News
The Stock Market identified as a willing and able source to fund digital transformation

The Federation of Information Technology Industry Sri Lanka (FITIS), the Colombo Stock Exchange (CSE) and the Information and Communication Technology Agency (ICTA) recently conducted a webinar titled “Financing Digital Transformation: Is Going Public the Next Step?”, focusing on how companies in the IT industry can now consider a stock exchange listing in view of the recent changes to CSE listing eligibility.
The discussion focused on the expansion of the eligibility criteria for an initial listing of shares on the Main Board and the Diri Savi Board which will now enable a wider spectrum of companies to qualify for a listing.
The webinar featured capital market and tech industry experts including Chairman of FITIS Abbas Kamrudeen, Director/legal Adviser of ICTA Jayantha Fernando, CSE CEO Rajeeva Bandaranaike, CSE Chief Regulatory Officer Renuke Wijayawardhane and Founder/CEO of Pickme Jiffry Zulfer.
Director/Legal Adviser of ICTA Jayantha Fernando said that global success stories have helped catalyze a shift among private-company leadership toward viewing public markets as a more welcoming place to raise capital.
The stock market engine should be recognized as a tool within this ecosystem which, if correctly used, could pave the way for not only companies to grow but for the economy at large to grow as well, he noted.
Sharing his thoughts at the webinar, the Chairman of FITIS Abbas Kamrudeen said, “When it comes to financing, there are many options companies can evaluate from bootstrapping, Angel investors, debt capital, Venture Capital to private equity. But my belief is that for those companies that have matured to some extent, there is no better option to financing than going public. The reason being, it not only gives you flexibility and speed in future rounds of financing, but it will also allow you to understand the true value of your organization.”
The CEO of CSE Rajeeva Bandaranaike shared the perspective on the rationale for the CSE to revamp its listing requirements to cater to an ever-evolving business landscape in Sri Lanka consisting of modern and dynamic business models, which are particularly seen in the technology space.
He outlined that these new changes are now well placed to attract a wave of tech companies to the local stock market.
The Chief Regulatory Officer of CSE Renuke Wijayawardhane, highlighting these new avenues for companies stated, “Companies that ideally could not look at a listing on the main board as a result of the three consecutive year profit requirement now have other options. Companies with positive net assets for two financial years could list on the CSE with an aggregate net profit after tax for three years, an alternate which does not require companies to be profitable for three consecutive years.”
He added: “To broaden the entry routes, we have also introduced revenue and cashflow options in addition to the two profit-based routes. Companies could now demonstrate either an aggregate revenue of Rs. 3 billion for three financial years or positive operating cashflow after adjusting for working capital for two consecutive years. The revenue and cashflow route could be explored by companies capable of demonstrating a market capitalization of Rs. 5 Billion or more at the point of listing.”
Companies have also been given the opportunity of listing on the Diri Savi Board by demonstrating a revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application and a market capitalization of Rs. 2 billion at the point of listing”, he added.
Speaking from an Investment Bank’s perspective, Head – Corporate Advisory at NDB Investment Bank, Nilendra Weerasinghe noted the progressive steps taken by the CSE to encourage tech companies to raise capital in the public markets.
“We need more private capital flows to support SMEs and startups to make it to the big league. In doing this, policies which incentivize private capital investments into angel and venture capital fund like structures could catalyze this space having a significant impact on the broader economy”, he further said.
Renowned tech entrepreneur and CEO of Pickme Jiffry Zulfer identified the stock market listing as an ideal exit option for investors and private equity firms investing in start-ups.
He went on to note that having the stock market listing as an option and a possible exit mechanism will help the growth of the start-up ecosystem in Sri Lanka by attracting a wider audience of investors who see the value of a market-based exit mechanism.
Companies are invited to connect with the CSE to discuss how they can now tap into public funding to spur on the company’s growth agenda. Details on eligibility of listing and the process could also be obtained through www.cse.lk or by sending an email to maalik@cse.lk
News
NPP wins most LG bodies but sees drop in vote share: Hung councils raise concern

SJB trying to take control of CMC
Govt. suffers set back in N&E
SLPP records significant increase in votes but fails to win single body
The ruling National People’s Power (NPP) secured 266 out of 339 local government bodies at the May 6 election but suffered a setback in the northern and eastern regions as the Illankai Thamil Arasu Kadchi (ITAK) and the Sri Lanka Muslim Congress (SLMC) won 42 local authorities.
The ITAK and SLMC secured 37 and 05 local government bodies, respectively, although President Anura Kumara Dissanayake personally led the NPP’s campaign in the former war zone. The National Congress won the Akkaraipattu MC. In the last parliamentary election held in Nov. 2014, the NPP won all electoral districts, except Batticaloa.
The NPP obtained 4,503,930 votes countrywide whereas in the last parliamentary election it received 6,863,186 votes; there has been a drop of 2,359,256 votes.
The Samagi Jana Balawegaya (SJB) won 13 local government bodies, but the United National Party (UNP) and the Sri Lanka Podujana Peramuna (SLPP) failed to secure any.
The SLPP obtained 954,517 votes and 742 seats, accounting for 9.17% of the national vote. In a post on X, SLPP’s National Organiser Namal Rajapaksa said: “Over the past six months, the SLPP has regrouped and gained momentum by staying true to our principles. While some rely on false promises, we remain committed to honest, principled politics that put the people first. Thank you to everyone who stood by us. This is just the beginning. We will keep working, village by village, to rebuild and restore trust in real leadership.” The SLPP polled only 350,429 votes in last year’s general election.
In the 2018 LG polls, the SLPP won 231 councils. That was the first time the government of the day failed to win mini polls. Yahapalana partners, UNP and SLFP, having contested separately, suffered a debilitating setback.
In spite of the massive campaign carried out by the NPP, targeting the Colombo Municipal Council (CMC), the ruling party failed to secure an overall majority there. The NPP polled 81,000 votes to obtain 48 seats whereas the SJB and UNP polled 58,375 (29 seats) and 26,297 (13 seats) votes, respectively. The SLPP (05), SLMC (04), United Republican Front (01), United Peace Alliance (02), Sarvajana Balaya (02), and National People’s Party, National Freedom Front, People’s
Alliance and Democratic National Alliance one each.
In addition to political parties, five Independent Groups shared the remaining 09 seats of the CMC.
With no party holding a clear majority, the next Colombo Mayor will need to be elected through a Council vote.
SJB General Secretary Ranjith Madduma Bandara told a hastily arranged media conference that the SJB intended to elect an SJBer as Colombo Mayor with the help of the other Opposition parties. The former Minister said that the SJB would cooperate with the other parties in the Opposition regarding the appointment of Mayors and Chairmen of the hung local councils.
Meanwhile, the Leader of the House, Bimal Ratnayake, has said those who won local government bodies in the Northern Province but without absolute majorities have sought NPP support to form administrations.
Addressing a separate media briefing, JVP General Secretary, Tilvin Silva, declared that the ruling party wouldn’t, under any circumstances, form coalitions with those who had been rejected by the people.
News
Local councils won by political parties and Ind. groups

Colombo District
NPP:
Colombo MC, Dehiwala-Mount Lavinia MC, Sri Jayewardenepura MC, Moratuwa MC, Kaduwela MC, Kolonnawa UC, Seethawakapura UC, Maharagama UC, Kesbewa UC, Boralesgamuwa UC, Kotikawatte PS, Seethawaka PS and Homagama PS.
Gampaha District
NPP:
Negombo MC. Gampaha MC, Wattala-Mabola UC (both NPP and SJB obtained six seats each), Katunayaka-Seeduwa UC, Minuwangoda UC, Ja-ela UC, Peliyagoda UC, Wattala PS, Katana PS, Divulapitiya PS, Mirigama PS, Minuwangoda PS, Attanagalle PS, Gampaha PS, Mahara PS, Dompe PS, Biyagama PS and Kelaniya PS.
Kalutara District
NPP:
Panadura UC, Horana UC, Kalutara MC, Panadura PS, Bandaragama PS, Horana PS, Madurawala PS, Bulathsinhala PS, Matugama PS, Dodangoda PS, Kalutara PS, Beruwala PS, Agalawatta PS (both NPP and SJB obtained six seats each), Millaniya PS and Walallawita PS
Kandy District
NPP:
Kandy MC, Wattegama UC, Kadugannawa UC, Nawalapitiya UC, Thumpane PS, Harispattuwa PS, Poojapitiya PS, Pathadumbara PS, Udadumbara PS (both NPP and SJB obtained six seats each), Minipe PS, Medadumbara PS, Kundasale PS, Pathahewaheta PS, Kandy Four Gravets and Gangawatta Korale PS, Yatinuwara PS, Udunuwara PS, Udapalatha PS, Ganga Ihala Korale PS and Pasbage Korale PS.
Matale District
NPP:
Dambulla MC, Matale MC, Pallepola PS, Galewela PS, Dambulla PS, Naula PS, Laggala-Pallegama PS (both NPP and SJB obtained six seats each), Wilgamuwa PS, Matale PS, Yatawatta PS, Ukuwela PS, Rattota PS.
Nuwara Eliya District
NPP
Nuwara Eliya MC, Hatton-Dikoya UC, Thalawakale-Lindula UC, Maskeliya PS, Norwood PS (NPP and Ceylon Workers’ Congress ‘P’ wing won six seats each), Ambagamuwa PS, Agarapathana PS (NPP and Ceylon Workers’ Congress ‘P’ wing won four seats each), Kotagala PS ((NPP and Ceylon Workers’ Congress ‘P’ wing won five seats each), Nuwara Eliya PS, Kothmale PS, Hanguranketha PS and Walapone PS.
Galle District
NPP:
Galle MC, Ambalangoda UC, Hikkaduwa UC, Balapitiya PS, Ambalangoda PS, Welivitiya Divithura PS, Karandeniya PS, Bentota PS, Neluwa PS, Thawalama PS, Nagoda PS, Niyagama PS, Baddegama PS, Yakkalamulla PS, Rajagama PS, Akmeemana PS, Bope Poddala PS, Imaduwa PS and Habaraduwa PS.
Matara District
NPP:
Matara MC, Weligama UC, Pitabeddara PS, Kotapola PS, Kirinda Puhulwella PS, Mulatiyana PS, Pasgoda PS, Athureliya PS, Akuressa PS, Malimbada PS, Hakmana PS, Kamburupitiya PS, Thihagoda PS, Devinuwara PS, Dikwella PS, Matara PS and Weligama PS.
Hambantota District
NPP:
Hambantota MC, Tangalle UC, Weeraketiya PS, Katuwana PS, Beliatta PS, Tangalle PS, Angunakolapelessa PS, Ambalantota PS, Tissamaharama PS, Sooriyawewa PS, Hambantota PS and Lunugamwehera PS.
Jaffna District
ITAK:
Jaffna MC, Chavakachcheri UC (ITAK and ACTC won six seats each), Delft PS, Velanai PS, Walikamam west PS, Walikamam north PS, Walikamam south-west PS, Walikamam south PS, Walikamam east PS, Vadamaratchchy South West PS, PPD PS, Chavakachcheri PS and Nallur PS.
ACTC
VVT UC, PPD UC, Karainagar PS ( ACTC, UNP, NPP , TMK and Ind group ii won two seats each), Kayts PS (EPDP),
Kilinochchi District
ITAK:
Pachchilaippalli PS, Karachchi PS and Poonakary PS
Mannar District
ITAK:
Mannar UC, Mannar PS, Manthai West
NPP:
Nanattan PS
SJB:
Musali PS
Vavuniya District
Vavuniya MC (DTNA, NPP and Sri Lanka Labour Party won four seats each)
NPP:
Vavuniya north PS, Vavuniya south (Tamil) PS and Vavuniya South (Sinhala) PS
SJB:
Vengalasettikulam PS
Mullaitivu District
ITAK:
Manthai East PS, Thunukai PS
ITAK:
Puthukudirippu PS and Maritimepattu PS
SJB:
Kalutara District
Palindanuwara PS
Kandy district
SJB:
Gampola UC
Akurana PS
Panwila PS
Matale
Ambanganga Korale PS
Kalutara District
Ind. Group 1 Beruwela UC
Batticaloa district
ITAK:
Batticaloa MC, Eravurpattu PS, Koralaipattu PS, Manmunai South and Eluvil Pattu, Manmunai Pattu PS, Manmunai West and Porathivu Pattu PS.
SLMC:
Eravur UC, Kathankudi UC,
TMVP:
Koralai Pattu North, Manmunai South West PS (ITAK and TMVP won six seats each)
Ampara district
National Congress:
Akkaraipattu MC, Akkaraipattu PS
NPP:
Ampara UC, Dehiattakandiya PS, Damana PS, Uhana PS, Mahaoya PS, Namaloya PS, Padiyatalawa PS, Lahugala PS,
ITAK:
Navithanveli PS, Alayadiwembu (ITAK and NPP won seven seats each), Karaitheevu PS
ACMC:
Sammanthurai PS, Ninthavur PS
SLMC:
Irakkamam PS, Addalachenai PS,
Independent Group 4
Pottuvil PS
Independent Group 1
Thirukkovil PS
Trincomalee District
ITAK:
Trincomalee MC, Verugal PS, Trincomalee town and Gravets PS, Muttur PS,
ACMC:
Kinniya UC (SJB and ACMC won four seats each) and Kinniya PS
NPP:
Seruwila PS, Kantale PS, Morawewa PS, Gomarankadawela PS, Padavisripura PS, Thambalagamuwa PS (NPP and SJB won three seats each)
SLMC:
Kuchchuveli PS,
Kurunegala District
NPP:
Kurunegala MC, Kuliyapitiya UC, Giribawa PS, Galgamuwa PS, Polpithigama PS, Nikaweratiya PS, Kobeigane PS, Mahawewa PS, Ibbagamuwa PS, Wariyapola PS,Panduwasnuwara PS, Bingiriya PS, Udubaddawa PS, Pannala PS, Kuliyapitiya PS, Alawwa PS, Narammala PS, Polgahawela PS, Kurunegala PS, Mawathagama PS and Rideegama PS.
Puttalam District
NPP:
Puttalam MC, Chilaw UC, Kalpitiya PS (NPP and SJB won 10 seats each), Puttalam PS, Wanathawilluwa PS, Karuwalagaswewa PS,Nawagaththegama PS, Anamaduwa PS, Arachchikattuwa PS, Chilaw PS, Nattandiya PS and Wennappuwa PS.
Anuradhapura District
NPP:
Anuradhapura MC, Medawachchiya PS, Rambawewa PS, Kebitigollewa PS, Padaviya, Kahatagasdigiliya PS, Horowpothana PS, Galenbindunuwewa PS, Thalawa PS, Nuwaragampalatha Central PS, Nuwaragampalatha east PS, Nochchiyagama PS, Rajanganaya PS, Galnewa PS, Ipologama PA, Mihintale PS, Thirappane PS, Kekirawa PS and Palagala PS.
Polonnaruwa District
NPP:
Polonnaruwa MC. Elahera PS, Hingurakgoda PS, Medirigiriya PS, Lankapura PS, Welikanda PS, Dimbulagala PS and Polonnaruwa PS.
Badulla District
NPP:
Badulla MC, Bandarawela MC, Mahiyanganaya PS, Ridimaliyadde PS, Soranthota PS,Meegahakivula PS, Kankaketiya PS, Passara PS, Lunugala PS, Badulla PS, Hali ela PS, Uva Paranagama PS, Welimada PS, Bandarawela PS, Ellpa PS,Haputale PS and Haldamulla PS.
Independent Group:
Haputale UC
Moneragala District
NPP:
Bibile PS, Medagama PS, Madulla PS, Siyambalanduwa PS, Monaragala PS, Badalkumbura PS, Buttala PS, Kataragama PS, Wellawaya PS and Thanamalwila PS
NPP also won all LG authorities in Ratnapura and Kegalle districts.
News
15 more Sri Lankan youth rescued from cybercrime camps in Myanmar

Fifteen Lankans, forcibly held in cybercrime camps in Myanmar, had been rescued on Tuesday (06), government sources said.
This operation was carried out through coordination between the Sri Lankan Ministries of Foreign Affairs, Foreign Employment, and Tourism, along with the Sri Lankan Embassy in Thailand and the Thai government.
The rescued Sri Lankan youth were handed over to the Sri Lankan Ambassador in Thailand, Wijayanthi Edirisinghe, by Thai authorities on Tuesday morning in Mae Sot, located in the Myawaddy region, along the Myanmar-Thailand border. Officials from the Thai Embassy also attended the handover.
This rescue was the result of diplomatic efforts and telephone discussions held by Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, with Thailand’s Minister of Foreign Affairs, Maris Sangiampongsa, and Myanmar’s Minister of Foreign Affairs, U Than Swe.
The rescue operation was supported diplomatically by the Thai Embassy, the International Organisation for Migration (which provided transportation), non-governmental organisations offering welfare assistance, and officials of the Thai and Myanmar governments.
Minister Vijitha Herath expressed appreciation for their roles.
Previously, 14 Sri Lankans were rescued from cybercrime camps in Myanmar on March 18, and 27 others were brought back to Sri Lanka on Dec. 17, 2024.
By Shyam Nuwan Ganewatte
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