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SEC approves new Listing Board and rules for SOEs

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Chairman SEC Faizal Salieh and Director General SEC Chinthaka Mendis

Capital market regulator, the Securities and Exchange Commission of Sri Lanka (SEC), has approved the creation of a separate Listing Board and Listing Rules at the Colombo bourse to facilitate the entry of State-Owned Enterprises (SOEs) to the Capital Market. This is in response to the Government’s policy to expedite reforms in SOEs, improve their overall governance, efficiency, productivity, profitability, and empower them to add greater value to the economy.

These rules were developed under the guidance and direction provided by the SEC to the CSE, and include consultations with and inputs by the SOE Restructuring Unit of the Government and the Auditor General.

The dismal performance of many SOEs in Sri Lanka have become a heavy fiscal burden upon the country with significant macroeconomic implications. Therefore, the SEC believes addressing this issue is crucial in the country’s economic reform process.

The Capital Market is the globally accepted platform for raising long- term capital funds for business entities compared to banks which operate on a business model heavily reliant on short-term customer deposits. It also enables business entities to minimize exposure to interest rate volatility. Further, the Capital Market provides opportunities for businesses to attract strategic and other investors through the listing process.

Most SOEs have relied on Government funding, local and foreign borrowings for expansion and modernization. By listing on the Stock Exchange these enterprises will be able to improve their internal governance, operating efficiencies and attract foreign and local investor capital.

The SEC and the CSE have given due consideration to the current levels of governance, organization structure and operational challenges prevailing in the SOE sector and have therefore created a separate Listing Board and Listing rules with a view to enabling SOEs to progressively transition from what they are now to what they should be. Any SOE that meets the Listing criteria of the Main Board or the Diri Savi Board can straightaway list on those Boards.

The new transitionary Board, when launched, will facilitate those SOEs seeking a listing to do so on a set of new rules which are designed to enable progressive transition from the initial listing Board to the Main Board or Diri Savi Board.

The salient features of the rules applicable to the new Board include a stated capital of not less that Rs. 250 million; revenue, net asset and market capitalization tests; minimum 3 years operating history; time – bound requirements for financial reporting; and a minimum 10% public float with 300 public shareholder requirement. The Corporate Governance requirements under these rules will be the same as those applicable to the Main Board and Diri Savi Board with a view to aligning the internal governance structures and processes of listed SOEs with the standards set in the market.

(CSE)



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Russian Federation ‘deeply considering’ supplying SL’s energy needs

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Russian Deputy Foreign Minister Andrey Rudenko

The Russian Federation is deeply considering supplying energy/fuel to Sri Lanka to prevent an energy crisis due to the escalating Middle East war, Russian Deputy Foreign Minister Andrey Rudenko said.

‘We are very much keen to support Sri Lanka and provide fuel/energy to Sri Lanka. This is still under consideration but it would be a positive response from our side, Rudenko said at a media forum yesterday in Colombo. The forum was organised by Pathfinder Foundation Sri Lanka and held at Colombo Club, Taj Samudra Hotel.

Rudenko who made a brief official visit to Sri Lanka said that the Middle East conflict is quite serious and that most Asian countries, including Sri Lanka, are affected by it in areas such as transportation, energy/ fuel and food security. ‘The supply chains related to these sectors have been disrupted for many countries. The escalating war situation in Iran and the Gulf region will affect most economies of the world, he said.

The Deputy Minister said that Russia is still not affected by the crisis but it could be impacted if the war continues for sometime.

‘We will be looking for a convenient payment method for Sri Lankan, when it comes to trade and investments in the future, Rudenko added.

Responding to questions Rudenko said that at present the United Nations is not doing anything to put a full stop to the war and a need of the hour is to strengthen the United Nations to change the world order.

By Hiran H Senewiratne

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Lankem taps Eppawala phosphate to launch Sri Lanka’s first SSP fertiliser plant

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Senior management of Lankem Ceylon PLC unveil Sri Lanka’s first locally manufactured Single Super Phosphate (SSP) fertiliser at Cinnamon Life – City of Dreams, Colombo, on March 30, 2026. Pic by Nishan S. Priyantha.

Event coincides with volatility in global fertiliser markets

Sri Lanka’s long-discussed Eppawala rock phosphate deposit has finally begun feeding a domestic fertiliser value chain, with Lankem Ceylon PLC unveiling the country’s first locally manufactured Single Super Phosphate (SSP) fertiliser in a Rs. 3 billion industrial venture aimed at reducing import dependence and strengthening agricultural resilience.

The product, branded ‘Mada Raja’, was launched at a ceremony in Colombo on March 30, marking the commissioning of a new state-of-the-art manufacturing facility operated by Lankem Minerals Ltd, a fully owned subsidiary of the diversified conglomerate.

With an annual production capacity of 50,000 metric tonnes, the plant is expected to meet up to 80% of Sri Lanka’s SSP fertiliser requirement, positioning the company to play a strategic role in stabilising fertiliser supply at a time when global supply chains remain vulnerable to geopolitical disruptions.

The project is also the first significant industrial initiative in recent years to systematically utilise Eppawala rock phosphate, one of the country’s key mineral resources. Lankem Minerals will source over 30,000 metric tonnes annually from Lanka Phosphate Ltd, thereby strengthening a domestic fertiliser value chain while generating economic activity in the Anuradhapura region.

Speaking at the launch, Lankem Ceylon PLC Managing Director Suren Goonawardene said the initiative reflects a broader effort to reduce Sri Lanka’s dependence on imported fertilisers and build local industrial capability.

“The launch of ‘Mada Raja’ represents a significant step forward in building Sri Lanka’s agricultural resilience,” he said. “As a group we are focused on enabling long-term national value creation by strengthening domestic capability while supporting farmers through locally manufactured solutions.”

The project itself was not a quick undertaking. According to company officials, the concept was first initiated in 2015, followed by nearly a decade of research, technical trials and regulatory clearances before the plant reached commissioning.

A senior official involved in the project said the long development timeline was largely due to the unique mineral composition of Eppawala phosphate.

Earlier fertiliser formulations had typically relied on sedimentary phosphate sources, while the Eppawala deposit contains crystalline rock phosphate, which behaves differently during chemical processing.

“This fundamental difference in mineral structure directly affects how the end product reacts,” the official explained. “The same parameters used for conventional raw materials could not be applied identically.”

The company therefore had to undertake extensive laboratory work and industrial trials to refine the process. During this period, Lankem also worked closely with regulators and technical agencies to ensure the product met recognised standards.

The Sri Lanka Standards Institution, National Fertiliser Secretariat, and the Ministry of Science and Technology were engaged in the process, which eventually led to refinements in the regulatory framework and alignment with ISO-based quality standards.

“Through professional collaboration with the relevant institutions, the standards were enhanced and refined,” the official said. “Today we are unveiling a product that has passed through a rigorous framework of testing and compliance.”

Beyond the industrial and economic dimensions, the company says the product also addresses a growing agronomic challenge: sulphur deficiency in Sri Lankan soils.

Unlike conventional fertilisers such as Triple Super Phosphate (TSP), which primarily supply phosphorus, SSP provides a combination of phosphorus, sulphur and calcium.

This integrated nutrient profile helps improve root development, protein synthesis and soil structure, contributing to better crop performance and long-term soil health.

Lankem Minerals Chairman Ananda Hettiarachchy said the shift toward balanced nutrient management is becoming increasingly important for sustainable agriculture.

By Sanath Nanayakkare

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Ambuluwawa sends a message of peace to the world

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Dignitaries at the event.

30th anniversary marked with global initiatives, tourism surge, and meditation focus

Perched above the historic town of Gampola, where rolling hills meet drifting clouds, Ambuluwawa emerged this week as a powerful symbol of peace, sustainability, and renewal.

Marking the 30th anniversary of the Ambuluwawa Religious and Biodiversity Complex, foundation stones were laid for an International Meditation Centre and an International Library—two landmark initiatives aimed at promoting global harmony, spiritual reflection, and knowledge sharing.

The ceremony, held Saturday morning, was graced by the Maha Sangha, whose presence infused the occasion with deep spiritual significance.

Among them were the Most Venerable Karagoda Uyangoda Maithree Moorthi Mahanayake Thera of the Amarapura Maha Nikaya, Most Venerable Makulewe Wimala Mahanayake Thera of the Ramanna Maha Nikaya, Most Venerable Niyangoda Vijithasiri Anunayake Thera of the Malwathu Chapter of the Siyam Nikaya, and Most Venerable Wedaruwe Upali Anunayake Thera of the Asgiri Chapter.

At a time when global tensions and conflicts continue to claim lives, the Maha Sangha collectively invoked blessings for peace. Their message was clear and compelling: may the flames of war be extinguished, may lives be protected, and may all nations coexist in unity and compassion.

A solemn Sathya Kriya (act of truth) was conducted at the Ambuluwawa auditorium with the participation of Diyawadana Nilame Pradeep Nilanga Dela, MP and Attorney-at-Law Anuradha Jayaratne, and a large gathering of devotees.

Complementing the day’s proceedings, a spiritually significant all-night Pirith chanting ceremony was held on March 29 inside a specially constructed chamber within the iconic Ambuluwawa tower. As sacred chants resonated through the cool mountain air, they carried with them prayers for global healing, serenity, and the well-being of all living beings.

Beyond its spiritual essence, Ambuluwawa stands as one of Sri Lanka’s most remarkable biodiversity sanctuaries. Rising from a single mountain peak, it encompasses a rare concentration of ecological zones, supporting a diverse range of endemic plant and animal species.

This unique environmental setting has made Ambuluwawa a living example of conservation in action, where biodiversity is preserved alongside cultural and religious heritage.

Speaking at the event, Ambuluwawa Complex Chairman, Jayaratne highlighted the remarkable transformation of Ambuluwawa under its new management.

He noted that annual income had surged to around Rs. 300 million from a modest Rs. 11 million in earlier years, reflecting improved management and growing public interest. Tourist arrivals have also increased significantly—from around 15,000 visitors in the past to over 50,000 within the last four years—underscoring the site’s rising appeal both locally and internationally.

Jayaratne expressed confidence that, with the continued blessings and guidance of the Maha Sangha, Ambuluwawa would witness even greater development in the years ahead.

He emphasised that future initiatives would be carefully aligned with environmental sustainability and spiritual values.

Indeed, over the past decade, Ambuluwawa has steadily evolved into a major tourism hotspot.

Drawn by its distinctive tower, panoramic views, and multi-religious symbolism, visitors increasingly regard it as a unique destination that blends nature, culture, and spirituality. Authorities believe this tourism momentum can be further strengthened through carefully planned, eco-friendly initiatives.

Among these is a proposed cable car project aimed at improving access to the summit while minimising environmental disruption. If implemented with sustainability at its core, the project is expected to enhance visitor experience and elevate Ambuluwawa’s status on the global tourism map.

Central to the future vision, however, is meditation. The planned International Meditation Centre is expected to transform Ambuluwawa into a hub for spiritual tourism, attracting practitioners and seekers from around the world. In an age marked by stress and uncertainty, the tranquil surroundings of Ambuluwawa offer an ideal setting for mindfulness, reflection, and inner healing.

As it marks three decades of existence, Ambuluwawa stands at the crossroads of tradition and transformation. With its blend of biodiversity, spirituality, and growing tourism potential, it continues to send a timeless message to the world—that peace is possible when humanity learns to live in harmony with nature and within itself.

By Ifham Nizam

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