Business
Kandy to get a mega bookstore from a publisher who learned the trade page-by-page
By Sanath Nanayakkare
Kandy, the largest city in the Central Province of Sri Lanka, will see the grand opening of a mega, cozy bookstore on 20th December 2024, equal in importance or quality to any highly patronized bookstore in Colombo, N.B. Basnayake, Managing Director of N.B. Basnayake Company Pvt. Ltd., told The Island Financial Review last week.
We listened to the entrepreneurial journey of the man born in Hasalaka and studied at Rahula Vidyalaya, Katugastota who had his nose buried in the library books during his school days and came up the hard way.
“In the mid-1990s, there was no hype or school entrepreneurship programmes or bank seminars about entrepreneurship. I simply had a love for books in my youth and I spent a great deal of my free time in the school library. This inspired in me a desire to build a supermarket-model bookstore in Kandy; a cozy place where those who live in Kandy as well as who visit there for work, business or leisure can walk in and buy a good novel, a biography, English translations of greatest books ever-written or the whole range of schoolbooks for the academic success of school going children, under one single roof in Kandy. The Rs. 70 million worth bookstore aptly named as Sipsayuri Poth Medura that we are opening on Dec. 20, in Tennekumbura, Kandy will be the largest of the kind outside of western province of Sri Lanka. It will have not only all type of books but also stationery, schoolbags, shoes, lunchboxes water bottles and all other school educational items,” he said.

N.B. Basnayake
Reflecting on the past he said,” As a young man, I first earned my own livelihood as a mathematics tutor for some years. In the meantime, I started distributing school textbooks printed by various publishers in the country to bookshops in all parts of the country. In addition to that, I organized bookfairs at many schools in the country where I saw firsthand the demand for high-quality schoolbooks. The market taught me that having a strong sales network, a pool of recognized authors for different subjects and a publishing house with high print quality would be the recipe for success in this domain. Taking insights from that ground-based experience and the funds I accumulated over the years from the distribution operation, I ventured into becoming a publisher making significant investments in infrastructure, human resource, transporting lorries and state-of-the art German machinery. Today, I have reason to believe that my company is among the top ten publishers of Sri Lanka,” he said.
When asked what today’s young people can learn from the entrepreneurial journey of a man born in Hasalaka, studied at Rahula Vidyalaya, Katugastota and distributed other publishers’ books for more than 20-years and built his own publishing house and mega bookstore, he replied,” Find your passion, be honest, be flexible, deliver quality, take risks, trust yourself and above all set goals beyond profit.”
Basnayake noted that if the policymakers explore ways to reduce the high taxes applicable to input imports for the publishing industry, the current prices of books and educational materials could be brought down by about 20%, which he said would ease the burden on struggling families and encourage the reading public to enhance their cognitive skills.
“Publishing is for reading. And reading maketh a full man,” Basnayake said referring to a quote by Francis Bacon, the famous English philosopher.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
-
News5 days agoMastermind Naufer Moulavi among 15 found guilty
-
News7 days agoHatton youth protest against reported death sentence for Lankan in Saudi Arabia
-
News7 days agoMahaweli rises as heavy rain triggers flood, landslide fears
-
News6 days agoProtest against setting up of cement factory in highly populated area near BIA
-
Midweek Review5 days agoThileepan’s fast unto death: An authentic narrative that many missed
-
Latest News4 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts
-
Editorial6 days agoTrouble beginning in earnest
-
Editorial5 days agoBig Bad Bills
