Corporate News
View all(53)📈 SLID Hosts Corporate Director Summit 2026 to Build Future-Ready Boards
The Sri Lanka Institute of Directors (SLID) will host the Sri Lanka Corporate Director Summit 2026 on 22nd July 2026 at Cinnamon Grand Colombo. Marking SLID's 25th anniversary, the premier governance forum aims to equip business leaders to transition from traditional compliance to becoming strategic drivers of growth, resilience, and innovation. Key Highlights & Session Breakdowns: • Strategic Governance: Keynote address "Future-Ready Sri Lankan Boards: From Compliance to Sustainable Growth" will draw lessons from emerging economies like India to enhance national competitiveness and attract foreign investment. • Technology & Digital Risk: A dedicated session will address board oversight of ICT/BPM relevant themes, focusing on governing AI, cyber resilience, data governance, and emerging digital risks. • Reputation & ESG: Sessions will focus on building stakeholder trust, transparency, ESG considerations, ethical leadership, and navigating corporate reputation through economic uncertainty. • Talent & Culture: Discussions will center on workforce transformation, succession planning, and the board's role in aligning talent with long-term organizational value. • Economic Impact: Proceedings will conclude with a fireside chat on how globally credible governance practices can directly boost Sri Lanka’s economic growth and investment attractiveness. _Note: Held in strategic partnership with Deloitte Sri Lanka, alongside knowledge partnerships with CPA, Ma Foi, and the University of Buckingham._
📈 Aravinda de Silva’s Arcasia Holdings to Acquire Controlling Stake in Industrial Asphalts PLC
Arcasia Investment & Trading (Pvt) Ltd, backed by Arcasia Holdings founded by legendary cricketer Aravinda de Silva, alongside ATX Partners (Pvt) Ltd, has entered into binding agreements to acquire a 50.16% controlling stake in Industrial Asphalts (Ceylon) PLC. • Transaction Details: The acquiring consortium signed agreements on July 7 to purchase a combined total of 1,880,693,010 ordinary voting shares. • Share Breakdown: The acquisition includes 1,800,693,010 shares (approx. 48.03%) from Executive Director Govindasamy Ramanan and an additional 80,000,000 shares (approx. 2.13%) from Srikumar Balasubramaniyam. • Mandatory Offer Triggered: Because the acquisition crosses the 30% regulatory threshold under the Company Take-overs and Mergers Code 1995, the consortium will launch a mandatory offer to buy all remaining ordinary voting shares. • Next Steps: The final offer price and specific terms will be officially disclosed once the Securities and Exchange Commission of Sri Lanka grants necessary approvals.
💼 SANASA Life Resumes Full Operations After IRCSL Suspension Lifted
• Regulatory Update: SANASA Life Insurance has officially resumed full business operations following the lifting of a temporary regulatory suspension by the Insurance Regulatory Commission of Sri Lanka (IRCSL). The company confirmed it has met all necessary regulatory requirements. • Operations & Continuity: Throughout the suspension period, valid claims were continuously honored, ensuring uninterrupted service to existing policyholders. • Strategic Focus: Moving forward, the company plans to implement nationwide initiatives to reconnect with customers, re-energize its sales force, and strengthen ties with insurance brokers, banks, and corporate partners. • Community & Growth: Leveraging its three-decade legacy and the trusted SANASA society network, the company aims to enhance customer engagement and expand affordable life insurance solutions across Sri Lankan communities. _Note: CEO Nuwanpriya Gunawardena emphasized a renewed commitment to governance, compliance, and long-term stakeholder value._
📈 Tobacco Harm Reduction Gaining Ground Despite Regulatory Gaps
A shift from traditional combustible tobacco to smokeless nicotine alternatives is backed by decades of science, though awareness gaps and skepticism persist, according to Analucia Saraiva, Senior Manager of Scientific Research at British American Tobacco (BAT). • Key Highlights & Science: The scientific consensus indicates that the smoke from burning tobacco—not nicotine itself—is the primary cause of smoking-related diseases. Smokeless tobacco pouches and vapour products sit much lower on the "risk continuum" because they involve no combustion, ash, or tar. • Market & Regulatory Context: BAT aims to transition its revenues heavily toward smokeless products, ensuring they are affordable, acceptable, and accessible. However, regulatory prohibitions currently exist in Sri Lanka for both heated tobacco products and smokeless tobacco pouches. • Challenges & Future Outlook: Much of the current research is industry-led, creating policy skepticism. Independent public health bodies are increasingly validating the reduced-risk potential of these alternatives. Healthcare professionals, especially in low- and middle-income countries, are viewed as critical to bridging the awareness gap for adult smokers who would otherwise continue smoking, while strict measures remain vital to prevent underage access.
📈 LCB Finance Posts 55% PBT Growth, Assets Approach Rs. 13 Bn
LCB Finance PLC has reported a year of robust financial growth and strategic expansion for the financial year ended 31 March 2026, marking a decade of operations with total assets nearing a key milestone. Overall Financial Performance • Profit Before Tax (PBT) surged by 55% YoY to Rs. 439 Mn. • Total assets reached Rs. 12.87 Bn, driven by sustainable growth and prudent risk management. • Total operating income rose 36.9% YoY to Rs. 1.34 Bn. • Net interest income grew by 43.03% YoY to Rs. 1.21 Bn, reflecting disciplined balance sheet management. • Customer deposits increased by 35% YoY to Rs. 6.29 Bn, indicating strong market confidence. Sector & Portfolio Breakdown • The total lending portfolio expanded by 32% YoY to Rs. 10.30 Bn, supporting crucial sectors for national employment and economic diversification, including SMEs, self-employment, housing, tourism, transport, and women-led businesses. • The gold loan portfolio recorded an exceptional growth of 136%, highlighting high demand for secured, short-term financing solutions. Network Expansion & Outlook • The company expanded its physical presence to 23 locations by opening two new branches, including a Premier Branch in Wellawatte, targeting underserved and regional markets. • LCB Finance aims to accelerate its trajectory by opening 7 additional branches before the end of 2026 alongside driving its digital transformation and sustainability agenda.
AmCham Sri Lanka’s "Her Story, Her Voice" Convenes Top Women Leaders on Leadership & Legacy 📈
The American Chamber of Commerce in Sri Lanka (AmCham Sri Lanka) successfully hosted its "Her Story, Her Voice" event at Cinnamon Life Colombo, bringing together influential women leaders to share personal journeys on resilience, governance, and institutional impact. • Key Highlights: The forum shifted away from conventional leadership dialogues to focus on the personal and professional experiences of women shaping public and corporate sectors in Sri Lanka. It targeted senior corporate executives, entrepreneurs, policymakers, and emerging leaders to foster national professional connections. • Public Sector Insights: A fireside chat featured Hon. Rosy Senanayake (former Mayor of Colombo) and Hon. Shiranee Tilakawardane (former Chief Justice of Sri Lanka). Discussions centered on breaking institutional stereotypes, navigating male-dominated fields, and implementing the "4 Cs" of leadership: Competence, Consistency, Courage, and Character. • Corporate & Family Enterprise: A dedicated session on family enterprises featured Manjula Mathews (Director, Janashakthi Group) and Shehara De Silva (Group Managing Director, McLarens Holdings Limited). The dialogue focused on balancing corporate legacy with modern innovation, executing strategic governance, and maintaining business longevity through evolving market environments. • Organisational Context: AmCham Sri Lanka remains a primary forum for trade, investment, and business relations between Sri Lanka and the United States. The influential chamber represents over 350 members from senior leadership across major Sri Lankan, American, and multinational corporations.
Court Battle Begins: Shareholders Seek to Sue NDB Board Over Rs. 13.2 Bn Fraud ⚖️
• Legal Action: Petitioners appeared before the Commercial High Court seeking leave to bring a derivative action against the Board of Directors and external auditors of National Development Bank (NDB). Shareholders argue that a severe lack of due oversight, and not just the fraud itself, caused the bank's massive losses. • The Financial Impact: The alleged fraud totals approximately Rs. 13.2 Bn, which constitutes a significant 15.3% of NDB’s Rs. 86 Bn net asset base. Court filings reveal receivables tied to CEFT transactions skyrocketed eight-fold in two years, jumping from around Rs. 1.4 Bn in 2023 to over Rs. 12.2 Bn in 2025—a pattern petitioners argue bankers and auditors should have flagged. • Systemic & Governance Failures: Evidence from the bank's IT department exposed a "password-sharing culture" where staff could log into colleagues' accounts via personal laptops. Furthermore, NDB's public assurances of stability were quickly undercut by a Fitch Ratings downgrade citing weak internal risk controls. • Conflicts & Next Steps: Petitioners questioned the independence of NDB's forensic audit due to the Audit Committee Chair’s past ties to PwC Sri Lanka (now absorbed by Deloitte, the firm conducting the review). The Board is accused of breaching statutory duties of care and good faith under the Companies Act. _Status_: Based on initial court proceedings; the matter resumes in the Commercial High Court on 8 July 2026.
📈 BOC Maldives Marks 45 Years with New Digital Initiative
Bank of Ceylon (BOC) Maldives recently celebrated its 45th anniversary, highlighting its role in regional trade, infrastructure financing, and cross-border financial connectivity. • Financial Connectivity: In 2025 alone, the branch channelled US$ 126.4 Mn in remittances back to Sri Lanka, serving as a critical pipeline for foreign currency. It also facilitated US$ 0.6 Mn in timely relief remittances following Cyclone Ditwa. • Sector Impact: Since its establishment in 1981, the branch has actively financed major regional projects spanning tourism & resort development, construction, real estate, fisheries, and aviation, alongside key infrastructure like the Hulhumalé Reclamation Project Phase II. • Digital Expansion: Marking its next phase of growth, BOC Maldives announced the upcoming launch of its new internet banking platform, continuing its tech footprint in the region as the first bank to historically introduce ATMs to the Maldives. • Network Footprint: BOC Maldives remains a strategic hub within BOC's broader international network, which connects operations across London, Chennai, Seychelles, Malé, and Hulhumalé.
📈 Singer Finance Asset Base Crosses Rs. 100 Billion Milestone
• Financial Performance Overview: Singer Finance (Lanka) PLC announced that its total asset base has officially exceeded Rs. 100 billion during the first quarter of the 2026/27 financial year. • Data Status & Credibility: This milestone is based on the company's provisional, unaudited management accounts for the quarter. • Management Commentary: Managing Director Thushan Amarasuriya attributed the growth to the continued trust and support of all stakeholders, marking it as a key milestone in the financial services sector player's expansion strategy.
🏦 HDFC Bank Sri Lanka Concludes 41st AGM
• Event Details: HDFC Bank of Sri Lanka successfully held its 41st Annual General Meeting (AGM) on June 26, 2026. The meeting took place at the auditorium of the Sri Lanka Foundation Institute in Colombo 07. • Attendance: The event saw active participation from the bank’s shareholders, corporate management, and the Board of Directors. • Leadership Present: Key attendees from the board included Chairman Pro-tem K.B. Wijeyaratne, General Manager/CEO Hemal Lokugeegana, alongside directors Dr. P.A. Krishantha, A. N. Hapugala, J. M. P. S. Kaushallya, K. K. G. Premathilake, S. S. S. Nandani, J. K. A. Sirinatha, and R. A. S. Ranawaka. _Note: Financial figures and sector growth metrics were not disclosed in the initial report._
📈 LB Finance-AMF Amalgamation Effective 31 July; AMF Shares to be Suspended
• Merger Completion: Associated Motor Finance Company PLC (AMF) announced its amalgamation with parent company LB Finance PLC will take effect on 31 July 2026, finalizing their finance sector consolidation following necessary regulatory and shareholder approvals. • Trading Suspension: AMF shares will be suspended from trading on the Colombo Stock Exchange (CSE) starting from the close of market on 27 July 2026. • Shareholder Terms: AMF shares will not convert into LB Finance shares. Instead, minority shareholders will receive a cash consideration of Rs. 55 per share. • Ownership Structure: LB Finance currently holds a 73% stake in AMF following a voluntary offer late last year at Rs. 50 per share. Upon completion, the shares held by LB Finance will be cancelled under Section 240(3)(a) of the Companies Act. • Market Impact: AMF will cease to exist as a separate listed entity, with all its businesses and assets fully absorbed into LB Finance. The transaction has been approved by the Governing Board of the Central Bank of Sri Lanka.
Adani Ports Partners with MSC in $1.4 Bn Vizhinjam Port Deal 🚢
• Overall Deal: India’s Adani Ports and Special Economic Zone is selling a 49% stake in its Vizhinjam port to Switzerland’s MSC Group for US$ 1.4 Bn. • Strategic Context: According to Adani Ports, this transaction represents the largest foreign private investment in domestic port infrastructure within India. MSC, the world's largest container shipping company, will execute the investment via its unit, Terminal Investment. • Economic Implications: Located in Kerala, the Vizhinjam port is a key growth hub. The partnership is strategically aimed at boosting cargo volumes, driving shipping traffic, and accelerating capacity ramp-up. • Regional Context: While this development centers on Indian maritime infrastructure, transshipment hubs like Vizhinjam directly connect to the broader South Asian logistics network, heavily interacting with regional shipping and logistics lanes. • Partnership History: This transaction marks the third joint venture between Adani Ports and MSC, following existing partnerships at the Mundra and Ennore ports. The deal remains subject to regulatory approvals.