SL U20 rugby squad shortlisted for AR in India

Sri Lanka Rugby shortlisted 23 players for the national Under-20 Sevens squad ahead of the Asia Rugby Under-20 Sevens Championship 2026, which will be worked off in India next month.

The tournament assumes added importance for Sri Lanka’s emerging rugby talent, following an impressive runners-up finish to Hong Kong in last year’s competition. That performance underlined the potential of the country’s young sevens players and has raised expectations ahead of this year’s championship.

Head Coach Asela Deshapriya will have a huge responsibility on his shoulders to guide the young outfit as Sri Lanka look to go one step further and challenge for the title against the leading Under-20 teams in Asia.

The tournament will also provide an important platform for the next generation of national players to gain international exposure and experience. Wesley College skipper Kaizer Lye, who was initially included in the squad, has withdrawn due to his university commitments.

The shortlisted players are: Thatheera Dahamdiv, Mohamed Fawaz, Yuwan Pathirana, Ahad Sally, Minula Yadehige, Malshan Perera, Senuth Dinsara, Naham Hemachandra, Prathana Rodrigo, Ruvin Bowdaveen, Udan Bulathsinghalage, Hiruka Lindula, H M S T Dilshan, Pramuditha Narayan, Manusha Silva, Rasindu Bandara, Akeesha Pushpakumara, Avishka Hiran, Dilruwan Perera, Dinuka Perera, Nimantha Sandeepa, Udan Wijekoon and Thavisha Ekanayake. Head Coach: Asela Deshapriya

Binod Chaudhary signals plans to further expand investments in Sri Lanka

Nepalese business leader and investor Binod Chaudhary is looking to further expand his investment footprint in Sri Lanka, building on his group’s existing interests in the country, including its investment in Union Bank and its presence in the hospitality sector.

Chaudhary, Chairman of the Chaudhary Group, has indicated continued confidence in Sri Lanka’s long-term economic potential and is exploring opportunities to increase investments across key sectors, with particular interest in financial services, hospitality and other areas with strong growth potential.

The Group’s investment in Union Bank and its interests in Sri Lanka’s hotel and tourism industry reflect its existing commitment to the country. Further investments could strengthen the group’s presence while contributing to capital formation, employment and the development of Sri Lanka’s tourism and services sectors.

‘We believe Sri Lanka has tremendous long-term potential. Our existing investments, including in banking and hospitality, have given us valuable experience in the market, and we remain open to expanding our investments where we see the right opportunities,’ said Binod Chaudhary.

The potential expansion comes as Sri Lanka continues to attract renewed interest from international investors seeking opportunities in tourism, financial services, infrastructure, consumer businesses and other growth sectors.

Chaudhary said Sri Lanka’s strategic location, tourism potential, talented workforce and access to regional markets continue to make the country an attractive destination for long-term investment.

The Chaudhary Group will continue to evaluate new investment opportunities and potential partnerships in Sri Lanka, with a focus on projects capable of generating sustainable economic value.

Who is teaching young people to manage money?

A 15- or 16-year-old today is making financial decisions in an environment that previous generations encountered much later. Money now sits inside social media feeds, digital commerce, mobile payments, gaming, influencer culture, advertising and increasingly personalised forms of consumption.

A young person does not need to have a salary to begin interacting with a financial system. They only need a phone, access to a digital platform and, in many cases, an adult-enabled pathway into financial services.

This changes the conversation about financial education. The concern is no longer only whether young people know what a budget is, understand saving or can distinguish between needs and wants. It is about what they are learning about money through repeated exposure long before anyone formally teaches them how money works.

Financial behaviour is developed through experience. The decisions people repeatedly make become familiar, and what becomes familiar can eventually become normal. A teenager who begins associating money with immediate consumption, social status, convenience or constant digital purchasing is not simply spending money but accumulating experiences that may influence how they interpret money later in life.

Likewise, a young person who experiences saving, delayed gratification, comparison of prices or thoughtful spending is developing a different relationship with financial decision-making.

The difficulty is that many of these experiences are taking place outside traditional financial education.

Influence

A school may teach mathematics without teaching the behavioural mechanics of money.

A financial institution may provide access to an account without necessarily understanding how a minor is developing attitudes towards spending, saving and financial risk.

Parents will provide money without realising that everyday financial decisions are also forms of financial socialisation.

Meanwhile, digital platforms are constantly presenting young people with products, lifestyles and consumption cues designed to influence behaviour.

This creates an interesting gap in personal finance: who is paying attention to the financial decisions minors are making before those decisions become adult habits?

The question matters because financial behaviour is not formed at the point when someone receives their first salary. By then, a considerable amount of learning has already happened.

People have developed ideas about what money is for, what spending means, whether waiting is worthwhile, how they respond to scarcity, how they compare themselves with others and what they believe they should be able to afford.

Behavioural finance gives us a useful way of understanding this. Financial decisions are not made purely through financial knowledge. They are also shaped by environment, emotions, social influence, present bias, mental accounting, habits and the way choices are presented. These influences do not suddenly appear at adulthood; they are experienced much earlier.

The digital environment makes this more significant because financial and commercial experiences are becoming increasingly difficult to separate.

A young person can move from entertainment to advertising, from advertising to social influence, and from social influence to consumption with very little friction. The transaction may take seconds, but the behavioural learning can remain much longer.

This is where personal finance needs to expand beyond the traditional language of budgeting and saving. Financial capability among young people should include an understanding of how financial environments influence behaviour. It should help them recognise persuasive design, social comparison, convenience-driven consumption and the difference between being able to access something and being able to make a considered decision about it.

There is also a responsibility on the adults and institutions surrounding them. Parents, schools, financial institutions, policymakers and digital platforms are all part of the environment in which young people’s financial attitudes are being formed. The objective should not be to remove young people’s agency or prevent them from interacting with money but make the environment around those interactions more intentional.

A 17-year-old may not yet have a career, a mortgage or a retirement plan, but they are already developing a financial identity.

The question for personal finance is, therefore, not only what we will teach them when they become adults.

It is what they are learning about money right now, who is influencing that learning, and whether anyone is paying enough attention to the decisions that may follow them into adulthood, because by the time we begin teaching adults how to manage money, some of their most important financial lessons may already have been learned.

Mango Tree test of Arahat Mahinda

Age and a frail heart keep me confined to my home, yet an alert mind keeps me voraciously curious.

Two private TV channels-both epitomising the vulgarity of free-market capitalism-keep me updated on the Sangha mischief in our public square. Pensive in my armchair, far removed from the calibrated, boorish ‘Bana’ at the Satyagraha sit-in at Viharamahadevi Park, my mind drifted into a desperate daydream.

I closed my eyes and wondered: What if? What if the time warp separating antiquity from today’s chaos were ripped open, and Arahat Mahinda Thero himself stepped out of the third century BC and onto the soil of twenty-first-century Sri Lanka?

What if the legendary missionary son of Dharmasoka walked among us today, only to find that his pristine, liberating message of the Buddha had been weaponised, commodified, and reduced to pageantry and ritual, making the cry of ‹Sadhu’ an agitational refrains of hired hooligans?

It was a mind-boggling possibility: the architect of Sinhala Buddhism surveying how a capricious, power-hungry priestly class had traded the profound logic of the Mihintale mango tree for luxury SUVs, political contracts, and televised circuses.

In this mental theater, the ancient sage Arahat Mahinda had come to interrogate, wielding the sharp intellect that once founded a nation to utterly dismantle the pious fraud of its modern guardians.

Arahat Mahinda Thero stood at the Satyagraha protest site. Under a canvas canopy, a group of saffron-clad figures sat in a single row, striking poses of deep, meditative exhaustion for a cluster of television cameras.

This was the grand satyagraha, orchestrated at the behest of a defunct political dynasty whose members are currently adrift, desperate to reclaim their lost turf.

Shrouded in simple, earth-toned robes, my imaginary Arahat Mahinda stepped straight out of the third century BC and into the chaotic theater of this modern political circus.

He had no entourage, no media coordinator to assist him; he walked directly to the enclosure where the main architects of this spectacle sat.

The test

There sat Ulapane Sumangala, adjusting his microphone with practiced ease; Balangoda Kassapa, frantically checking his smartphone under the fold of his robe to see if his latest TikTok live-stream was trending; and Walanhanduwe Dharmaratna, the High Priest of Mihintale, looking noticeably uncomfortable so far from his mountain rock sanctuary and so close to actual public scrutiny.

The trio blinked, squinting through the camera glare. There was something terrifyingly authentic, something fiercely primordial about the visitor that rendered their haughty air of entitlement suddenly very fragile.

Hoping to capture a viral moment of monastic solidarity, Ulapane Sumangala cleared his throat, assumed a pose of pious pain, and bellowed into the microphone: ‘Welcome, Most Venerable Arahath Therun-wahanse, to our sacred struggle!’

The transient political circuses built by greed are nothing more than passing shadows on the ever-changing landscape of time. They do not define our beautiful island, nor can they ever truly compromise the pristine core of the Dhamma. For twenty-three centuries, the true light brought by Arahat Mahinda has endured-not through golden fences, luxurious pageants, or the patronage of powerful politicians, but because the pristine Dhamma resides quietly and immovably within the hearts of ordinary, virtuous people

Sumangala proclaimed, his voice booming through the speakers: ‘We sit here in noble sacrifice to save our nation, our heritage, and our Sasana from the treacherous hands of those who demand accountability and transparency!’

The imaginary Arahat Mahinda looked at the elaborate sound system, the stock of bottled mineral water tucked behind the cushions on which the ‹Satyagrahis› sat, and the fleet of SUVs parked on the roadside behind the marquee.

A faint, razor-sharp smile touched his lips. He did not recite a stanza, nor did he offer a conventional blessing. Instead, he pointed a calm, steady finger toward a large, leafy tree standing nearby.’

‘Monks,’ Arahat Mahinda said, his voice carrying a thunderous, resonant clarity that dwarfed the loudspeakers. ‘What tree is that?’ he intoned.

Monk Walanhanduwe Dharmaratna, recognising the opening lines of the famous logic test that his own monastic perch had on our free-market economy, perked up.

He saw an immediate opportunity to demonstrate his scriptural authority. ‘That, Most Venerable One, is a mango tree.’

‘Are there other mango trees besides this one?’ Arahat Mahinda inquired, his demeanor glistening with sharp, deductive intensity.

Age and a frail heart keep me confined to my home, yet an alert mind keeps me voraciously curious.

‘Yes, Most Venerable Arahath Therun-wahanse,’ Balangoda Kassapa chimed in, eager to display his intellect to his digital followers. ‘There are many other mango trees in this park, and indeed, across the entire island.’

‘And are there trees here that are not mango trees?’ asked Arahat, his voice tightening like a bowstring.

‘Of course, of course!’ Ulapane Sumangala joined the fray, sensing a rhetorical victory. ‘There are Mara trees, Na trees, and many majestic banyans. There are countless trees that are not mango trees.’

Arahat Mahinda paused. A sudden, dramatic silence overwhelmed the entire park. The wind ceased to blow. The birds stopped chirping. Then he leaned forward, his gaze flashing like lightning: ‘Apart from those other mango trees, and the trees that are not mango trees, does this specific mango tree itself remain?›’

‘Naturally, Venerable Sir!’ Monk Walanhanduwe Dharmaratna answered confidently. ‘If you set aside all other mango trees and all non-mango trees, this solitary tree still stands right where it is. It is elementary!’ responded the Mihintale custodian.

Arahat Mahinda’s face hardened, shifting from calm inquisitor to Cosmic Arbiter. ‘An excellent grasp of basic botany. Now, let us apply this same rigorous line of reasoning to the political forest you have planted here today. Tell me, Sumangala, who are the people currently funding, supplying, and cheering for this noble satyagraha of yours?’

Sumangala puffed out his chest, adopting a fiercely theatrical posture. ‘These are the righteous guardians of the old order, Sir! The visionary leaders who built great expressways, the generous patrons who gave us unchecked power, and the elite statesmen currently unjustly sidelined by the ungrateful masses!’

‘I see,’ Arahat Mahinda, the Ashokan envoy, replied smoothly, his tone dripping with sarcasm. ‘And are there other corrupt, discredited politicians in this country besides the ones who paid for your tents, your cheer squads, and your ears today?’

Kassapa shifted uneasily, his phone buzzing violently in his palm as the live comments started flying in. ‘Well… yes. History is full of them. There are many political opportunists across the land who have plundered the public purse.’

‘And are there people in this country who are not corrupt, discredited politicians?’ Arahat pressed further, his voice rising to a crescendo.

Portly Monk Walanhanduwe Dharmaratna coughed into his hand, looking nervously at the cameras that were now capturing his sudden panic. ‘Yes, technically. The vast majority of the citizenry are ordinary, hardworking people who simply wish to live in peace, feed their children, and see justice prevail.’

The imaginary Arahat Mahinda of my daydream stepped onto the stage, his presence making the Satyagraha space feel suffocatingly small.

‘Then tell me, wise monks,’ Arahat Mahinda roared, his authoritative voice shaking the very poles of the makeshift tent. ‘If we set aside all those other corrupt politicians roaming elsewhere, and if we set aside the entire population of honest, hardworking citizens who want nothing to do with your theater… who is left sitting under this tent?!”

‘An absolute, terrifying silence stilled the air. Television cameras zoomed in on the sweat breaking out on Sumangala’s brow. Arahat Mahinda’s deductive trap had snapped shut with the force of a steel jaw. By their own logic, the only entities remaining in the equation were the handful of compromised oligarchs pulling their strings, and the monks who consented to act as their spiritual human shields.

‘You see,’ Arahat Mahinda continued, his voice dropping to a devastatingly sharp whisper that cut deeper than a blade, ‘Twenty-three centuries ago, I used this very riddle to ensure that a king possessed the logical capacity to govern for the welfare of all living beings. I taught him that the land belongs to the people, and that the ruler is merely its temporary guardian. But you three have completely inverted Dhamma! You have become the vanguard of brazen rogues, using the sacred robes of the Enlightened One to protect the hordes of the greedy!›’

‘Venerable Sir!’ Walanhanduwe protested, his face turning an angry shade of crimson as he clutched his relic casket for comfort.

‘We are protecting our traditional privileges! If the elite fall, who will sponsor our grand pageants? Who will build our golden fences? Who will pay for our luxury hybrid SUVs?!’

‘The Dhamma does not require a golden fence built with stolen public funds!’ the resonant voice of the Arahat replied, firm as the Mihintale rock. ‘A true sanctuary is built on virtue, not on the patronage of a discredited court. Look at yourselves! You call this a satyagraha firm adherence to truth. Yet your truth is bought by the plateful, your fasting is a comedic illusion staged between television commercial breaks, and your devotion is a transactional lease signed with politicians currently adrift in the turbulent currents of their own bad karma!’

Balangoda Kassapa quietly slipped his phone into his bag, suddenly very aware of how utterly ridiculous his live-stream looked to a nation laughing hysterically in the comments section. Ulapane Sumangala tried to rally his thoughts to launch a fierce counteroffensive about external conspiracies and threats to their heritage, but the words withered in his throat, completely vaporised under the cool, blinding light of the Arahat’s gaze.

‘The mango tree in Mihintale still bears fruit because its roots were planted in honest soil,’ Arahat Mahinda said, turning his back on the stage with a dramatic sweep of his robes. ‘But this plastic garden of corruption you have built in the park will wither before the sun sets. Go back to your temples! Wash the political soot from your robes! And remember that the people of this island are no longer the naive subjects of a bygone era, they have passed the intelligence test, even if their supposed teachers have failed it miserably!’

With that final, earth-shattering declaration, the imaginary Arahat stepped away from the soiled site of the fraudulent protest.

Light that endures

Vivid figures of my daydream faded back. I returned to the dull stillness of my quiet room. The heavy sorrow that had weighed so deeply on my eighty-four-year-old heart began to lift, replaced by a gentle, enduring conviction.

The transient political circuses built by greed are nothing more than passing shadows on the ever-changing landscape of time. They do not define our beautiful island, nor can they ever truly compromise the pristine core of the Dhamma.

For twenty-three centuries, the true light brought by Arahat Mahinda has endured-not through golden fences, luxurious pageants, or the patronage of powerful politicians, but because the pristine Dhamma resides quietly and immovably within the hearts of ordinary, virtuous people.

As long as there are those who remember the simple, compassionate logic of that ancient mango tree-who seek truth, practice kindness, and guard their minds against hatred-the light of the Buddha remains undiminished. Governments rise and fall.

Interim illusions invariably crumble into dust. The timeless path of virtue stands unshakeable, offering its eternal sanctuary of peace and ultimate hope to a waiting nation. As the Blessed One declared in the Dhammapada:

‘Selo yatha ekaghano vatena na samirati,

Eva? pa??ita nindapasa?sasu na samiñjanti.’

‘Just as a solid rock is not shaken by the storm, even so, the wise remain unmoved by praise or blame.’

Real Madrid beat Barcelona 2-1 to halve gap to La Liga leaders

Kylian Mbappe struck twice to earn Jose Mourinho’s Real Madrid a 2-1 El Clasico victory over La Liga leaders Barcelona at Camp Nou, cutting the gap to three points.

French superstar Mbappe opened the scoring before half-time on Sunday, then slotted home late on to inflict Barca’s first domestic defeat of the campaign after Raphinha had equalised for the champions.

Real Madrid remain third, behind Atletico Madrid and Hansi Flick’s Barca, who had won their first nine games before a chastening week.

The Catalans suffered a second straight defeat after losing against Paris Saint-Germain last week in the Champions League.

Barca won six of the seven previous Clasicos since the German arrived, but were surprisingly subdued against Mourinho’s side.

Los Blancos, without suspended winger Vinicius Junior, won their fifth straight game across all competitions, and are finding their footing under veteran Portuguese coach Mourinho.

After two trophyless seasons, Madrid turned back to Mourinho to try to stop Barca’s dominance, and this result will give them hope they are on the right track.

Muhoozi strips Elwelu of rank, says over 20 Ex-soldiers arrested

Gen Muhoozi Kainerugaba, Uganda’s Chief of Defence Forces [CDF], says he has demoted Peter Elwelu, the former Deputy CDF, from the rank of Lieutenant General to Private.

“The traitor Peter Elwelu is hereby stripped of his ranks. He is demoted to Private,” Kainerugaba posted on his X handle Tuesday morning.

Gen Kainerugaba also revealed that over 20 former soldiers linked to Lt Gen Peter Elwelu have been arrested and are cooperating with authorities.

“We have arrested over 20 of Elwelu’s former soldiers. They are co-operating well. They all agree he went insane a long time ago. Elwelu should surrender soon in order to save his own life,” he said.

Elwelu, previously sanctioned by the US over the 2016 Kasese killings that left over 100 dead, now faces calls to surrender as Kainerugaba asserts Uganda’s control over its security matters.

“Let all the world know that we intend to remain the masters of our own house,” he tweeted.

Kainerugaba did not give details of the arrested soldiers or charges, but said investigations are ongoing.

By press time, Elwelu had not publicly responded to the demotion and allegations.

The CDF, in an early morning tweeting spree, also commented about the recent killing of a Rwandan national , Sgt Maj Robert Kabera, in Uganda, pointing to possible involvement by Rwanda National Congress [RNC] elements.

“I hear there was a former RDF officer who was killed recently in the country. First of all, my office was never notified about the gentleman. I highly suspect that certain elements of Kayumba’s RNC were responsible. Are they retaliating for Kandiho’s arrest? We shall get to the truth,” he tweeted.

Gen Muhoozi also talked about the weakening shilling, saying the problem is being worsened by the delay in producing Uganda’s first oil.

“On our currency, I’m not worried at all. The problem is delaying to produce and refine our own petroleum. Mzee is always let down by very well-paid technocrats. They must be working for our enemies. Our PLU government will not let him down from 2031 onwards,” he tweeted.

UNP demands immediate presidential pardon for Gnanasara Thera

The United National Party (UNP) yesterday demanded an immediate presidential pardon for Ven. Galagodaaththe Gnanasara Thera, facilitated by the intervention of the Maha Nayake Theros of the Three Chapters, to resolve the ongoing crisis.

In a statement, the party said the Sathyagraha, a non-violent sit-in protest, demanding the Thera’s release had been suspended following a notification by the Maha Nayake Theros.

Citing former Chief Justice Sarath N. Silva, the UNP said the maximum prison sentence for contempt of court was 18 months, and that Gnanasara Thera had already served more than 10 months in prison for the offence.

The party said steps had previously been taken to secure a presidential pardon for the Thera at the request of the Maha Nayake Theros, and claimed that the Supreme Court ruling had indicated another presidential pardon could be considered.

The UNP also criticised the Government for obtaining court orders against Buddhist monks who had not taken part in the protest march and Sathyagraha demanding the Thera’s release, describing the move as a serious mistake. It further called for an investigation into those responsible for ordering the removal of the Thera’s robes.

PDMO rejects all Domestic Dollar Bond bids; market says bid rates too high

The Public Debt Management Office (PDMO) has rejected all bids received at its Domestic Dollar Bond auction held on 23 October, with market sources indicating that demand was encouraging, but the rates bid were too high.

The issue was for $ 100 million, with the option of raising up to $ 300 million. ‘Pursuant to Section 6 of the Offer Document, which reserves the Issuer’s right to accept or reject any application, in whole or in part, the Issuer has decided not to accept any bids received under this auction,’ the PDMO said in its notice, giving no further details.

The fixed rate of interest payable on the bonds, which are US dollar-denominated debt securities issued in the domestic market, was to be determined through competitive bidding.

Market sources said the PDMO probably believed the bids did not factor in Fitch Ratings’ recent upgrade of Sri Lanka.

In September, Fitch upgraded Sri Lanka’s Long-Term Issuer Default Rating to ‘B-‘ from ‘CCC+’, with a Stable outlook. A higher rating typically lowers the risk premium investors demand over benchmark US Treasury yields, which together determine dollar bond pricing.

Given the availability of funds and current global uncertainties, the PDMO may be willing to wait before returning to the market, the sources said. Accepting costlier bids could also have set a higher benchmark for future foreign currency borrowing.

This was the second Domestic Dollar Bond issue since the debt crisis. In the first, in December 2025, the PDMO raised $ 50 million under a fixed-rate arrangement, recording firm demand for one- and two-year maturities. The one-year tranche drew $ 45.5 million in bids, of which $ 33 million was accepted at a weighted average fixed rate of 5.7%. The two-year tenor received $ 42.5 million in bids, with $ 17 million accepted at a weighted average rate of 6.1%. Only $ 1 million was bid for the three-year maturity, and no bids were accepted.

India says port expansions no zero-sum game for Colombo

India’s drive to build its own transhipment hubs is not playing out at Colombo’s expense, a leading Indian maritime strategist said, pointing to global shipping lines now investing in ports on both sides of the Palk Strait.

New Delhi-based National Maritime Foundation (NMF) Director General Vice Admiral Pradeep Chauhan said port connectivity, long a source of anxiety in Sri Lanka, had become the most promising area for maritime cooperation between the two countries.

He was speaking at the 50th webinar organised by the Daily FT, ACCA and the International Chamber of Commerce Sri Lanka, together with WIM, the Sri Lanka Institute of Directors, the MBA Alumni Association of the University of Colombo and Pioneer Institute of Business and Technology, on Saturday. The webinar was titled ‘In an Emerging New World Order, What Are Sri Lanka’s Options?’

‘In India and Sri Lanka, there has been a concern that as India develops its own transhipment hubs, will Colombo suffer?’ Vice Admiral Chauhan said. Transhipment is the transfer of cargo from one vessel to another at an intermediate port en route to its final destination, and forms the core of the Port of Colombo’s business.

He said the concern stemmed from how two Indian initiatives were viewed: the maritime policy encapsulated in the acronym SAGAR, and Sagarmala, which he described as India’s mega port connectivity initiative. For a while, in some minds, the two had pulled in opposite directions, with one seeking inclusivity and the other seen as excluding partner countries from the circulation of Indian money, he said.

‘But now I think that this is an area, peculiarly enough, which is the most promising for maritime cooperation, and it is already happening,’ he said.

Pointing to the major shipping lines, Vice Admiral Chauhan noted that Mediterranean Shipping Company (MSC) had decided to invest in both Colombo and Vizhinjam, which he described as the Indian port directly competing with Colombo. ‘This is not playing out as a zero-sum game. Far less is it playing out as a gloom and doom story,’ he said, adding that it was an area in which a much greater amount of intellectual capital needed to be invested. Coastal shipping, he said, formed part of the same activity.

His view was echoed by former Sri Lanka Navy Commander Admiral Jayantha Perera, who said Colombo, a global transhipment hub, drew about 80% of its transhipment cargo from India. ‘So there’s no competition with India. We have to cooperate with India and we must improve our level,’ he said, adding that only then could Sri Lanka win the confidence of global shipping.

Admiral Perera said Colombo handled about 9.9 million twenty-foot equivalent units (TEUs), the standard measure of container volume, with capacity expected to reach about 11.1 million TEUs with the East and West terminals and about 15 million TEUs with expansion by 2028. Shipping density around Sri Lanka had risen sharply due to the Middle East conflict, with vessels at times having to wait outside port, he said.

Beyond ports, Vice Admiral Chauhan identified disaster response as an area in which India and Sri Lanka were natural partners, ‘even if for no other reason than misery loves company’, and called for cooperation on human skilling so that human skills augmented rather than were threatened by AI, an area he said was receiving insufficient attention.

He also urged a shift from treating the blue economy as a set of sectors to the ‘blueing’ of the entire regional economy, saying Sri Lanka in many cases held the key, such as in converting shipping, a large polluter, into a greener mechanism by running smaller craft that ply between India and Sri Lanka on electricity rather than fossil fuels.

BOC to raise up to Rs. 30 b in Sri Lanka’s largest-ever listed debt issue

Bank of Ceylon (BOC), Sri Lanka’s leading state-owned commercial bank, is set to create another milestone in the country’s capital market with the launch of Sri Lanka’s largest-ever listed debenture issue, with a maximum issue size of Rs. 30 billion.

The bank proposes to initially raise Rs. 10 billion, with an option to increase the issue to Rs. 20 billion in the event of an oversubscription of the initial tranche and a further option to increase the total issue size up to Rs. 30 billion, making it the largest listed debenture issue undertaken in Sri Lanka.

The proposed issue comprises Basel III compliant, Tier 2, Listed, Rated, Unsecured, Subordinated, Redeemable debentures with a non-viability write-down feature. The debentures carry an issue rating of AA (Stable) from Lanka Rating Agency, while BOC’s issuer rating stands at AA-(lka)/Stable from Fitch Ratings Lanka Ltd.

The debentures will be offered with five-year and seven-year maturities, providing with medium to long-term fixed income investment opportunities. The issue is confined to qualified investors and the minimum subscription for qualified investors is Rs. 10,000, while individual investors are required to apply for at least Rs. 5 million.

The debentures are offered in four different types to meet diverse requirements of qualified investors. The fixed coupon rate of the five-year debenture will be 12.75% per annum while the floating coupon rate will be 1.50% above the applicable twelve-month Treasury Bill rate. The Fixed coupon rate of the seven-year debenture will be 13% per annum while the floating coupon rate will be 1.75% above the applicable twelve-month Treasury Bill rate.

BOC’s largest debenture issue comes at a significant juncture for the Sri Lankan economy, at a time when the country is prioritising sustainable, investment-led and inclusive economic growth. Against this backdrop, a stronger capital base will further enhance BOC’s capacity to mobilise and channel funds towards productive sectors of the economy, thereby supporting Sri Lanka’s next phase of economic development. This landmark issue therefore represents more than a significant capital-raising exercise for the bank. BOC, as the country’s leading state-owned commercial bank, remains well positioned to play a pivotal role in financing businesses, facilitating investment and supporting the broader development priorities of the country.

BOC is a Corporate Finance Advisor licensed by the Securities and Exchange Commission of Sri Lanka. This largest Basel III Debenture issuance was exclusively structured and managed by the Investment Banking team who possess a wealth of expertise in structuring innovative capital market instruments. The issue follows BOC’s pioneering Sustainability Bond issuance, another landmark transaction structured and managed by the bank’s Investment Banking Division, reflecting BOC’s continued leadership in developing innovative capital-market solutions while advancing sustainable finance in Sri Lanka.

The Legal Department of BOC acts as the lawyers to the issue, while the Corporate Branch of the bank acts as the bankers to the issue. The Investment Banking Division will also continue to act as the Registrar to the proposed issue, while Hatton National Bank PLC will be the trustee to the issue.

The bank is opening the subscription list of the BASEL III Debenture Issue at 9.30 a.m. on 3 November 2026 and will remain open for 14 market days unless the bank decides to close it earlier based on subscription levels.

Applications for the debentures will be accepted from qualified investors in accordance with the terms and conditions set out in the Prospectus. The Prospectus and application forms can be downloaded from the web sites of the CSE; www.cse.lk and BOC; www.boc.lk.

Duly completed application forms should be enclosed in an envelope marked ‘BOC Debenture Issue’ together with the remittance for the full amount payable on application and delivered to the Investment Banking Division at 7th Floor of BOC Head Office or collection points mentioned in the prospectus.

With a long-standing presence in Sri Lanka’s banking industry, Bank of Ceylon has played a significant role in the country’s economic development by mobilising savings, extending credit and supporting individuals, businesses and major economic sectors. The proposed debenture issue is expected to further enhance the bank’s capacity to support corporate, SME, retail and institutional customers while maintaining prudent regulatory capital buffers.

Investors are advised to carefully read the Prospectus, including the terms of the debentures, risk factors, non-viability write-down provisions and eligibility requirements, before making an investment decision.

Bank of Ceylon invites eligible local and foreign investors to participate in this landmark issue and be a part of the bank’s continuing journey of financial strength and contribution to Sri Lanka’s economic development. At a time when the country is entering a new phase of investment-led growth, the issue represents an opportunity for investors to participate in the growth journey of the nation’s leading state-owned commercial bank while contributing to the broader economic progress of Sri Lanka.