Business

Mission launched to raise USD 1.5 million in 90 days to secure the futures of 100,000 children in need

Published

3 years ago

2022/09/19

In Sri Lanka today, many families are struggling to provide the basic needs of their children and committing their limited resources for educational expenses is becoming increasingly difficult. According to a recent needs assessment by Save the Children, 50% of Sri Lankan families are currently struggling to support their children’s education and some children are already dropping out of school.

Statistics and insights from around the world show that dropping out of school not only affects the child’s socio-economic development, but when compounded, can also lead to the deceleration of economic progress and stunted social development of communities and countries.

Sarvodaya, Sri Lanka’s largest Non-Governmental Organisation (NGO) with a broadly entrenched community-based development network, has identified one of the immediate obstacles faced by parents from vulnerable communities regarding their children’s continued education – the difficulty in securing essential school supplies.

To address this immediate need and mitigate the long-term negative impact on Sri Lanka’s future, Sarvodaya is launching the ‘Light a Future’ initiative, in partnership with Atlas, Sri Lanka’s leading education brand. The initiative will provide the necessary learning tools to 100,000 children who are most in danger of dropping out of school, giving them the gift of education in the hope of securing theirs and the country’s future.

In its mission to impact the lives of these 100,000 children in need, the Light a Future initiative has set itself the bold target of raising USD 1.5 million in the next 90 days to ensure all 100,000 children receive their essential learning tools packs in time for the 2023 school year. The support of influential corporates and individuals will be critical in reaching and mobilising charitable global communities and Sri Lankans living abroad to secure the necessary funds and create the desired impact.

As the main collaborative partner, Atlas is contributing the necessary funds for 2,500 children and will also be providing subsidised products for the Light a Future initiative. The company has also set up a dedicated team of volunteer Atlas staff who will devote 10,000+ of their work hours for the duration of the project. Together with this dedicated team, the company is funding the setting up of the initiative infrastructure and will be working to reach 3+ million global citizens including global Sri Lankans to ensure the success of the initiative.

Globally renowned Ernst & Young (EY) is onboard the project as the auditing partner and will be auditing the end-to-end process of the initiative to ensure accountability and transparency. Donors will also have the ability to view the status of their contribution via the Light a Future website, which will carry live updates on the progress of their contribution.

With the aim of ensuring the most vulnerable children benefit from the Light a Future initiative, Sarvodaya will select beneficiaries based on specific criteria including families under the poverty line and vulnerable due to disturbed livelihoods, female-led families, persons with disabilities, Samurdhi recipients, daily wage earners, families of affected SMEs and entrepreneurs and children of those institutionalised or in care homes.

All donations will be channelled to Sarvodaya through a secure payment gateway set up specifically for the initiative, and Sarvodaya will procure the learning tools packs in batches of 1,000 as and when donations are collected. For more information visit the Light a Future website at www.lightafuture.com

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Business

SEC Sri Lanka eases Minimum Public Holding Rules for listings via introductions to boost market flexibility

Published

20 hours ago

2026/01/1

Thilina Walpola

The Securities and Exchange Commission of Sri Lanka (SEC) has approved amendments to the Colombo Stock Exchange (CSE) Listing Rules to provide greater flexibility regarding the Minimum Public Holding (MPH) requirement for companies listing through the Introduction method.

These revisions were proposed and deliberated under Project 6 – New Listings (Public and Private), one of 12 key strategic initiatives launched by the SEC to strengthen Sri Lanka’s capital market framework. Project 6 aims to drive national capital formation, promote listings by highlighting benefits and opportunities for listed entities, and attract large-scale corporates to enhance market depth, liquidity, and investor confidence.

The amendments reflect a joint effort by the SEC and CSE, underscoring strong collaboration between the regulator and the Exchange to address evolving market needs while maintaining market integrity, transparency, and investor protection.

The salient features of the amendments to the CSE listing Rules are as follows;

Entities seeking listing by way of an Introduction on the Main Board or Diri Savi Board that are unable to meet the MPH requirement at the time of submitting the initial listing application, may now be granted a listing, subject to certain conditions on compliance.

Non-public shareholders who have held their shares for a minimum period of eighteen months prior to the date of the initial listing application may divest up to a maximum 2% of their shares each month during the six months commencing from the date of listing, and simultaneously, be subject to a lock-in requirement of 30% of their respective shareholdings as at the date of listing, until MPH compliance or 18 months from the date of listing, whichever occurs first.

A phased MPH compliance framework has been introduced requiring a minimum 50% compliance with MPH requirement within 12 months and full compliance within 18 months from the date of listing.

Entities should include clear disclosures in the Introductory Document confirming their obligation to meet MPH requirements within the prescribed timelines.

In the event of non-compliance with the MPH requirement, certain enforcement actions have also been introduced.

The revised framework is expected to encourage more companies to consider listing via Introduction, thereby broadening market participation, improving liquidity, and contributing to the overall development of Sri Lanka’s capital market. Issuers, investors, and market intermediaries will benefit from a more enabling yet well-regulated listing environment.

Business

Manufacturing counters propel share market to positive territory

Published

20 hours ago

2026/01/1

Thilina Walpola

Stock market activities were positive yesterday, mainly driven by manufacturing sector counters, especially Sierra Cables, Royal Ceramics and ACL Cables. Further, there was some investor confidence in construction sector counters as well.

Amid those developments both indices moved upwards. The All Share Price Index went up by 150.54 points, while the S and P SL20 rose by 41.5 points. Turnover stood at Rs 4.65 billion with six crossings.

Those crossings were reported in Royal Ceramics which crossed 3.8 million shares to the tune of Rs 174.3 million; its share s traded at Rs 45.20, VallibelOne 1.4 million shares crossed to the tune of Rs 138.6 million; its shares traded at Rs 99, Melstacorp 500,000 shares crossed for Rs 87.24 million; its shares traded at Rs 174.50, Sierra Cables two million shares crossed for Rs 68.2 million, its shares sold at Rs 34.30, Kingsbury 1.5 million shares crossed for Rs 31.8 million; its shares traded at Rs 21.20.

In the retail market companies that mainly contributed to the turnover were; Sierra Cables Rs 418 million (20 million shares traded), Royal Ceramics Rs 363 million (eight million shares traded), Colombo Dockyards Rs 323 million (1.7 million shares traded), ACL Rs 311 million (3.5 million shares traded), Renuka Agri Rs 149 million (12.3 million shares traded), Sampath Bank Rs 94.7 million (648,000 shares traded) and Bogala Graphite Rs 86.4 million (529,000 shares traded). During the day 122.8 million shares volumes changed hands in 34453 transactions.

Yesterday the rupee opened at Rs 310.00/25 to the US dollar in the spot market, weaker from Rs 310.00/310.20 the previous day, dealers said, while bond yields were broadly steady.

By Hiran H Senewiratne

Business

Atlas ‘Paata Lowak Dinana Hetak’ celebrates emerging artists nationwide

Published

20 hours ago

2026/01/1

Thilina Walpola

Atlas, Sri Lanka’s leading learning brand, reaffirmed its purpose of making learning fun and enjoyable through the Atlas All-Island Art Competition 2025, which concluded with a gifting ceremony held recently at Arcade Independence Square under the theme ‘Atlas paata lowak dinana hetak’. Students from Preschool to Grade 11 showcased their talents across five categories, with all island winners receiving cash prizes, certificates, and gift packs. Additionally, merit winners in each category were also recognized. The event brought together students, parents, and educators, highlighting Sri Lanka’s cultural diversity, nurturing young talent, and reinforcing Atlas’s long-standing commitment to education, creativity, and building confidence among schoolchildren. The event concluded with the ‘Atlas Art Carnival’, which brought children and parents together through games and creative art activities in a fun and lively atmosphere.