Shifting (BEPS) framework, the old tools are not just blunt-they are broken.

As major economies adopt a Global Minimum Tax of 15%, Sri Lanka faces a critical reality: continuing to offer profit-based tax holidays/concessionary tax income tax rates to large Multinational Enterprises (MNEs) is no longer an incentive for the investor. It is simply a donation of Sri Lankan tax revenue to foreign treasuries.

The ‘Donation’ problem

The new OECD rules apply to ‘in-scope’ MNEs-giants with consolidated annual revenues exceeding pound 750 million. Under Pillar Two, if these companies pay less than 15% effective tax in a country like Sri Lanka, their home country (or another jurisdiction where they operate) has the right to collect the difference as a ‘Top-Up Tax.’

Consider a large European tech manufacturer setting up in Sri Lanka. Under our current Strategic Development Project (SDP) rules, we might grant them a 0% tax rate to attract their factory.

Old Scenario: The company saves 15% in tax. They are happy; they invest.

New Scenario (Pillar Two): Sri Lanka charges 0%. The company’s home country calculates the effective tax rate, sees it is below the 15% global minimum, and collects that missing 15% itself.

The investor pays 15% regardless. The only difference is who gets the money. By offering a tax holiday, Sri Lanka is voluntarily surrendering revenue that the investor is legally obligated to pay somewhere. We are effectively subsidising the treasuries of foreign nations, who have adopted OECD Pillar two rules, with money generated on our soil.

The solution: A ‘Two-Basket’ approach

Sri Lanka must stop trying to fit all investors into one policy. We need a targeted Two-Basket Strategy.

Basket 1: The small investors (Status Quo)

For investors with revenues below the pound 750 million threshold, the OECD Pillar Two rules do not apply. Traditional tools like tax holidays and reduced corporate income tax rates remain highly effective for them.

Strategy: Continue offering profit-based incentives (tax holidays) or reduced income tax rates to Small and Medium Enterprises (SMEs) and smaller foreign investors. This sector remains vital for dynamism and local job creation.

As major economies adopt a Global Minimum Tax of 15%, Sri Lanka faces a critical reality: continuing to offer profit-based tax holidays/concessionary tax income tax rates to large Multinational Enterprises (MNEs) is no longer an incentive for the investor. It is simply a donation of Sri Lankan tax revenue to foreign treasuries

Basket 2: The large MNEs (The Pivot)

For the ‘in-scope’ giants, profit-based incentives are dead. We must shift to Cost-Based Incentives.

Strategy: Instead of exempting profits (which triggers the Top-Up Tax), we should subsidise investment costs.

The Tool: Enhanced Capital Allowances (ECA). This allows companies to deduct a higher percentage of their capital expenditure (machinery, buildings, infrastructure) from their taxable income.

Unlike tax holidays, cost-based incentives like ECAs are generally viewed more favorably under the new global rules because they reward actual economic activity rather than paper profit shifting.

The secret weapons: SBIE and QRTC

To truly compete with regional rivals like Vietnam, Thailand, Singapore and Malaysia, Sri Lanka must adopt the specific technical mechanisms designed to work within the OECD framework.

1. Substance-Based Income Exclusion (SBIE)

The OECD rules are not entirely merciless; they offer a ‘carve-out’ for real economic substance. The SBIE rule allows a jurisdiction to exclude a specific percentage of the income generated from tangible assets (factories, equipment) and payroll costs from the Top-Up Tax calculation.

If an investor builds a real factory and hires Sri Lankan workers, the tax generated by those specific assets and jobs is shielded from the global minimum tax. This rewards ‘real’ investment over ‘shell company’ investment.

Sri Lanka has the opportunity to modernise its fiscal toolkit, ensuring that we attract high-quality, high-substance investment while keeping our tax revenue within our borders

2. Qualified Refundable Tax Credits (QRTC)

This is the gold standard for modern incentives. A QRTC is a tax credit that is refundable in cash (or cash equivalent) within four years if the investor does not have enough tax liability to use it.

The Technical Edge: Under Pillar Two math, a standard tax exemption reduces the ‘Covered Taxes’ (the numerator), drastically lowering the Effective Tax Rate (ETR) and triggering a Top-Up Tax abroad. However, a QRTC is treated as income (increasing the denominator).

The Result: This preserves the investor’s Effective Tax Rate above the 15% danger zone, allowing them to receive a benefit from the Sri Lankan government without triggering a penalty tax back home.

Lessons from the region

We are not operating in a vacuum. Our competitors are already moving:

Vietnam has aggressively moved to adopt Pillar Two and is exploring QRTCs to compensate investors who lose their tax holidays.

Thailand and Singapore are updating their investment promotion acts to include ‘smart’ incentives aligned with the SBIE and QRTC concepts.

If Sri Lanka continues to offer obsolete tax holidays/concessionary income tax rates to large ‘in-scope’ MNEs, we will be the only shop on the street selling VHS tapes in a streaming era.

The way forward: Immediate policy action

Policymakers must realise that adopting these techniques does not require us to wait for full implementation of a Qualified Domestic Minimum Top-up Tax (QDMTT). While a QDMTT is necessary eventually to ensure we capture the tax revenue here, we can-and must-restructure our incentives now.

The action plan:

1. Segregate Incentives: Create clear legislative distinction between incentives for ‘In-Scope MNEs’ (Basket 2) and ‘Other Investors’ (Basket 1).

2. Legislate QRTCs: Introduce Qualified Refundable Tax Credits for high-value sectors (R and D, Green Energy, Tech) specifically for large in-scope MNEs.

3. Leverage SBIE: Design incentives that scale based on the volume of tangible assets and the size of the payroll in Sri Lanka, directly tapping into the Substance-Based Income Exclusion.

The era of the ‘blanket tax holidays and concessionary income tax rates’ to attract large MNEs is over. Sri Lanka has the opportunity to modernise its fiscal toolkit, ensuring that we attract high-quality, high-substance investment while keeping our tax revenue within our borders. Let’s stop donating to foreign governments and start investing in our own future.

DIMO has successfully completed the design, supply, installation, and commissioning of a state-of-the-art floodlighting system at the Singhalese Sports Club (SSC), positioning it as Colombo’s second and the country’s fifth cricket venue capable of hosting international day-night matches.

The SSC is also one of the three venues selected to host matches during the ICC Men’s T20 World Cup this year.

This milestone also reflects the enduring partnership between Sri Lanka Cricket and DIMO that began in the 1980s, when DIMO pioneered Sri Lanka’s first stadium floodlighting system. Since then, DIMO has delivered floodlighting solutions for four international cricket stadiums, including the SSC, establishing itself as the country’s leading provider in this space and contributing to four out of the five stadium floodlighting systems in the country.

Designed to meet the demanding technical and broadcast standards of modern international cricket, the new floodlighting system significantly enhances on-field visibility, broadcast quality, and the overall spectator experience. The system features advanced LED luminaires operating at a correlated colour temperature of 5,700 Kelvin and a colour rendering index of 90, closely replicating natural daylight to ensure sharp visual clarity and accurate colour reproduction. This enables players and match officials to perform with greater confidence under night-time conditions.

The lighting system fully supports high-definition television coverage, including 4K and 8K broadcasts, ensuring that live action, slow-motion replays, and Decision Review System (DRS) reviews appear clear, sharp, and consistent on screen. The flicker-free design eliminates visual distortion during high-speed camera shots.

The project involved the installation of 630 high-performance LED fixtures across six high-mast towers, with a 62 km cable network. Each tower has its dedicated lighting control room. The lighting control system with DMX technology allows centralised and remote operation, dimming, and dynamic lighting effects. Advanced optics and optimised mounting heights ensure uniform light distribution while minimising glare and shadow zones. The LED solution delivers lower energy consumption, reduced heat output, and a mercury-free environmental profile. Smart zoned and dimming controls support efficient operations during training and maintenance activities.

DIMO Executive Director Wijith Pushpawela said: ‘From the outset, our focus was on achieving full compliance with ICC illumination standards while tailoring the design to the unique geometry and operational requirements of the SSC Grounds. Advanced photometric simulations, robust structural engineering, and strict safety protocols were applied to ensure long-term reliability and consistent performance at an international level.’

The overall solution integrates globally recognised components, including lighting systems from AEC Illuminazione, high-mast structures from Transrail, and power panels manufactured under DIMO Lumin-demonstrating DIMO’s ability to combine international technology with locally engineered expertise.

DIMO’s in-house Lighting Solutions team managed the entire project’s lifecycle, from initial design and photometric planning through to civil, mechanical, and electrical works. The project was executed within a four-month timeframe, ensuring readiness well ahead of the ICC Men’s T20 World Cup.

Beyond installation, DIMO has implemented a comprehensive aftersales framework to ensure long-term performance. A dedicated team conducts routine inspections, preventive maintenance, and diagnostics using specialised tools and manufacturer-aligned protocols. With LED systems exceeding 50,000 operating hours, support also includes software optimisation, control-system updates, and periodic hardware audits to maintain consistent performance and high uptime.

This project reinforces DIMO’s capability to design, deliver, and sustain complex lighting infrastructure at both commercial and national scales.

Sri Lanka’s tourism industry has begun 2026 on a strong footing, recording its highest-ever January arrivals, welcoming over 277,000 visitors and surpassing the previous high of 252,761 registered last year.

The country welcomed 277,327 tourists in January, marking a 10% year-on-year (YoY) increase compared to the same period last year. The improvement was underpinned by a notable rise in average daily arrivals, highlighting the industry’s continued recovery momentum following several years of disruption.

Average daily arrivals stood at 8,946 during the month, while the highest single-day inflow was recorded on 15 January, when 10,483 visitors arrived in the country. Weekly figures showed a steady upward trend, with 58,822 arrivals in the first week of January, followed by 62,590 in the second week, 64,077 in the third, and a sharp rise to 91,838 in the final week of the month.

India emerged as Sri Lanka’s largest source market in January, accounting for 52,061 visitors or 19% of total arrivals. The UK ranked second with 29,540 visitors, representing 11% of the total, followed by Russia with 27,134 arrivals. Other key markets included Germany (17,776), China (14,003), France (13,569), Australia (11,172), Poland (10,334), the US (7,373), and the Netherlands (7,107).

Market-wise trends also showed mixed performances. Arrivals from India recorded a strong 20% YoY increase, while the UK market expanded even faster, posting a 36% YoY growth. In contrast, arrivals from Russia declined by 26% YoY, reflecting ongoing shifts in travel patterns from Eastern Europe.

In January, Tourism Minister Vijitha Herath said the Government is targeting at least 3 million tourist arrivals in 2026, building on the sector’s recovery in recent years. In 2025, Sri Lanka attracted a record 2.36 million visitors, the highest annual total achieved to date.

Herath also confirmed that the proposed free-visa scheme is expected to be launched before the end of the first quarter of 2026, a move aimed at further stimulating arrivals from key and emerging markets.

In addition, he reiterated the Government’s commitment to rolling out the long-delayed nation branding initiative within the year, although he cautioned that procurement procedures make it difficult to provide a precise implementation timeline

Industry stakeholders view the strong January performance as a positive signal for the year ahead, particularly if policy measures such as visa facilitation and destination branding are implemented as planned.

Meadowlea fat spread, marketed and distributed by Pyramid Wilmar Ltd., has partnered with Dharmasoka College Ambalangoda as the main sponsor for the 2025/2026 schools cricket season – an initiative that showcases the company’s continuous commitment towards fostering young athlete talent as they pursue excellence on and off the field.

Dharmasoka College has a proud legacy of producing several national-level cricketers, who have risen to excellence through hard work, passion, and perseverance. In keeping with this tradition, Meadowlea will provide its support to strengthen the school’s cricket teams across the Under-15 to Under-19 age groups, leading up to the much-anticipated Big Match encounter scheduled to be held in March.

Pyramid Wilmar Ltd., Head of Marketing Nadeesha Chandrasekara said: ‘Cricket is not just a sport but a platform that plays a vital role in shaping the character, discipline, and team spirit among young athletes. As a trusted household favourite brand, Meadowlea is delighted to extend support to these young athletes to turn their passion into reality.’

With Meadowlea’s support, this cricket season is expected to be a promising one for the young cricketers of Dharmasoka College.

Player of the Match in England’s five-wicket win (DLS method) over Sri Lanka in the second T20I at the Pallekele International Cricket Stadium on Sunday, Tom Banton said that the series win was special.

England’s win gave them an unbeatable 2-0 lead in the 3-match series and Banton said, ‘The main thing was to get a win, and we did that tonight, which was great. To get a series win in Sri Lanka, it was a very special achievement. That was the main aim of tonight, and we got over the line, which was good.’

Sri Lanka had control of the game before the rains arrived and gave England a revised target to chase. Sri Lanka got to 189-5 and when the rains came England were 57-2 in 7.2 overs. The new target for England was 168 in 17 overs.

‘There were 10 overs left and a lot of us played T10 cricket, I think it suited us quite nicely. Me and Josh (Jos Buttler) have spoken about giving ourselves a few balls, and with the amount of batting we’ve got, just keep putting the pressure back on them. And yeah, it came off tonight.’

‘I think Sri Lanka’s total was a little bit above par. Obviously the wicket was a little bit tacky and slow and a bit of turn there for the spinners. Sri Lanka has got such good spinners. You keep the ball nice and straight and they don’t make it easy for you. A few of us obviously got going. When anyone does so in T20 cricket, it’s quite hard to stop them.’

Banton went on to score 54* off 33 balls to guide England home with two balls to spare.

England needed a cameo knock from someone to get back on track and the captain Harry Brook provided it with 36 off 12 balls.

‘He’s pretty special. I’ve known him for a long time now, and are very good friends. To see what he’s done over the last few years in international cricket is pretty crazy. So happy for him,’ said Banton.

The Government has set a minimum net worth or financial capability threshold of $ 50 million for interested parties seeking to participate in the divestiture of Canwill Holdings Ltd., according to clarifications issued by the Finance, Planning and Economic Development Ministry.

The requirement is set out in the minutes of the Pre-Expression of Interest (Pre-EOI) meeting held on 21 January, released as a Frequently Asked Questions (FAQ) document in relation to the Request for Expression of Interest (REOI) dated 24 December 2025.

The Ministry clarified that participation at the Pre-EOI meeting is not a prerequisite for submitting an EOI and will not result in disqualification. Interested parties have been advised to rely on the REOI for eligibility requirements and the divestiture process, and to consult the published FAQ before seeking clarifications.

Under the eligibility criteria, all bidders must demonstrate a minimum net worth or financial capability of at least $ 50 million. Investment funds may meet this threshold through assets under management or committed capital of not less than $ 50 million, supported by audited financial statements or certifications from authorised fund managers, trustees, or administrators.

The Government has reiterated its intention to divest its entire 100% shareholding in Canwill Holdings Ltd., the parent company of Sinolanka Hotels and Spa Ltd., and Helanco Hotels and Spa Ltd. The transaction will be a share sale, not an asset-only acquisition, and will be conducted through a competitive Request for Proposal (RFP) process in line with the approved Divestiture Guidelines.

The FAQ document states that no indicative valuation guidance will be provided at the EOI stage. The RFP will be conducted as a transparent competitive bidding process, with all interested parties, both local and international, required to undertake their own independent due diligence in preparing bids. The Government has reserved the right to impose a floor price at the RFP stage if deemed necessary.

Clarifications also confirm that the 9.42-acre leasehold beachfront land in Hambantota held by Helanco Hotels and Spa has expired due to non-initiation of construction. The Government has said it does not commit to extending the lease.

Information on legal, financial, and contractual liabilities, including bank loans, guarantees, trade payables, Government dues, taxes, contingent liabilities, litigation, arbitration, and regulatory actions, will be disclosed only at the RFP stage to pre-qualified bidders, subject to execution of a non-disclosure agreement (NDA). A legal due diligence report on a non-reliance basis will be made available, though bidders have been advised to conduct their own legal and financial assessments using professional advisers.

The Government has said it will adopt appropriate mechanisms to settle past liabilities of the company in due course. Details on staff headcount, salary obligations, funding arrangements, structural condition reports, safety issues, and the operational status of lifts, escalators, and mechanical, electrical, and plumbing systems will also be made available during due diligence, including through site visits where permitted.

On regulatory matters, the FAQ notes that bidders should seek independent legal advice regarding the issuance or transfer of any casino licence associated with the project.

Canwill Holdings was incorporated in December 2011 as a fully State-owned enterprise (SOE) to invest in the hospitality and tourism sector, operating as a holding company for Sinolanka Hotels and Spa and Helanco Hotels and Spa.

Sinolanka was developing a 47-storey hotel and serviced apartment project in Colombo 3, comprising 458 hotel rooms and 100 serviced apartments built to Grand Hyatt specifications. The structure and façade were largely complete, with substantial capital expenditure incurred and most approvals in place. The project had been designated a Strategic Development Project, making it eligible for tax concessions during both construction and operations.

Canwill received Rs. 18.5 billion in equity funding from Sri Lanka Insurance Corporation, Litro Gas Lanka, and the Employees’ Provident Fund (EPF), with Sri Lanka Insurance holding 46% of the shares and the balance split between Litro Gas and the EPF.

The current divestiture follows earlier efforts to exit the Government’s investment. In 2024, six companies, largely from India, were pre-qualified to submit RFPs. At the time, the then SOE Restructuring Unit said EOIs were evaluated in line with the REOI and the Special Guidelines on Divestiture of SOEs approved by the Cabinet of Ministers, with Deloitte India was appointed as transaction adviser for the process.

AI startups are raising billions of dollars to develop software ‘brains’ for robots designed to operate in real-world environments, a shift that could extend automation risks well beyond white-collar occupations, according to reporting by Axios.

The core proposition is to build AI systems that understand physics and changing physical conditions, allowing robots to adapt to complex settings such as oil rigs, construction sites and logistics hubs. Whether these machines resemble humanoids is largely incidental; proponents argue that once a robot has the physical capability to perform a task, flexible software intelligence can allow it to handle a wide range of activities, from plumbing and welding to vehicle repairs and food preparation.

There is, however, no settled approach to applying AI in robotics. Some large technology firms and startups are collecting vast quantities of real-world data to train their models. Others are relying on so-called ‘world models’, trained on simulated physical environments that incorporate principles such as gravity, offering a lower-cost alternative. This approach has been publicly backed by former Meta chief AI scientist Yann LeCun, who recently launched a new venture, AMI Labs.

Investor interest has accelerated sharply. Toronto-based Waabi has raised up to $ 1 billion, potentially the largest funding round for a Canadian startup, initially targeting autonomous taxis and self-driving trucks. Its founder and Chief Executive Raquel Urtasun told Axios that ‘the physical AI moment is here’, arguing that autonomy is likely to be the first application to scale. Pittsburgh-based Skild AI has raised about $ 1.4 billion at a valuation of $ 14 billion, while FieldAI secured nearly $ 400 million to focus on hazardous and labour-intensive sectors such as energy and logistics, including the construction of data centres.

The implications for employment remain uncertain. Even where AI-powered robots outperform human workers, high hardware costs and the expense of transitioning existing operations may limit near-term adoption. Optimists argue that, as with previous technological shifts, new forms of work will emerge to offset displacement. Critics counter that AI represents a more profound break from past innovations, making historical parallels an unreliable guide.

Sampath Bank, led by 42-year-old Nuwan Perera, lifted the glittering Maliban Biscuits Trophy bearing the sponsor, Maliban Biscuits, in the final at the 6th Maliban Biscuits-sponsored MCA Master Sixes Cricket Tournament 2026, concluded at the Mercantile Cricket Association (MCA) and D.S. Senanayake College grounds on Saturday.

12 teams in four groups participated simultaneously at both venues, consisting of 15 matches, including the final.

The special awards were presented by Chief Guest , Maliban Biscuits Manufactories Business Development Manager Malinda Wijayakumara, along with MCA President Mahesh de Alwis, General Secretary Rohan Somawansa, and Tournament Committee Chairman Lakmal de Silva.

Special awards

Best Bowler – Buddhika Thanthirige from Future Life

Best Batter and Man of the Final – Shantha Kalawitagoda from Sampath Bank

Most Sixes in the Tournament – Manjula Bandara from David Pieris Group

Most Senior Player – 58-year-old Chandika Srimanne from Sri Lanka Telecom

Most Outstanding Player of the Tournament – Tharindu Siriwardena from Maliban Biscuits

Final results

*At MCA Grounds: League Stage (2 groups, 7 matches)

Hayleys Group 68/5 (5) beat Nations Trust Bank 54/3 (5); Sampath Bank 62/2 (4.1) beat John Keells Group 61/2 (5); Sri Lanka Telecom 74/1 (4.5) beat Nations Trust Bank 73/3 (5); HNB 59/1 (4.3) beat John Keells Group 58/2 (5) ; Hayleys Group 65/3 (5) beat Sri Lanka Telecom 46/6 (5); Sampath Bank 78/1 (5) beat HNB 56/0 (5).

Semi-final: Sampath Bank 53/0 (4) beat Hayleys Group 49/5 (5)

*At DSS Grounds: League Stage (2 groups, 7 matches)

Maliban Biscuits 62/0 (3) beat Amana Takaful 61/2 (5); David Pieris Group 37/1 (2.5) beat Future Life 36/4(5); David Pieris Group 79/1 (5) beat Colombo Dockyard 54/3 (5); Amana Takaful 61/2 (5) beat Commercial Bank 57/3 (5); Future Life 63/2 (2.4) beat Colombo Dockyard 59/5 (5).

Semi-final: Maliban Biscuits 60/0 (4.5) beat David Pieris 57/4 (5).

*Final at MCA Grounds: Sampath Bank 69/2 (5) (Shantha Kalawitagoda 34*, Nuwan Perera 18, Malinda Vijayakumara 1/5) beat Maliban Biscuits 63/3 (5) (Chamara Ratnayake 36*, Niluka Peiris 1/8, Tharindu Randima 1/8, Suboda Jayawardena 1/12)