Business
SEC and CSE conduct an issuer awareness session at University of Sri Jayewardenepura
The Securities and Exchange Commission of Sri Lanka (SEC), in collaboration with the Colombo Stock Exchange (CSE), successfully conducted an Issuer Awareness and Educational Session titled “Path to a Public Listing” recently at the Senate Board Room of the University of Sri Jayewardenepura (USJ), engaging both students and alumni.
The initiative aimed to provide essential knowledge on capital markets, preparing participants to make informed decisions as future entrepreneurs. Attracting over 80 attendees, the session provided valuable insights into the listing process, capital market mechanisms, and the benefits of accessing public capital.
Delivering the opening remarks, Rajeeva Bandaranaike, CEO of the CSE stated, “The CSE has long collaborated with academic institutions to bridge the knowledge gap in capital markets, aiming to equip the next generation with the tools to succeed in today’s financial landscape. The stock market plays a vital role in economic development, and your participation in it will contribute to Sri Lanka’s broader financial ecosystem, helping to shape the future of our economy.”
Business
Agrahara MoU renewed for the wellbeing of public sector workforce
Suwasevana Hospital in Kandy has renewed its three-year Memorandum of Understanding with the National Insurance Trust Fund (NITF), continuing its role as a healthcare provider for government employees under the Agrahara scheme.
The agreement, signed on January 6, 2026, extends a suite of financial benefits to public sector workers. These include free admission, free OPD consultations, a 20% discount on room rates, and 10% discounts on various laboratory, radiology, and cardiology investigations.
Srimath Walivita of Suwasevana stated the renewal strengthens practical, cost-saving support for beneficiaries. The partnership aims to enhance access to quality healthcare for Sri Lanka’s public sector workforce.
Business
ComBank, UnionPay launch SplendorPlus Card for travelers to China
Commercial Bank of Ceylon, in partnership with UnionPay International, has launched the UnionPay SplendorPlus Card, a premium credit card designed to provide Sri Lankan travelers with a cost-efficient and seamless payment experience in mainland China.
The card offers a guaranteed 1% cash rebate on eligible purchases in China, along with instant discounts at select hotel groups including IHG and Marriott, enhanced airport lounge access, and savings on major Chinese e-commerce platforms. These benefits address the needs of travelers navigating China’s digital payment ecosystem.
Commercial Bank’s CEO, Sanath Manatunge, stated that the card reflects the bank’s commitment to delivering advanced payment solutions for a globalizing customer base and strengthens its leadership in Sri Lanka’s card market.
The launch underscores UnionPay International’s strategic focus on Sri Lanka and enhances Commercial Bank’s portfolio of travel-focused financial products, particularly as China grows as a key destination for Sri Lankan business and leisure travel.
Business
Flagship Colombo terminal held back by equipment tender failures
The Colombo East Container Terminal (CECT), Sri Lanka’s flagship port project under the Sri Lanka Ports Authority (SLPA), remains unable to reach full operational capacity, more than four years after construction began, industry insiders say. Despite near-complete infrastructure and a strategic vision to bolster Sri Lanka’s position as a regional maritime hub, the terminal is paralyzed by a single missing component: straddle carriers, essential machines for moving containers between ships and yard storage.
“The terminal is essentially ready. Quay cranes, yard cranes, automation systems, and supporting infrastructure are all in place. Only straddle carriers are missing, and without them, full-scale operations are impossible,” Tharanga Jayasinghe, President of the Port Finance Divisional Independent Employee Association, told journalists.
Addressing a press conference held in Colombo Jayasinghe said that the delay is not due to employee performance. “SLPA staff have delivered outstanding results at the Jaya Container Terminal and partial operations at CECT. The responsibility to bring CECT fully on track now lies squarely with SLPA management and the authorized decision-makers overseeing this strategic national investment.”
Since 2021, the procurement of straddle carriers has gone through five tender attempts, each canceled or revised, resulting in significant lost time. Early tenders focused on leasing the machines, then on diesel-powered carriers, before SLPA made a strategic shift to hybrid straddle carriers, in line with CECT’s green terminal vision and international shipping standards.
Despite this shift, delays have persisted due to what employees describe as “questionable technical decisions and favoritism toward predetermined bidders.” The third tender round, which allowed both diesel and hybrid options, drew particular criticism. A compliant hybrid bid offering superior lifecycle efficiency was overlooked in favor of a diesel-only supplier, prompting legal action. While the case was pending, SLPA revoked the award and canceled the fourth tender, further prolonging the project.
CECT, a nearly USD 1 billion investment entirely financed by SLPA, represents one of the largest infrastructure projects ever undertaken by a Sri Lankan company. Funded during the economic recession that began in 2021, it is considered a source of national pride. Yet, Jayasinghe warned that this pride is overshadowed by concerns over repeated procedural missteps and apparent favoritism.
The current, fifth tender has raised new alarm. Qualification criteria appear to have been significantly diluted, allowing a previously favored company—reportedly with limited experience—to re-enter the process. For approximately USD 50 million worth of 30 hybrid straddle carriers, bidder experience requirements have been reduced to manufacturing just 15 units over five years, a stark contrast to the standard benchmark of 500 units for equipment of this scale.
According to Jayasinghe, these relaxed criteria risk awarding the contract to an under-experienced supplier, potentially undermining CECT’s operational credibility and discouraging shipping lines from engaging with the terminal. Observers note that one internationally recognized supplier withdrew from the process, citing lack of transparency and perceived bias.
Industry insiders warn that delays at CECT are not merely operational concerns—they also create openings for competing regional ports to capture Sri Lanka’s container traffic. “The demand is ready, but the terminal’s readiness is being held back by indecision and procedural mismanagement,” Jayasinghe said.
SLPA employees, he added, have long safeguarded national port assets from corrupt practices. Their vigilance secured the East Container Terminal (ECT) in 2021, and today they are raising alarms over the CECT tender process. Commercially, SLPA continues to perform well, including a recent Rs. 5 billion transfer to the Government Consolidated Fund. Shipping lines remain eager to engage with CECT, underscoring that the challenge is not demand but readiness.
The unanswered questions are stark: why has a strategic national procurement repeatedly failed, who is promoting inexperienced suppliers, and who will be held accountable? Until these issues are addressed, CECT remains not merely delayed, but denied—its potential, strategic importance, and the trust of the nation hanging in the balance, Jayasinghe added.
by Chaminda Silva ✍️
-
Business1 day agoComBank advances ForwardTogether agenda with event on sustainable business transformation
-
Opinion6 days agoAmerican rulers’ hatred for Venezuela and its leaders
-
Opinion4 days agoRemembering Cedric, who helped neutralise LTTE terrorism
-
Business4 days agoCORALL Conservation Trust Fund – a historic first for SL
-
Opinion3 days agoA puppet show?
-
Opinion6 days agoHistory of St. Sebastian’s National Shrine Kandana
-
Opinion1 day agoConference “Microfinance and Credit Regulatory Authority Bill: Neither Here, Nor There”
-
Features5 days agoThe middle-class money trap: Why looking rich keeps Sri Lankans poor
