Business
Two recent issuers benefit from CSE’s expanded listing criteria
* A total of Rs. 4.7 billion raised
* Both IPOs oversubscribed multiple times
* CSE invites corporates to actively explore alternate paths that have been introduced
Taking into account the role played by capital markets in the growth of the corporate sector and the importance of offering multiple avenues through which companies aspiring for growth can access capital markets, the Colombo Stock Exchange (CSE) adopted progressive changes to the CSE’s listing framework for new listings, offering a wider choice of listing options for companies wanting to list shares on the Main and Diri Savi Boards.
An analysis of recent listings on the CSE indicates that these amendments in particular have paved the way for two companies to list on the CSE and access capital market-based funding valued at Rs. 4.7 billion. Both IPOs were oversubscribed on the opening day and by 16+ times collectively drawing considerable investor interest at the time. Interestingly, the listing framework prior to the amendments made by the CSE may not have attracted these two corporates – indicating that the amendments have been successful in making a stock market listing a possibility for a broader array of aspiring issuers.
These recent issuers representing two different industries have benefited from the CSE’s initiative in broad basing the profit-oriented eligibility requirement applicable to the Main Board. Prior to the amendments, the CSE Listing Rules required that all companies aiming to list on the Main Board demonstrate net profit after tax for three consecutive financial years. Three alternatives to this requirement were introduced by the CSE as part of the amendments.
The CSE’s Main Board listing criteria now accepts companies that can demonstrate an aggregate net profit after tax for three consecutive financial years, meaning that companies aiming to list on the exchange are no longer required to be profitable in each of the three financial years immediately preceding the date of the initial listing application.
Further, companies that cannot meet the profit-based criteria for the Main Board can demonstrate eligibility through revenue or positive operating cashflow (one of either), if the company’s market capitalization is valued at Rs. 5 billion or above at the point of listing. The revenue-based option would require the company to demonstrate an aggregate revenue of Rs. 3 billion for three financial years immediately preceding the date of the initial listing application. Alternatively, the positive operating cash flow option would require the company to demonstrate positive operating cash flows (after adjustment for working capital) for two consecutive financial years immediately preceding the date of the initial listing application.
Commenting on the development, Chief Regulatory Officer at the CSE Renuke Wijayawardhane stated “It is quite important that capital market regulation evolves to cater to the growing and dynamic needs of our stakeholders, and the amendments to CSE Listing Rules were put in place to broaden the rules to complement Sri Lanka’s rapidly developing commercial landscape comprising of multiple new business models and segments. We at the CSE are pleased to see that these new options are being actively utilized and explored by potential issuers.”
The amended Listing Rules also offer flexibility for companies aiming to list on the Diri Savi Board, where companies that cannot meet the Positive Net Assets requirements have a revenue-based alternative. If the company’s market capitalization is valued at Rs. 2 billion or above at the point of listing, demonstrating revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application will be an acceptable alternative to the Positive Net Assets requirement.
CSE CEO Rajeeva Bandaranaike called on Sri Lankan corporates interested in listing to actively engage the exchange and the investment banking community to understand the wide-ranging choice of listing options available.
He stated “Corporates will most likely prioritize drawing sustainable capital inflows and achieving financial flexibility as they look to recover from the impact of COVID-19 and meet the demands of present macro-economic challenges. The capital market and in particular, a listing on the stock exchange, is a means through which this could be achieved. The CSE has taken progressive measures to facilitate the listing of more Sri Lankan corporates such as the expanded listing criteria, measures taken to streamline the CSE listing process and also offer new options of capital raising such as foreign currency denominated equity listings for local corporates. We strongly believe that the capital market offers considerable potential for Sri Lankan corporates to unlock value and we invite corporates to actively pursue these avenues.”
Business
Nestlé Lanka celebrates 120 years of ‘Good Food, Good Life’ in Lanka
Nestlé Lanka Limited, the ‘Good Food, Good Life’ company, celebrates 120 years of operations in Sri Lanka this year. Since its founding in 1906, the company has grown into the nation’s leading food and beverage manufacturer, producing over 90% of its locally sold products in Sri Lanka. Guided by its purpose of enhancing quality of life for today and future generations, Nestlé Lanka has touched lives through nutrition, livelihoods, and sustainability.
Over the decades, the company has offered tastier and nutritious choices tailored to local needs, from birth to old age, with micronutrient-fortified products that promote healthier living. Iconic brands such as NESTOMALT and MILO further encourage active and healthy lifestyles through sports sponsorships.
Beyond products, Nestlé Lanka engages communities through partnerships with dairy and coconut farmers, supporting skills development, responsible sourcing, and local livelihoods. Its youth empowerment initiative, Nestlé Needs YOUth, strengthens employability, while collaborations with organisations like BConnected create inclusive work pathways for people with disabilities.
Sustainability is a core focus, with a commitment to achieve net-zero carbon emissions by 2050. Recent steps include a biomass boiler commissioned in 2024 and the use of 100% renewable electricity at the Kurunegala facility. Through these initiatives, Nestlé Lanka continues to deliver on its promise of enriching lives while safeguarding the planet.
Commenting on this milestone, Bernie Stefan, Chairman and Managing Director of Nestlé Lanka said, “Celebrating 120 years in Sri Lanka is a moment of immense pride for all of us at Nestlé. This milestone reflects not only the longevity of our business, but the trust generations of Sri Lankan families have placed in us and the strong partnerships we have built across the country. For over a century, we have been committed to Working Together for Good – contributing meaningfully to the Sri Lankan economy, supporting livelihoods, and positively impacting communities, while consistently providing tasty and nutritious products that consumers love. Through iconic brands such as NESTOMALT, MILO, MAGGI to name a few, we have been part of everyday moments in Sri Lankan homes, helping nourish families and support healthier, more active lifestyles. As we look ahead, we remain firmly committed to continuing this journey with purpose, responsibility and care, enriching Sri Lankan lives every single day.”
Business
Sampath Bank and Apartner Bring Digital Payments to Sri Lanka’s Growing Condominium Sector
Sri Lanka’s condominium landscape continues to expand at pace, reshaping urban living across the country, yet many residential communities still rely on manual payment methods that slow down collections, delay reconciliations and limit financial visibility for both residents and management corporations.
Responding to this growing gap, Sampath Bank PLC has partnered with Apartner (Pvt) Ltd to digitise condominium payments in Sri Lanka, introducing a secure, real-time payment and settlement framework designed to support smarter, more efficient apartment living. The partnership integrates Visa’s Cybersource payment gateway with Sampath Bank’s API Manager, enabling seamless digital payment collection alongside instant outward settlements and reconciliations.
Speaking on the collaboration, Chirath Samarasekara, Head of Card Centre at Sampath Bank, stated, “Condominium living is becoming a defining feature of modern Sri Lanka and the financial infrastructure that supports it must evolve accordingly. Through Visa’s Cybersource payment gateway and our API Manager, this partnership enables real-time settlements and reconciliations that bring greater transparency, control and predictability to condominium payments while offering residents a secure and convenient digital experience.”
Deshan Dias Bandaranayake, Co-Founder and Chief Executive Officer of Apartner, commented, “This partnership with Sampath Bank allows us to remove one of the biggest operational pain points faced by condominium communities. Real-time payment visibility and automated reconciliation give management corporations confidence in their cash flows while residents gain convenience, security and peace of mind through a platform built for everyday living.”
Business
A lifetime of tickets: Kalawana retiree preserves a 76-year long lottery trail
For many Sri Lankans, buying a lottery ticket is a daily ritual. Some do it out of habit; others try their luck from time to time. Morning crowds gathered around lottery kiosks across the country are testimony to the enduring appeal of the small slip of paper that promises fortune.
But in the quiet village of Dolahena in Kalawana lives a man whose relationship with the lottery stretches far beyond hope of a windfall.
At 88, retired postal worker E. M. D. Bandara Ekanayake has spent more than seven decades buying lottery tickets — and, more remarkably, preserving them. His collection, which dates back to the early years of organized lotteries in Sri Lanka, may well be one of the most extensive personal archives of lottery tickets in the country.
“I started buying lottery tickets in 1962, the year the National Lottery Board was established,” Bandara told the Sunday Island. “At that time a ticket cost only 50 cents, and the top prize was about one lakh of rupees.”
His fascination with lotteries, however, predates the National Lottery Board itself. Bandara recalls purchasing his first ticket in 1959 when a lottery was held in connection with an industrial exhibition.
“From then until today, I have been buying five tickets at a time,” he said. “For about 76 years I have continued this habit.”
Unlike most lottery buyers who discard their tickets once the draw is over, Bandara carefully preserved every ticket he purchased. As a result, he now possesses lottery tickets issued by both the National Lottery Board and the Development Lotteries Board from 1962 to the present.
“I don’t think anyone else has such a collection,” he said with a quiet smile.
Ironically, his decades-long participation has not brought him extraordinary winnings. “Apart from small prizes, the biggest amount I have ever won is Rs. 10,000,” he admitted.
Yet Bandara insists that winning has never been his primary motivation.
“I buy lottery tickets with great interest and enthusiasm, but not because I expect to win,” he said. “The lottery boards contribute a great deal to the development of this country. Funds raised through lotteries support education, health and other development work. I feel a deep sense of satisfaction knowing that I too contribute, even in a small way.”
His dedication to buying tickets has endured despite the difficulties he once faced in obtaining them.
“In the early days there were no lottery sales outlets in the Kalawana area,” Bandara recalled. “The only place we could buy them was at Sinnaiah Stores in Nivitigala. I used to travel by bus to buy the tickets and bring them back. Sometimes I would send someone else to buy them for me.”
Over time, lottery sales expanded to Kalawana itself. Bandara remembers that a trader named P. D. T. Lathpadura Mudalali began selling lottery tickets at the Ranasinghe Hotel, making it easier for locals like him to buy them.
From then on, Bandara purchased his tickets locally, but the practice of carefully preserving them remained unchanged.
His passion for collecting does not stop with lottery tickets. Bandara has also maintained an extensive collection of newspapers over the years. Even bus tickets from his journeys have been preserved alongside his treasured lottery slips.
The unusual collection recently drew the attention of officials from the National Lottery Board, who visited Bandara’s home bearing gifts after learning about his decades-long dedication.
For Bandara, however, the recognition is secondary to a larger sense of purpose.
“I will continue buying lottery tickets as long as I live,” he said. “At the same time, I try to help others and engage in social service whenever I can.”
His commitment to community welfare is not merely rhetorical. Using his own funds, Bandara has already built a community hall for the benefit of residents in his village.
“I hope to continue doing social service in the future as well,” he said.
In an era when lotteries are often associated with dreams of instant wealth, Bandara’s story offers a different perspective — one of quiet dedication, civic-mindedness and personal discipline.
For him, the value of a lottery ticket lies not in the promise of riches but in the small contribution it makes towards the collective good.
And after 76 years, that belief remains unshaken.
By Upendra Priyankara Jathungama
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