Business
Union Assurance sells 22 percent stake in Fairfirst Insurance to Fairfax Asia amid robust market conditions
Union Assurance sold its 22 percent stake in Fairfirst Insurance Ltd to Fairfax Asia Ltd for Rs 2.63 billion, CSE sources said.
“UAL has divested its 22 percent equity stake comprising 30,800,000 ordinary shares, in Fairfirst Insurance Ltd., an associate company of UAL today, CSE sources explained. The total price was Rs 2,638,079,877.00. Fairfirst Insurance Ltd operates in the non-life insurance segment and was previously treated as an associate of the John Keells Group.
Amid those developments overall market conditions were positive and the All Share Price Index reached 21000 points. The All Share Price Index up by 119.83 points, while the S and P SL20 rose by 22.2 points. Turnover stood at Rs 6.5 billion with eight crossings.
Those 3 crossings were reported in JKH, which crossed three million shares to the tune of Rs 68.4 million and its shares traded at Rs 22.80, Aitken Spence 352,000 shares crossed for Rs 56 million and its shares sold at Rs 160, Asia Asset Finance 635,000 shares crossed for Rs 32.5 million; its shares traded at Rs 52.
Hemas Holdings one million shares crossed to the tune of Rs 31.5 million and its shares traded at Rs 31.50, Pan Asian Bank 400,000 shares crossed for Rs 24.6 million; its shares sold at Rs 61.50, Sampath Bank 150,000 shares crossed for Rs 21.1 million; its shares traded at Rs 140.75, RIL Properties 600,000 shares crossed for Rs 20.7 million; its shares traded at Rs 34.50 and Cargills Bank 2.2 million shares crossed to the tune of Rs 20.7 million; its shares fetched Rs 9.40.
In the retail market top seven companies that mainly contributed to the turnover were; Sierra Cables Rs 1.2 billion (35.9 million shares traded), JKH Rs 248 million (10.9 million shares traded), LOLC Rs 236 million Rs 236 million (410,000 shares traded), LCB Finance Rs 181 million (28 million shares traded), Cargills Bank Rs 162 million (17 million shares traded), Asia Assets Rs 157 million (2.9 million shares traded) and First Capital Holdings Rs 152 million (2.6 million shares traded). During the day 377 million share volumes changed hands in 42046 transactions.
It is said that manufacturing sector counters, especially Sierra Cables and JKH, led the market while the banking and financial sector was also a major contributor to the turnover, especially Asia Asset Finance and LCB Finance.
Yesterday the rupee opened at Rs 302.10/18 to the US dollar, weaker from Rs 302.05/18 the previous day, while bond yields opened steady, dealers said.
A bond maturing on 15.12.2026 was quoted flat at 8.20/30 percent. A bond maturing on 15.09.2027 was quoted flat at 8.65/75 percent. A bond maturing on 15.03.2028 was quoted at 8.90/9.00 percent. A bond maturing on 15.06.2029 was quoted at 9.42/47 percent. A bond maturing on 15.12.2029 was quoted at 9.52/54 percent, down from 9.51/54 percent. A bond maturing on 15.05.2030 was quoted at 9.65/69 percent. A bond maturing on 01.07.2030 was quoted flat at 9.70/74 percent. A bond maturing on 15.03.2031 was quoted at 10.00/05 percent, from 9.98/10.05 percent. A bond maturing on 15.12.2032 was quoted at 10.39/44 percent.
The telegraphic transfer rates for the American dollar was 298.5000 buying, 305.5000 selling; the British pound was 403.1323 buying, and 414.4941 selling, and the euro was 349.2170 buying, 360.5802 selling.
By Hiran H.Senewiratne ✍️
Business
USD 50 mn battery storage investment expected to power SL’s renewable energy push
Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.
The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.
The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.
Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.
Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.
The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.
Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.
Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.
Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.
Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.
Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.
By Ifham Nizam
Business
AI and Data Analytics Summit 2026 drives the nation’s digital future
The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.
The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.
Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.
Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”
Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.
Business
Eswaran Brothers empowers women through a transformative leadership journey
As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.
Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.
In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.
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