Business
Export sector likely to be hit by proposed increased Corporate Tax rate
By Hiran H.Senewiratne
The higher 30 per cent Corporate Tax proposed by the International Monetary Fund, to be unveiled in the upcoming 2023 budget, is likely to threaten the resilience and robust performance of the crucial export sector, especially in the case of high potential ICT services, CSE analysts warned yesterday.
The overall manufacturing export sector is taxed at a supportive 14 per cent and the IT services export sector is exempted as a special policy to boost investments, jobs and foreign exchange earnings and for tapping high growth potential, given the competence in our talent and Sri Lanka’s geographic location.
Therefore, manufacturing sector counters in the CSE will likely be affected due to the proposed 30 per cent corporate tax hike in the upcoming budget, analysts said.
The CSE began on a negative note due to heavy selling pressure noted in blue chip counters, especially Expolanka Holdings, Lanka IOC, LOLC and many other counters yesterday, stock analysts added.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 304.9 points and S and P SL20 declined by 132 points. Turnover stood at Rs 3 billion with one crossing. The crossing was reported in JKH, which crossed 3.5 million shares to the tune of Rs 709 million, its shares traded at Rs 129.50.
In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 536 million (3.6 million shares traded), Lanka IOC Rs 319 million (1.5 million shares traded), CIC (Non Voting) Rs 170.7 million (2.5 million shares traded), ACL Cables Rs 113 million (1.2 million shares traded), Browns Investments Rs 110 million (18 million shares traded), CIC Holdings Rs 98.7 million (1.1 million shares traded) and JKH Rs 46.9 million (364,000 shares traded). During the day 91.3 million share volumes changed hands in 30000 share transactions.
CSE’s primary and secondary market transactions recorded a net inflow of foreign investments amounting to US$ 97 million during the eight months ending August 2022.
Gross official reserves stood at U$ 1.7 billion at the end of August 2022. This included the swap facility from the People’s Bank of China, equivalent to around US $ 1.4 billion, which is subject to conditionalities on usability.
Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US$ 5.7 billion at end August 2022.
The exchange rate continued to remain stable through August 2022, following the introduction of daily permissible bands in mid-May 2022. Accordingly, during the year up to October 6, 2022, the rupee recorded a depreciation of 44.8 per cent against the US dollar.
Yesterday, as usual the Central Bank- announced US$ buying rate was Rs 359.23 and selling rate Rs 369.96.
Business
Low-floor buses launched to boost accessible public transport for differently-abled
A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).
The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.
Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.
Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.
The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.
Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.
He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.
Business
Nestlé Lanka Announces Change in Leadership
Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.
Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”
Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.
“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”
Business
Majestic Cineplex Returns Bigger Better and More Immersive
Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.
For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.
The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.
Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.
Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”
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