News

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

Published

6 years ago

2020/09/13

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

All News Advertisement

News

President chairs discussion on 2027 Budget Proposals for the Ministry of Industry and Entrepreneurship Development

Published

2 hours ago

2026/07/16

Priyan

A pre-Budget discussion to review the progress of projects implemented under the 2026 Budget allocations for the Ministry of Industry and Entrepreneurship Development and to discuss proposals for the 2027 Budget was held under the patronage of President Anura Kumara Dissanayake at the Presidential Secretariat on Monday (13) afternoon.

The progress of projects implemented by each division of the Ministry of Industry and Entrepreneurship Development and the institutions under its purview using the 2026 Budget allocations, as well as proposals for the 2027 Budget, were reviewed separately during the discussion.

The President also focused on the current status of the programme to establish industrial zones in areas including Dambulla, Ingiriya, Valachchenai, Millaniya and Katunayake. Discussions centred on issues that have arisen in allocating land and developing infrastructure, including electricity, water and roads, as well as the urgent measures required to resolve these issues.

President Dissanayake instructed officials to make every effort to complete all projects already initiated under the Ministry of Industry and Entrepreneurship Development within the stipulated timeframes. He also highlighted the need to clearly identify the Government’s role and limitations in relation to the industrial sector.

Attention was also drawn to the current situation regarding the development of state-owned enterprises, while issues affecting the sugar and salt industries and alternative proposals to address them were also discussed.

The current status of the process to consolidate institutions under the Ministry of Industry and Entrepreneurship Development was also reviewed. The President pointed out that large institutions had been established at different times to meet various needs, ultimately creating a situation in which such institutions had to be maintained using taxpayers’ money.

He stressed that the consolidation of these institutions should not only improve their efficiency but should also result in a relative reduction in operational expenditure compared with the costs incurred prior to consolidation.

Officials also briefed the President on the proposal to establish the Entrepreneurship and Industry Transformation Authority (EITA) and the programme proposed under the Authority.

Attention was also focused on the challenges faced by exporters and industrialists in carrying out their activities. The President instructed officials to submit proposals on general concessions that could be provided to encourage exporters and industrialists.

The President further pointed out that Sri Lanka could develop distinctive expertise by identifying several key areas within the industrial sector and providing the facilities necessary for their development.

Minister of Industry and Entrepreneurship Development Sunil Handunnetti; Minister of Labour and Deputy Minister of Finance and Planning Anil Jayantha Fernando; Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe; Secretary to the President Dr Nandika Sanath Kumanayake; Chief of Presidential Staff Prabath Chandrakeerthi; Senior Additional Secretary to the President Russell Aponsu; Secretary to the Ministry of Finance, Planning and Economic Development Dr Harshana Suriyapperuma; and Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, along with officials from the Ministry of Finance and the Ministry of Industry and Entrepreneurship Development, participated in the discussion.

[PMD]

News

Prime Minister meets the Amir of the State of Qatar and conveys condolences on the passing of the Father Emir

Published

2 hours ago

2026/07/16

Priyan

Prime Minister Dr. Harini Amarasuriya, visited the State of Qatar to convey condolences on the passing of the Father Emir, at Lusail Palace in Doha on Wednesday (15 July).

Upon her arrival, the Prime Minister was received by His Highness Sheikh Khalifa bin Hamad bin Khalifa Al Thani, Minister of Interior of the State of Qatar. The Prime Minister subsequently met with His Highness the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani.

During the meeting, Prime Minister Dr. Harini Amarasuriya conveyed to the Emir the deepest condolences of the Government and the people of Sri Lanka on the passing of the Father Emir, Sheikh Hamad bin Khalifa Al Thani.

The occasion was attended by the Deputy Emir of the State of Qatar Sheikh Abdullah bin Hamad Al Thani; Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; Hassan bin Abdullah Al Ghanim, Speaker of the Shura Council; senior members of the Royal Family.

[Prime Minister’s Media Division]

News

Current El Niño Status in Sri Lanka

Published

13 hours ago

2026/07/16

Priyan

At present, El Niño conditions have developed and are classified as being at a weak level. Forecasts indicate a 63% probability of a very strong El Niño event developing during the period from November 2026 to January 2027. According to the National Oceanic and Atmospheric Administration (NOAA), there is approximately a one-third probability that El Niño will remain below a very strong intensity.

Typical Climatic Conditions Associated with El Niño
Based on analyses of past El Niño events that occurred between 1950 and 2025:
• Rainfall during July and August may be below normal, particularly in the dry zone areas.
• From October onward, rainfall is generally expected to be above normal.
• If a positive Indian Ocean Dipole (IOD) develops, enhanced rainfall conditions may continue until December.

Sectors Requiring Attention
• Appropriate measures should be taken for water resource management during July and August.
• Increased rainfall expected from October onward may lead to floods and landslides, requiring preparedness and close monitoring. The forecasts are important for sectors such as, Agriculture /Water management /Livestock /Health /Energy /Other climate-sensitive sectors
• Attention should be paid to official information issued by the Department of Meteorology.

Actions by the Department of Meteorology
The Department of Meteorology continuously monitors the evolving situation and issues:
• Weekly and monthly seasonal forecasts and Monthly analyses of rainfall data to monitor meteorological drought conditions.
As weather conditions are influenced not only by El Niño but also by other climatic factors, updated forecasts and advisories are regularly shared with relevant stakeholder organizations (Irrigation/ Water Management Committee /Department of Agriculture/National Building Research Institute/Disaster Management Centre (DMC)/Ministry of Health /Sri Lanka Land Development Corporation…etc). The Department also provides technical support to the committee established through a Cabinet decision to address climate-related impacts. The Department’s monthly rainfall outlook for July to September 2026 is attached

Monthly Rainfall Forecasts for July, August and September 2026
Month Rainfall forecast
July 2026

During July 2026, there is a higher probability of having near normal rainfall across most parts of the Western and Southern Provinces. The remainder of the country is expected to experience below normal rainfall.

August 2026

There is a higher probability of having below normal rainfall across most parts of the country during month of August 2026.

September 2026

There is a possibility of above-normal rainfall across most parts of the Western and Southern Provinces, while near-normal rainfall is expected in the Sabaragamuwa Province. Below-normal rainfall is likely in the remaining areas during September 2026.

Note: These long-range forecasts may change due to strong day-to-day atmospheric variability associated with the movement of weather systems such as atmospheric disturbances, low-pressure areas, and depressions, as well as intra-seasonal oscillations such as the Madden–Julian Oscillation (MJO). Therefore, in addition to the weekly and monthly forecasts, it is important to pay attention to the Department’s official announcements, weather advisories and warnings, as well as the daily weather forecasts issued by the Department of Meteorology.