Business
Industrial Asphalts embarks on ambitious expansion plan
A pioneer in the bitumen business in Sri Lanka and established in 1964, Industrial Asphalts (Ceylon) PLC, a listed company, is going through a capital-raising exercise with the announcement of a rights issue. The company foresees rapid investment in infrastructure on the back of the government’s development initiatives. The infrastructure sector in general and roads sector in particular will be experiencing significantly higher growth rates from 2021 to 2025, an IAC press release said.
The release adds –
‘The company from the inception also embarked on introducing highly successful bituminous products for the paints and coatings industry. IAC is the proud owner of some of the most iconic brands including NOLEAK and Britex amongst others. The portoflio brands and products have been serving the IAC’s customers for now close to 60 years. These brands popularity and brand strength can be measured by the fact that it has achieved a status of generic reference to the functionality of the brands denoted.
‘ The extensive development of the roads is the primary thrust through which the country’s infrastructure is being developed. The roads themselves are developed through multiple levels, providing more consistent growth in IAC’s products relating to the road construction and insulating from uncertainties stemming from funding issues and lockdowns introduced due to counter measures to combat COVID19.
‘From 2015, the company embarked on a process of registering its iconic brands with the National Intellectual Property Office. Today, the company has successfully registered all its brands under multiple classes to get complete legal protection from various infringements of the brands. IAC is currently expanding its product offering under its brands to include Nano-technology in addition to polymer and acrylic products.
‘The complete range of product offering under its existing brands along with a new product promotion campaign is expected to recapture its market share in the protective coatings space in the paints and coatings industry. IAC is leveraging on the existing strength of its portfolio of brands to expand the market through new and innovitve uses for its productions.
‘IAC is currently going through an expansionary process to increase its operating capability by strengthening its balance sheet. The decline in the economy experienced during 2015 to 2019 is now being met with progressive policies which are reflected in the infrastructure development projects planned and executed currently.
‘The significant increase in such projects has motivated the Board of Industrial Asphalts (Ceylon) PLC to announce the rights issue with an objective of strengthening its balance sheet. A stronger balance sheet would enable IAC to capture the emerging opportunities in both road construction space and the protective coatings segment. The rights issue is well priced at 20 cents per share enabling wide range of investors to take the opportunity to invest in the growth of the Company. For any further clarifications on the rights issue, please contact 0115 289 845 / 0779 267 601.’
Business
Steps leading to the achievement of SL’s national interest in IOR
Sri Lanka needs to build awareness, effective policies and encourage regional multilateral frameworks to develop a multi-pronged approach to secure its national interest and safeguard regional stability in the Indian Ocean Region (IOR), as the region together with its seabed have become an area of strategic competition, former Assistant Chief Cabinet Secretary to former Japanese Prime Minister Shinzo Abe, Prof Nobukatsu Kanehara said.
“The Indian Ocean has been a maritime highway for millennia, with Sri Lanka being a midway point of the flow of trade, culture, technology and intellectual progress, Prof Kanehara said at the 4th Pathfinder Foundation Sri Lanka Indian Ocean Security Council Conference held recently at the Cinnamon Grand Hotel. The forum was presided over by Pathfinder Foundation Sri Lanka Chairman Ambassador (retd.) Dr. Bernard Goonetilleke.
The forum’s purpose was to obtain expert commentary regarding the need for Sri Lanka to ‘up its game’ in the IOR.
Abe said that from the 1870s onwards, the Indian Ocean had become the global communications highway, with the British Empire laying submarine cables from Aden to Mumbai, linking Europe to South Asia.
‘Since then, with the passage of time, Ceylon, and later Sri Lanka, has seen the bulk of the global digital communications umbilical laid through its maritime domain of influence, with over a dozen such cables laid over the island’s Exclusive Economic Zone (EEZ) thus far, he said.
Prof. Kanehera added: ” With the rise of Artificial Intelligence (AI) and increasing digitisation, such submarine cables have become critical strategic infrastructure for the island nation as well as the region.
‘This timely conference came as world powers rushed to secure critical minerals needed to maintain a technology edge over rivals, both militarily and economically, disrupting the longstanding rules-based order, especially at sea and in trade.
‘The lack of cognition regarding how to understand and navigate the return to a near Cold War era strategic competition in the Indian Ocean, and increasingly in the sub-surface domain and the seabed, among Sri Lanka’s policy making community, bureaucrats and public leaves the economically weakened island nation more vulnerable to geopolitical coercion, shocks and tug-o-war, which will likely increase in the coming decade.’
By Hiran H Senewiratne
Business
Automobile Association of Ceylon donates towards Disaster Relief Support Fund
Automobile Association of Ceylon (AAC) donated Rs. 25 Million towards the Disaster Relief Support Fund to assist the Ditwah Cyclone victims.
A donation was handed over to Dr. S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka by Dhammika Attygalle, President – AAC at the Presidential Secretariat on the 19th February 2026 in the presence of Executive Committee members.
Dhammika Attygalle President AAC (third from Left) handing over the cheque to Dr S N Kumanayake, Secretary to the President of Democratic Socialistic Republic of Sri Lanka.
In the picture L-R Lasitha Gunaratne- EXCO Member – AAC, Devapriya Hettiarachchi – Secretary -AAC, P H Liyanage, P B Kulatunga & Indunil Udaya – Members of the EXCO – AAC
Business
‘Sri Lanka’s first AI-powered digital trainer for Banca partners’
HNB Assurance PLC recently introduced NAVI, The Digital Trainer, a new AI-powered training companion designed to support its banca staff with instant, reliable access to knowledge, whenever they need it. The solution was unveiled at Partnership Life, the company’s annual forum dedicated to celebrating the performance of its Partnership Channel.
Built to make learning simpler and more accessible, NAVI is a voice-enabled AI chatbot that helps banca staff quickly find product information, policy details, and process-related guidance by drawing from a centralized knowledge bank. Whether on the go or at the point of customer interaction, NAVI ensures that answers are never out of reach.
Sharing his thoughts, Sanesh Fernando, Chief Business Officer / GM – Partnership Channel at HNB Assurance, opined, “With NAVI, our intention is to make learning a part of everyday conversations. By combining chat and voice capabilities, we are making it easier for our officers to learn on demand and perform with greater confidence.” He further noted that it is this continuous focus on meaningful innovation that has consistently set HNB Assurance apart within the bancassurance space. “Solutions like NAVI reflect the way we think and operate as a Partnership Channel. This commitment to enabling our partners and bancassurance officers through practical, forward-thinking initiatives has been a key driver in our journey, one that has seen us being recognized as the Best Life Bancassurance Provider for five consecutive years, while also delivering strong and sustained growth year after year.”
Commenting on the launch, Suneth Jayamanne, Chief Information Officer / GM of HNB Assurance, said, “We see NAVI as a support system rather than a piece of technology. Our Bancassurance officers operate in fast-paced environments and having instant access to the right information can make all the difference. NAVI is about helping our people feel more prepared, more confident, and more connected to the knowledge they need to serve customers better.”
The launch of NAVI was marked by an engaging reveal featuring an AI-generated avatar that introduced the digital trainer and its capabilities, symbolizing a shift towards a more intuitive and people-friendly approach to learning.
As HNB Assurance continues to expand its Partnership Channel, innovations such as NAVI highlights the company’s focus on building strong, well-supported partnerships, blending technology with a deep understanding of how people learn, and work.
HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 79 branches. HNBA is a Life Insurance company with a rating of ‘A’ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
-
Features2 days agoWhy does the state threaten Its people with yet another anti-terror law?
-
Features2 days agoVictor Melder turns 90: Railwayman and bibliophile extraordinary
-
Features2 days agoReconciliation, Mood of the Nation and the NPP Government
-
Features1 day agoLOVEABLE BUT LETHAL: When four-legged stars remind us of a silent killer
-
Features2 days agoVictor, the Friend of the Foreign Press
-
Latest News4 days agoNew Zealand meet familiar opponents Pakistan at spin-friendly Premadasa
-
Latest News4 days agoTariffs ruling is major blow to Trump’s second-term agenda
-
Latest News4 days agoECB push back at Pakistan ‘shadow-ban’ reports ahead of Hundred auction
