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Colombo stock market began the month extending its rally to a 12th session closing on the up yesterday on buying interest in banking stocks.

The benchmark ASPI gained 0.33% to close 72.7 points higher at 21,851.30.

The active S and P SL20 closed 12.26 points up, gaining 0.20% to 6,138.79.

Turnover was Rs. 6.46 billion on more than 225.2 million shares traded.

Foreign investors were net buyers yesterday with a net inflow of Rs. 90.7 million, compared to a net outflow of Rs. 362.2 million the previous day.

First Capital Research said amidst the volatility observed during the day, Colombo Bourse ended the session in green territory, strengthened by the positive investor sentiment towards the Banking sector.

ASPI was up by 73 points and ended the day at 21,851. Both retail and HNW participation were high, whereas more positivity was observed towards selected Diversified Financials sector counters.

MELS, HHL, DIMO, PLC and RIL were the top positive contributors to the index.

Turnover for the day stood at Rs. 6.5 billion, reflecting a decrease of 9% compared to the monthly average that stands at around Rs. 7.1 billion.

Capital Goods sector took the lead in terms of sector wise contributions to turnover, with a share of 15%, followed by the Banking sector, and Food, Beverage and Tobacco sector which produced a combined contribution of 26%.

Foreign investors turned net buyers, recording a net inflow of Rs. 90.7 million.

MTI’s international and Bhutan teams were in Thimphu as part of developing the strategic plan for the Bank of Bhutan.

Bank of Bhutan (BoB) is the largest and oldest commercial bank in Bhutan, established in May 1968 under a royal charter. It operates a network of over 45 branches across Bhutan, offering a wide range of financial services, including retail and corporate banking, investment banking, mortgage loans, and online banking. The bank is jointly owned by Druk Holding and Investments Ltd., which holds 80% of its capital, and the State Bank of India, which owns the remaining 20%.

MTI Consulting is an internationally networked strategy consultancy, having carried out assignments in 51 countries over the past 28 years.

Three private sector chambers filed a writ application before the Court of Appeal on Tuesday challenging the Inland Revenue Department’s (IRD) decision to commence collecting Value Added Tax (VAT) from 1 October without first operationalising the legally mandated automated refund mechanism.

The chambers are the Free Trade Zone Manufacturers’ Association (FTZMA), the National Chamber of Commerce of Sri Lanka (NCCSL) and the Sri Lanka Chamber of Small and Medium Industries (SLCSMI).

The Petitioners, representing exporters, deemed exporters, sub-contractors to exporters, service providers in the export supply chain, SMEs, and the broader business community, state that collecting VAT from export-related businesses without a proper functioning refund system, and without publishing the conditions of the proposed Risk-Based Refund Scheme in the Gazette, is unlawful, unreasonable, and a violation of constitutional rights.

According to the Petitioners, the Government abolished the Simplified Value Added Tax (SVAT) scheme earlier this year, after it had been postponed by the previous administration at the request of the export community.

That abolition was accompanied by a statutory requirement that a new automated, risk-based VAT refund scheme be in place from 1 October 2025. To date, no such system has been implemented, nor have the selection criteria for the refund scheme’s Green, Amber, and Red channels been published.

The Chambers question the feasibility of IRD assurances that refunds will be paid within 45 days, noting that long-outstanding VAT refunds due to exporters dating back to 2010 remain unsettled.

They further express concern that, contrary to international good practice where refund-risk channels are selected automatically by transparent algorithms, the IRD now proposes appointing a committee to select channels, creating opportunities for discretion, delay, and potential abuse.

They cite similar risks observed when committees, rather than automated systems, are involved in operational decisions such as the release of containers by Customs.

The Chambers emphasised that the SVAT system, implemented nearly two decades ago by the IRD for registered exporters, deemed exporters, and export supply-chain service providers, functioned smoothly and transparently because it avoided cash transactions.

Instead, it relied on IRD-issued vouchers exchanged within the IRD’s online system between buyers and sellers. While the IRD has indicated to the IMF that there were ‘leakages’ under SVAT, the Petitioners note that, despite being administered and monitored through the IRD’s own online system, no violators have been identified or named.

On industry estimates, any leakage would have been negligible (well under 0.01%), underscoring that SVAT was an effective and low-risk mechanism.

The Chambers also clarify that the IMF’s revenue objective for Sri Lanka is to raise government revenue to 15% of GDP; the method of achieving this is a policy choice for the Government. The IMF has not required the abolition of SVAT.

Multiple Chambers, including the International Chamber of Commerce, engaged with the IMF and urged against abolishing SVAT without a proven, automated refund system ready to replace it.

The Petitioners contend that the IRD’s advice to abolish SVAT has effectively reinstated a cash-refund regime that was historically vulnerable to delays and corruption.

The Chambers warn that immediate VAT collection in the absence of an automated refund system will create severe cash-flow stress across the export ecosystem, pushing many firms, particularly SMEs and indirect/deemed exporters, towards insolvency.

This, they argue, threatens employment, curtails domestic value addition, and undermines export competitiveness as the main exporters shift to importing raw materials and packaging materials rather than sourcing them locally.

The Petitioners caution that an export-supply-chain liquidity crunch could trigger a foreign exchange shortfall and jeopardise Sri Lanka’s capacity to meet international obligations by 2028.

Comparing the policy risk to the previous administration’s fertiliser restriction, implemented without adequate impact assessment, the Chambers argue that dismantling SVAT without a ready, automated refund alternative could inflict even greater economic damage.

The Royal Melbourne Institute of Technology (RMIT) is in high-level talks to establish an innovation hub in Sri Lanka that will connect universities, industry, and Government institutions with international research expertise, the President’s Media Division (PMD) said.

At a meeting held at the Presidential Secretariat on Tuesday, RMIT officials and senior representatives of the Secretariat discussed the initiative, which is being coordinated through the National Initiative for Research and Development Commercialisation (NIRDC).

According to the PMD, the proposed RMIT Sri Lanka Innovation Hub will strengthen joint doctoral programs, align research with national priorities, and expand opportunities for commercialising innovation.

The hub is also expected to provide training and global access for local researchers, students, and professionals, while creating avenues for new funding and investment into Sri Lanka’s R and D sector.

Participants at the discussion included Senior Additional Secretary to the President Russell Aponso, RMIT Deputy Vice-Chancellor (Research and Innovation) Prof. Calum Drummond, STEM College Deputy Vice-Chancellor (Research and Innovation) Prof. Sujeewa Sethunga, NIRDC Director General Dr. Muditha D. Senarath Yapa, and other officials.

International Distillers Ltd., (IDL) yesterday announced the appointment of Janek Jayasekara as its Chief Executive Officer, effective 1 October 2025. The appointment marks a significant milestone in the company’s ongoing transformation as it strengthens its position both domestically and internationally.

Jayasekara succeeds Dr. Kemal de Soysa, who completed a distinguished tenure leading the organisation and will continue to contribute his expertise as a member of IDL’s Board of Directors.

A Chartered Accountant and seasoned management professional, Jayasekara brings over 25 years of extensive experience across diverse sectors including banking, financial services, manufacturing, logistics, retail, food and beverage, exports, and construction. His career trajectory reflects a consistent record of leadership excellence, beginning at Ernst and Young before progressing through senior positions at some of Sri Lanka’s most respected organisations, including John Keells Holdings, Richard Pieris Group, and Standard Chartered Bank (Sri Lanka).

His international experience includes serving as Assistant General Manager at Al Rajhi Bank in Saudi Arabia, followed by his appointment as Chief Financial Officer of Al Rajhi Bank in Malaysia. He also held the Group Chief Operating Officer role at the Akbar Brothers Group before joining He joined IDL in May 2023 as CEO, IDL International, later became Group COO, and now assumes the role of Chief Executive Officer.

Under Jayasekara’s leadership, IDL is pursuing an ambitious and comprehensive transformation agenda designed to position the company as a world-class beverage manufacturer. The strategy encompasses strengthening corporate governance frameworks to meet international best practices, driving innovation in both premium spirits and non-alcoholic beverage categories, building IDL’s reputation as a global-standard Sri Lankan brand, and expanding international market presence while honouring the company’s heritage.

Jayasekara holds a Bachelor of Science degree from the University of Colombo and a Master of Science in Finance and Accounting from Birmingham City University, United Kingdom. His professional qualifications include Fellow of the Chartered Institute of Management Accountants (CIMA), UK, Fellow of CPA Australia, Associate Member of the Institute of Chartered Accountants of Sri Lanka, and Associate Member of the Chartered Institute of Marketing, UK.

Beyond his corporate responsibilities, Jayasekara maintains an active role in community service and professional organisations. He currently serves on the Board of the International Chamber of Commerce, Sri Lanka and Child Action Lanka, demonstrating his commitment to both business development and social welfare. He holds the position of Honorary Treasurer for the Ceylonese Rugby and Football Club and the Alumni Association of the University of Colombo, and contributes his expertise to the Corporate Governance Council of the Institute of Chartered Accountants of Sri Lanka.

With Jayasekara’s appointment, International Distillers Ltd., has reaffirmed its commitment to innovation, excellence, and sustainable growth. Industry observers note that his unique combination of local market knowledge, international experience, and proven track record in financial management and strategic transformation positions him ideally to lead IDL through its next phase of growth.

The weekly Treasury Bill auction conducted yesterday saw the entire Rs. 43.00 billion total offered amount fully subscribed. This marked the first instance in six weeks that a T-Bill auction raised the entire targeted offered amount. The bids received to offered amount ratio stood at 1.88 times.

The weighted average rates held broadly steady, with the exception of the 91-day maturity which registered a 4-basis point decline to 7.53%. The 182-day and 364-day tenors remained unchanged at 7.89% and 8.02% respectively. This marks the 11th week where T-Bill rates have stayed virtually tethered around prevailing levels.

The Phase II of subscription on for 91- and 364-day tenors is now open until 3 p.m. of business day prior to settlement date (i.e., 02.10.2025) at the WAYRs determined for the said ISINs at the auction. See details of the auction (Phase 1).

The secondary Bond market yesterday experienced a further uptick in yields, influenced by external developments such as news of the US Government shutdown.

In addition, news that the Asian Development Bank had revised Sri Lanka’s GDP growth forecast for 2026 down slightly to 3.3%, amid the imposition of US tariffs also weighed down on market sentiments.

However, robust renewed buying interest emerged at the higher levels curtailing further upwards movement.

Despite this secondary market two-way quotes closed the day higher. Market activity and transaction volumes were seen at healthy levels earlier in the day but tapered off during the latter trading hours as market participants switched back into a wait-and-see stance.

The 01.02.26, 01.06.26 and 01.08.26 maturities traded at the rates of 8.05%, 8.25% and 8.30%. The 15.01.28, 15.02.28, 15.03.28 and 01.05.28 maturities trading at the rates of 9.00%, 9.05%-9.04%, 9.10%-9.09% and 9.10%.

The 15.10.28 and 15.12.28 traded at the rates of 9.18% and 9.20% respectively. The 15.09.29 and 15.10.29 maturities both traded at the rate of 9.60%.

The 15.05.30 maturities traded within traded within the ranges of 9.78%-9.74%. The 01.10.32 and 15.12.32 maturities traded at the rates of 10.50% and 10.55% respectively.

In the secondary Bills market, trades were observed on January 2026 maturities at the rates of 7.67%-7.66%.

The total secondary market Treasury Bond/Bill transacted volume for 30 September was Rs. 5.93 billion.

In money markets, the weighted average rates on overnight call money and Repo stood at 7.87% and 7.88% respectively.

The net liquidity surplus was recorded at Rs. 169.03 billion yesterday. An amount of Rs. 22.50 billion was withdrawn from the Central Bank’s SLFR (Standing Lending Facility Rate) of 8.25%, while an amount of Rs. 191.53 billion was deposited at Central Bank’s SDFR (Standard Deposit Facility Rate) of 7.25%.

DSI Samson Group Ltd., has appointed eight new Board members (now a total of 14) across its subsidiaries as part of its group-wide succession plan.

The new appointees will join the ranks of current DSI Samson Group Subsidiary leadership – Sarath Weliwita, Dayananda Abeythilake, Rohan Somawansa, Bhathiya Amarakoon, Priyantha Abeygunawardhane and Arunodhani Wikramasinghe, reaffirming DSI’s commitment to a sharper business focus across its diverse portfolio.

The latest appointments are part of the group’s long-term succession planning.

Each new leader has served the group for over a decade and has been groomed to take on senior responsibilities. By cultivating its next generation of leaders from within, the group ensures authentic brand stewardship, and strengthens the competitiveness of every business unit for sustained growth, it said in a statement.

The appointments include: Nuwan Kulasooriya who joins the board of Samtessi Brush Manufacturers Ltd., with over 15 years of experience in supply chain management; Asha Dissanayake who joins the board of Samson Group Corporate Services Ltd., bringing 30+ years of HR expertise and advanced qualifications in human resources and psychology.

Lakmal Dharmarathna takes a board role at Samson Rajarata Tiles Ltd., leveraging two decades of operational and manufacturing leadership; Jagath Vithanachchi is appointed to Primo Ltd., with nearly 30 years in polymer technology, innovation, and product development.

Chaminda Sumanaratne joins the board of Samson Solar Power Ltd., offering three decades of insurance, administration, and compliance experience; Pradeep Samaratunga is named to the board of Samson Trading Company Ltd., with wide-ranging finance and business expertise.

Renuka Bandara takes on a board position at Primo Ltd., backed by deep financial and strategic planning credentials; and Waruni De Silva joins the board of Samson Group Corporate Services Ltd., recognised for her achievements in financial governance, monitoring and risk management.

Representatives from a reputed Japanese IT corporate recently visited South Asia’s only Japanese IT University based in Sri Lanka, Lanka Nippon BizTech Institute (LNBTI) with the objective of exploring recruitment opportunities for talented graduates.

The visit underscores LNBTI’s growing reputation as a hub for producing globally employable IT professionals equipped with both technical expertise and Japanese language proficiency right in Sri Lanka.

During their visit, the delegation held comprehensive discussions with the institute’s leadership, including Vice Chancellor Prof. Ananda Kumara, Directors Saman Kumara and Ravindra Perera, Head of IT Department Bashini Wijewickrama, and Japanese Language Senior Lecturer and Coordinator of Career Development Hub Dr. Manjula Wanninayaka.

A key highlight of the occasion was the opportunity for LNBTI students to interact directly with the visiting executives. These conversations provided invaluable insights into the skills, work culture, and expectations of Japanese employers-helping students better prepare for potential future tech related careers in Japan.

The executives further announced their readiness to provide fully-funded internships in Japan for selected students. These internships will serve as both training and evaluation platforms, with the possibility of full-time employment upon successful completion.

This initiative builds upon LNBTI’s proven track record of facilitating international internships. In two previous programs, eight students were awarded fully-funded internships in Japan with four already receiving employment offers from the same companies and are now set to join them as full-time employees after graduation.

LNBTI Vice Chancellor Prof. Ananda Kumara said: ‘This collaboration further strengthens our mission of producing IT graduates who are not only technically skilled but also culturally prepared for international careers. Japan’s trust in our students is a testament to the quality of education and training we provide at LNBTI.’

The Sri Lanka Food Processors Association (SLFPA) successfully held its 28th Annual General Meeting (AGM) on 24 September at The Kingsbury Hotel, Colombo, with the participation of its members and industry stakeholders.

Established in 1997 as an advocacy group, SLFPA today represents over 162 member companies, ranging from large multinationals to small and medium-sized enterprises (SMEs), all dedicated to advancing Sri Lanka’s food and beverage processing industry.

The keynote address was delivered by UN FAO Manager of the Circular Economy in the Food Sector (CIRCULAR) Project, Sri Lanka Camelia Andria Bucatariu.

In her presentation, Bucatariu emphasised the urgent need to address food loss, food waste, and plastic packaging waste in Sri Lanka, highlighting that urban food waste alone accounts for nearly 56.6% of municipal solid waste, or about 3,963 tons per day (FAO/IWMI, 2023). She pointed out the interlinkages between food waste and plastic waste across the supply chain and stressed the importance of scaling alternatives to single-use plastics, particularly in food packaging.

She further underlined that applying circular economy practices across the agri-food value chain can reduce losses, improve resource efficiency, and create new opportunities for SMEs. Her key message was that integrating food waste and plastic waste strategies under a circular economy framework-through strong multi-stakeholder collaboration-can accelerate progress on climate action, food security, and sustainable economic growth in Sri Lanka.

Outgoing President Thusith Wijesinghe reflected on the association’s journey, recognising the contributions of the 14 past presidents who have shaped SLFPA’s growth. He also emphasised the success of the Pro Food/Pro Pack 2025 Exhibition and the Annual Cricket Carnival. In a key announcement, he revealed SLFPA’s plans to begin construction of a dedicated Secretariat and facility at Gothami Road, Borella-marking a significant milestone in the association’s long-term strategy.

At the AGM, the new Executive Committee for 2026/2027 was appointed, comprising Mr. Aruna Senanayake of C W Mackie PLC as President, Mr. Deepal De Alwis of Neochem International Ltd., as Secretary, and Sanjeewa De Silva of Unilever Sri Lanka Ltd. as Treasurer. The committee also includes Thusith Wijesinghe of Trans Continental Packaging Commodities Ltd., as Immediate Past President, Nadishan Guruge of Mead Lee Trading Co. Ltd.. as President Elect, Vasantha Chandrapala of Visvaka Marketing Ltd., as 1st Vice President, Damitha Perera of Forbes and Walker Commodity Brokers Ltd., as 2nd Vice President, and Rasika Seneviratne of Diesel and Motor Engineering PLC as 3rd Vice President. Supporting roles are held by Dineth Alahakoon of Country Style Food Ltd., as Assistant Secretary and Sameera Jayathilaka of Westmann Engineering Ltd.. as Assistant Treasurer.

In addition the following ten Executive Committee members were appointed: Nirosh Lalantha of Ceylon Cold Stores PLC, Niroshan Dalpethado of C D De Fonseka and Sons, Sheran De Alwis of MA’s Tropical Food Processing Ltd., Sanjeewa Niroshan of SGS Lanka Ltd., Amila Weerasinghe of Nestlé Lanka Ltd., Thusitha Ekanayake of Anods Cocoa Ltd., Praharshi Wickramasekara of International Commodity Traders Ltd., Vijitha Govinna of Ceylon Biscuits Ltd., Rangajeewa Hettiarachchi of Fonterra Brands Lanka Ltd., and Kushan Amarasinghe of Finagle Lanka Ltd.

SGS Lanka Ltd., Unilever Sri Lanka Ltd. and Hayleys Aventura Ltd., partnered as Gold Sponsors of the AGM, while Lanka Exhibition and Conference Services (LECS) supported the event as the Bronze Sponsor.

The proceedings concluded with a vote of thanks delivered by the Secretary Hemantha Balasuriya, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

The Government yesterday issued Sri Lanka’s first residence visa under the Individual Investor Category, introduced through the amended Immigration and Emigration Regulations published in November 2023.

The visa was awarded to German national Dr. Prey Drechsel by Public Security and Parliamentary Affairs Minister Ananda Wijepala.

The scheme allows foreign nationals to qualify for a five-year visa with an investment of $ 100,000, or a 10-year visa with $ 200,000. Investments must be deposited in a Visa Programme Foreign Currency Account (VPFCA) at a licensed Sri Lankan bank.

The initiative is intended to attract foreign capital by linking long-term residency to direct investment in the country.