Business

COYLE marks celebratory hour with accent on driving development

Published

5 years ago

2021/03/30

L to R – Dimuth Chankama Silva (Senior Vice Chairman – 2021/22), Saranga Goonewardena (Chairman – 2021/22), Chamath Kottage (Chairman – 2020/21) & Rasith Wickramasingha (Vice Chairman – 2021/22)

Chief Guest Prime Minister Mahinda Rajapaksa graced the occasion at the COYLE anniversary celebrations following the 22nd AGM and appointment of the new chairman of the Chamber of Young Lankan Entrepreneurs (COYLE.) The new chairman (2021/22) Saranga Goonawardena takes the Chamber lead from outgoing chairman Chamath Kottage.

The event was held recently at the Shangri-La Hotel, Colombo. Also present at the gala function were several ministers, State ministers together with Secretaries and government officials.

The anniversary celebrations of The Chamber of Young Lankan Entrepreneurs (COYLE) marked its ongoing success story and more importantly, was a platform to showcase the business sector’s contributions towards the Sri Lanka’s economy over the years. Members who attended comprised of business magnates from big blue-chip companies to medium and small scale start-ups and individual entrepreneurs.

The grandeur of the event which consisted of a show of traditional music and dance acts, was followed by a top-class dinner. However, it still managed to remain focused on offering networking opportunities that allowed members face-to-face interaction which leads to stronger relationships.

The Prime Minister, in his address stated, “COYLE has and always will be a partner in progress with the governments of Sri Lanka and in the present challenging times, preserving and creating jobs must be our absolute top priority. We have to keep working towards this and there are plenty of opportunities. It is something we cannot achieve without the business community and we need to think about this, not only for us, but also in your own interests. Let us stand united to lift the standard of living of the people of our country. Since COYLE’s inception, its members and leadership have maintained the same unwavering fervor and passion for our country.”

The success of COYLE will ensure a better future for Sri Lanka.”

Established in 1999, the Chamber is a business information portal that strengthens informal relationships while collaborating ventures and resources that generate new business opportunities. COYLE is the only chamber where the controlling shareholders and chairmen sit and advocate together. COYLE members controlling over 500 companies, provide direct employment to over 500,000 and indirect employment to over 2.5m Sri Lankans. COYLE’s contribution to the country’s annual GDP is over Rs. 650 Billion.

COYLE is proud and appreciative of the longevity it has held within the business community of Sri Lanka. It has spent the last 22 years since its establishment helping the country’s business community grow and in turn their growth has led businesses to give back to the community which strengthens the economy.

This year’s celebration was a chance for the Chamber to look back at its history within the community and continue to enhance its program to best serve its members. In its 22 year history, the names and faces of the Chamber may have changed, but it’s focus hasn’t – providing its members unique opportunities that are meant to grow their businesses.

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Business

Embedding human rights, equity and integrity into business leadership

Published

5 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

5 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

5 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.