Business
Prospect of SL’s first public listed ‘Sukuk’ sale helps to buoy bourse
Sri Lanka based renewable energy company, Vidullanka PLC has been given the green light to raise Rs 500 million by issuing 5 million listed, rated, secured, redeemable, five year ‘Sukuks’ at Rs 100 each. A ‘Sukuk’ is a Shariah compliant securities offering, stock analysts said.
This is Sri Lanka’s first public listed ‘Sukuk’ sale. The company is offering 5-year securities with a fixed (Ijarah) rate of 10.75 percent payable every six months, giving an effective return of 11.04 percent a year.
Subscriptions will open on June 17. The ‘Sukuk’ offer is managed by NDB Investment Bank with ADL Capital as joint arranger.
Amid those developments the market kicked off on a positive note but during the middle part of the session technical profit- takings were noted but the market later moved upwards.
The All Share Price Index up by 81.89 points, while the S and P SL20 rose by 34.13 points. Turnover stood at Rs 5.5 billion with eight crossings.
Those crossings were reported in People’s Leasing and Finance, which crossed 10 million shares to the tune of Rs 185 million and its shares traded at Rs 18.50, Commercial Bank 350,000 shares crossed for Rs 54.25 million and its shares sold at Rs 155, Access Engineering one million shares crossed to the tune of Rs 45.6 million; its shares traded at Rs 45.60, Aitken Spence 300,000 shares crossed for Rs 44 million; its shares traded at Rs 147, JKH two million shares crossed for Rs 43 million; its shares traded at Rs 21.50, NTB 200,000 shares crossed for Rs 42.5 million; its shares sold at Rs 212.50, Eden Lanka Hotel two million shares crossed to the tune of Rs 28 million; its shares traded at Rs 14 and Brown’s Investments 2.7 million shares crossed for Rs 22.7 million; its shares traded at Rs 8.40.
In the retail market top six companies that mainly contributed to the turnover were; Hemas Holdings Rs 218 million (7.2 million shares traded), Brown’s Investments Rs 205 million (24.6 million shares traded), LMF Rs 198 million (3.8 million shares traded), LB Finance Rs 191.7 million (1.7 million shares traded), Dipped Products Rs 191 million (3.3 million shares traded) and JKH Rs 183 million (84 million shares traded). During the day 222 million share volumes changed hands in 33000 transactions.
It is said that the banking and finance sector led the market, especially People’s Leasing and Finance, while the manufacturing sector, with Hemas and JKH, was active as in previous days.
Yesterday, the rupee opened at Rs 299.31/39 to the US dollar in the spot market, broadly steady against the previous day’s close of Rs 299.32/38, dealers said, while bond yields were down.
A bond maturing on 15.09.2027 was quoted at 8.45/54 percent, down from 8.48/55 percent. A bond maturing on 15.02.2028 was quoted at 8.65/75 percent. A bond maturing on 15.10.2028 was quoted at 8.80/90 percent. A bond maturing on 15.09.2029 was quoted flat at 9.40/48 percent. A bond maturing on 15.03.2031 was quoted at 9.95/10.03 percent, from 9.90/10.02 percent while a bond maturing on 01.11.2033 was quoted at 10.43/45 percent. A bond maturing on 15.09.2034 was quoted at 10.40/50 percent.
By Hiran H. Senewiratne ✍️
Business
‘The Saint of the Islands’
The International Centre for Ethnic Studies (ICES) will premiere its latest documentary, ‘The Saint of the Islands’ on 28th March. The 72-minute documentary, directed by Anomaa Rajakaruna, will be screened at the Tharangani Theatre of the National Film Corporation in Colombo, Bauddhaloka Mawatha, Colombo 7, starting at 4 pm on the 28th.
The film explores the shared devotional traditions surrounding St Anthony of Padua, the patron saint of sailors and fishermen, against the backdrop of the annual feast on the island of Kachchateevu. In Sri Lanka, devotion to St Anthony often crosses religious and cultural boundaries, bringing together different communities that unite across practices of prayer and veneration. At the centre of the story is the annual gathering of devotees from Sri Lanka and India at the St. Anthony’s Shrine on the island of Kachchatheevu, located near the maritime border between the two countries.
Filmed during the annual feast at Kachchatheevu and on the nearby island of Neduntheevu (Delft Island), the documentary reflects on the intersection of faith, livelihood, and geopolitics in the Palk Strait. Kachchatheevu itself is a small, uninhabited island that remains deserted for most of the year.
Yet for two days every year, during the annual feast of St Anthony, it is transformed into a vibrant pilgrimage site as thousands of devotees brave the rough seas, and arrive by boat from both Sri Lanka and India. This year alone, almost 12,000 people from India and Sri Lanka, gathered on the island for prayer, worship, and community.
The film also captures the nearby island of Neduntheevu (Delft Island), one of the northernmost inhabited islands of Sri Lanka. Known for its distinctive landscape, coral-stone architecture, and long maritime history, Delft serves as an important point of departure for pilgrims travelling to Kachchatheevu. Through scenes of travel, pilgrimage, and worship, the documentary reflects on how the sea shapes the lives of coastal communities while also connecting people across national borders and across different religions.
More information can be found on the ICES website, www.ices.lk or by emailing uvini.ices@gmail.com
Business
AmCham Sri Lanka CEO Forum 2026 concludes successfully
The American Chamber of Commerce in Sri Lanka concluded its flagship CEO Forum 2026 on 25 February with government officials outlining an ambitious plan to achieve 7% annual economic growth and progress toward a LKR 200 billion economy. The day-long summit, held under the theme “Accelerating Sri Lanka’s Rebuild,” brought together more than 200 C-level executives, senior policymakers, and international partners at Cinnamon Grand Colombo.
Dr. Harsha Suriyapperuma, Secretary to the Treasury, outlined priority reforms including strengthening fiscal stability, maintaining inflation at 5%, improving governance to attract foreign investment, upgrading port infrastructure, supporting IT and pharmaceutical sectors, accelerating digitization, and consolidating the banking sector. The government aims to double the economy within a decade while creating a more predictable business environment.
Opening the Forum, Her Excellency Jayne Howell, Chargé d’Affaires at the U.S. Embassy, called for expanded two-way trade and highlighted opportunities for Sri Lankan buyers to access American technology and energy solutions. She emphasized that growth in trade and logistics, including Port of Colombo expansion, strengthens supply chains and drives economic growth in both countries.
Deputy Minister Chathuranga Abeysinghe announced the establishment of the Industrial Transformation and Innovation Agency (ITIA), with LKR 300 million allocated for capacity-building and a “Level Up” program targeting 6,000 SMEs. Currently, only 20% of financial sector credit is accessible to SMEs, a constraint the new initiatives aim to address through simplified registration, expanded financial literacy, and improved equity financing access.
Business
To reach US$8 billion, Sri Lanka apparel must grow differently
Sri Lanka’s apparel industry has earned its place in the global market through consistency, trust, and a strong reputation for ethical manufacturing. Over many years, we have shown that Sri Lanka can deliver quality, compliance, and reliability at a level that global brands value. That foundation remains one of our greatest strengths. But the next chapter for this industry cannot be built on reputation alone. It has to be built on growth that is measurable, broader in base, and more resilient in the face of global change. As Chairman of the Joint Apparel Association Forum, I believe the task before us is clear: Sri Lanka must move with greater purpose toward the long-discussed ambition of becoming a US$8 billion apparel export industry.
That ambition is important because it gives the industry a shared direction. But it must now be treated as more than a headline target. It must become a practical national agenda. Sri Lanka Apparel’s published export data show that textile and apparel exports for 2025 amounted to just over US$5.0 billion. That is a meaningful achievement, particularly in a demanding global environment, but it also shows that there is still a substantial gap between current performance and where we say we want to go. Closing that gap will require more than incremental improvement. It will require sharper execution, stronger coordination, and a more deliberate growth model.
One of the most important realities we must confront is market concentration. Our industry has traditionally depended heavily on the US, EU, and UK, and together these destinations account for about 85 percent of Sri Lanka’s apparel exports. That concentration has served us well in some respects, because these are mature and valuable markets where Sri Lanka has built long-standing relationships. But concentration at that level also creates vulnerability. When consumer demand weakens, tariffs shift, compliance expectations tighten, or brands change sourcing patterns in those markets, the effects are felt across our entire industry.
This is why diversification must now move to the centre of our export strategy. If Sri Lanka is serious about reaching US$8 billion, we cannot rely on the same market mix and expect a fundamentally different outcome. We need to build stronger export pathways into newer regions and expand our relevance in markets that have not yet been fully developed. ASEAN, the Middle East, Africa, and parts of Asia must become part of a structured and sustained growth effort. This is not about replacing our traditional markets. It is about reducing risk, widening opportunity, and building a more balanced export portfolio over time.
At the same time, diversification should not be understood only in geographic terms. It is also about moving up the value chain. Sri Lanka cannot compete on volume alone, and it should not try to. Our advantage lies in being a premium sourcing destination, one that brings together product integrity, speed, sustainability, technical capability, and increasingly, stronger design and development input. We must ensure that Sri Lanka is not viewed simply as a production base that executes instructions, but as a partner that contributes value, thinking, and innovation throughout the sourcing relationship.
That means we also need to become more disciplined in how we define progress. Export growth should not be reduced to one annual number. We must measure what kind of growth we are generating, where it is coming from, and whether it is making the industry stronger. Are we increasing our share in higher-value categories? Are we entering new markets in a meaningful way? Are we improving lead times and deepening customer relationships? Are we strengthening design capability and sustainability performance in ways that help us command better value? These are the questions that should shape our next phase.
No industry can achieve an ambitious export target, however, without the right operating environment. Sri Lanka must improve the systems that support trade. Faster customs processes, stronger digital integration across approvals, lower administrative friction, and more predictable policy are not side issues. They are core to competitiveness. In an industry where delivery timelines matter, delays at any point in the system affect confidence, planning, and future order allocation. Trade facilitation must therefore be treated as an export growth issue, not merely an administrative reform issue.
The same applies to the broader investment climate. If Sri Lanka wants to attract fresh capital, deepen value addition, and strengthen its manufacturing base, we have to be seen as commercially responsive as well as ethically strong. Investors look for clarity, speed, stability, and confidence that business can be done efficiently. This matters not only for foreign investment, but also for the expansion decisions of companies already operating in Sri Lanka.
The opportunity is still very much in front of us. Sri Lanka apparel has the capability, the reputation, and the institutional knowledge to grow beyond its current scale. But the route to US$8 billion will not come from doing more of the same. It will come from measurable export growth, deliberate diversification, stronger systems, and a clear commitment to higher-value positioning. If we align around those priorities and act with consistency, the industry can move into its next chapter with greater strength and greater confidence.
By Felix Fernando, Chairman, Joint Apparel Association Forum (JAAF)
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