Business
Light on Sri Lanka-Canada political landscape and business challenges
The Chamber of Young Lankan Entrepreneurs (COYLE) kicked off its series of monthly meetings for 2023 with an insightful discussion led by Eric Walsh, the High Commissioner of Canada to Sri Lanka and the Maldives.
Walsh initiated his keynote address by drawing an intriguing comparison between the political landscapes of Sri Lanka and Canada. Unlike the frequently binary and adversarial nature of politics in many countries, where politics can resemble a blood sport, Sri Lanka’s political scene is characterized by a unique fluidity. Political alliances often shift, and the middle ground is not as distinctly defined. This understanding of the political ebb and flow is crucial for any foreign entity looking to establish business ties in Sri Lanka, as it significantly impacts the economic and regulatory environment.
The High Commissioner’s speech also underscored the complexities extending from the political sphere into the business sector, particularly when forging Sri Lanka-Canada partnerships. He addressed one of the most pressing challenges – corruption and bribery. These unethical practices not only side-line policies but also pose a significant risk for Canadian companies, as under Canada’s stringent laws, companies can face prosecution on home soil for engaging in bribery overseas. This acts as a significant deterrent for Canadian businesses contemplating ventures in Sri Lanka, thereby limiting opportunities for economic collaboration.
Despite these challenges, Mr. Walsh expressed cautious optimism about Sri Lanka’s future, likening its current position to a crossroads. Drawing from his vast diplomatic experience and time spent in Sri Lanka, he emphasized that confronting corruption and driving toward a more transparent, equitable business environment could act as the catalyst for Sri Lanka’s economic renewal.
COYLE’s series of meetings are strategically designed to promote dialogue on these pressing issues. By fostering an environment conducive to entrepreneurship, COYLE aligns with economic development initiatives and the government’s efforts to stimulate growth. The objective is to pave the way for ethical, mutually beneficial business partnerships that will contribute to Sri Lanka’s international economic development.
COYLE remains steadfast in maintaining this momentum, with plans to host a variety of guest speakers from diverse backgrounds in future meetings. These discussions will continue to focus on the multi-dimensional challenges and opportunities that Sri Lankan entrepreneurs face in a global context.
As Sri Lanka navigates through its political and economic challenges, platforms like COYLE, which foster open dialogue and collaborative thinking, are crucial in shaping a more prosperous future for the nation. COYLE’s initiative in championing such discussions is a testament to its commitment to the betterment of Sri Lanka and its entrepreneurial community.
As we look towards the future, COYLE will continue to serve as a beacon of hope and a catalyst for change, advocating for ethical business practices, economic growth, and the development of a robust and dynamic entrepreneurial ecosystem in Sri Lanka.For more information, please visit www.coyle.lk or contact our media liaison at admin@coyle.lk
The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, officially handed over the Financial Statements and Operations Report 2024 of the Central Bank of Sri Lanka to President Anura Kumara Disanayake at the Presidential Secretariat on Tuesday (29).
A copy of the report was also presented to Secretary to the President Dr. Nandika Sanath Kumanayake.
Several senior officials from the Central Bank were present at the occasion.
Business
HNB Investment Bank promotes Hayleys’ Rs. 7 billion debenture issue as Joint Placement Agent
Hayleys PLC, one of Sri Lanka’s foremost diversified conglomerates, has announced its plans to raise up to Rs. 7 billion through a debenture issue, marking one of the largest corporate debt offerings scheduled for Q2 2025. This strategic initiative has received in-principle approval from the Colombo Stock Exchange.
At the core of this transaction, HNB Investment Bank (HNBIB) plays a leading role as Joint Placement Agent to the issue, alongside Commercial Bank of Ceylon PLC. Renowned for its bespoke financial solutions and strong track record in capital market transactions, HNBIB’s involvement is pivotal to the success of this offering, reaffirming its expertise in structuring and placing sophisticated debt instruments, most recently demonstrated by way of being the exclusive manager for the country’s first-ever high-yield bond issuance earlier this year.
Hayleys’ initial tranche will offer 50 million listed, rated, unsecured, senior, redeemable five-year debentures priced at Rs. 100 each, aiming to raise Rs. 5 billion. In the event of oversubscription, the company retains the flexibility to issue an additional 20 million debentures, increasing the total potential value to Rs. 7 billion. The funds raised are intended to further optimize Hayleys’ capital structure, underlining the company’s forward-looking financial strategy.
The subscription list for the debentures will officially open on 5th May 2025.
Backed by a strong AAA (Lka) rating from Fitch Ratings Lanka Limited and senior status, the securities offer a compelling investment opportunity, combining stability with the potential for attractive returns.
As Hayleys PLC gears up for this significant fundraising exercise, the selection of HNB Investment Bank as a trusted partner, reinforces confidence in the success of the offering, once again highlighting its role in delivering value for issuers and investors alike.
Thai Airways celebrated the one-year anniversary of its resumed operations in Sri Lanka with a series of activities recently. This initiative, which aligns with the airline’s commitment to corporate social responsibility, was successfully held at TRACE City, Colombo 10, on April 4, 2025.
The celebrations culminated with a successful blood donation campaign which involved the community at large.
The campaign underscored Thai Airways’ dedication to the local Sri Lankan community and strengthened the historical and cultural ties between Thailand and Sri Lanka. Blood donation is considered a highly meritorious act in Buddhism, a faith deeply ingrained in both nations. This initiative reflected the shared values of compassion and generosity practised by people in Thailand and Sri Lanka alike.
Since resuming flights between Colombo and Bangkok on March 31, 2024, after a four-year Hiatus, Thai Airways has continuously aimed to enhance its presence in Sri Lanka beyond aviation services. The airline’s Royal Silk Business Class, introduced on March 2, 2025, has elevated the flying experience for passengers traveling between the two countries. With daily flights, passengers benefit from seamless connections to over 60 destinations across Asia, Australasia, the Middle East, Scandinavia, and Europe.
“It’s a great pleasure to be here today as the Sri Lankan Thai Airways team celebrates the first- year anniversary of resuming daily flights between Bangkok and Colombo. This milestone signifies the strong and enduring friendship between Thailand and Sri Lanka. We are thankful to the management of Thai Airways International for establishing this crucial air link. Our partnership has been invaluable. We are deeply honored to have with us today Ms. Prangthip Kongridhisuksakorn, the counsellor of the Royal Thai embassy.
‘Your presence underscores the importance of this occasion and the bond between our nations. Also extending our sincere gratitude to all our partner travel agents for their continued support. Adding to this exciting year, we were thrilled to open Business Class seats offering enhanced comfort and service to our passengers. And thank you once again to our Royal Thai embassy, Thai Airline personnel, travel agents and our dedicated staff for being a crucial part of our success. And thank you all for participating in this meaningful blood donation campaign. Your contribution today embodies the spirit of giving and strengthens the ties between our communities, said Andre Fernando, Managing Director, MAC Holdings Private Limited.
-
Business4 days agoPick My Pet wins Best Pet Boarding and Grooming Facilitator award
-
News4 days agoNew Lankan HC to Australia assumes duties
-
News4 days agoLankan ‘snow-white’ monkeys become a magnet for tourists
-
News2 days agoJapan-funded anti-corruption project launched again
-
Features4 days agoKing Donald and the executive presidency
-
Business4 days agoACHE Honoured as best institute for American-standard education
-
Features6 days agoThe Truth will set us free – I
-
Business2 days agoNational Savings Bank appoints Ajith Akmeemana,Chief Financial Officer