Business

CORALL Conservation Trust Fund – a historic first for SL

Published

3 weeks ago

2026/01/22

From left to right – Nigel Bartholomeusz (Director – EFL), Chanaka Wickramasuriya (Trustee), Palitha Gamage (Trustee), Dr Shamen Vidanage (Country Representative – IUCN), Ms. Deshini Abeyewardena (Chairperson – EFL), Nishad Wijetunga (Trustee), Dr. (Ms.) Nishanthi Perera (Trustee), Prof. (Ms.) Sevvandi Jayakody (Trustee), and Nalin Karunatileka (Trustee)

Sri Lanka has moved to strengthen the financial backbone of its marine conservation efforts with the establishment of the country’s first CORALL Conservation Trust Fund, a landmark initiative that positions coral reef protection firmly within the framework of sustainable finance and long-term economic value creation.

The Trust Deed establishing the CORALL (Conservation of Reefs for All Lives and Livelihoods) Conservation Trust Fund was signed on December 31, 2025, by Environment Foundation (Guarantee) Limited (EFL) as Settlor together with the inaugural Board of Trustees. The Fund is designed to support the conservation of Pigeon Island National Park, Bar Reef Marine Sanctuary and Kayankerni Marine Sanctuary, along with their associated seascapes—areas that are central not only to marine biodiversity but also to fisheries, tourism and coastal protection.

From a business and policy perspective, the Trust Fund represents a decisive shift away from short-term, donor-driven conservation projects towards a structured and enduring financing mechanism. It is a key component of the Sri Lanka Coral Reef Initiative (SLCRI), a six-year national programme funded by the Global Fund for Coral Reefs and implemented by the International Union for Conservation of Nature (IUCN), but critically, the Trust itself is structured to continue well beyond the project’s lifespan, offering a permanent vehicle for mobilising state, private sector and international sustainability-linked funding.

Coral reefs within the three targeted seascapes have been increasingly degraded by destructive fishing methods such as blast fishing, overfishing, coastal pollution, unregulated tourism and unplanned coastal development. These pressures carry significant economic consequences, undermining fish stocks, tourism revenues and the natural coastal protection that reefs provide. Project partners note that a major driver of this degradation is the limited understanding among communities and institutions of the true economic value of coral reefs as natural capital that underpins livelihoods and resilience.

EFL, as an implementing partner to IUCN, played a central role in shaping the Trust’s institutional and financial architecture. It carried out a comprehensive legal, policy and institutional review, provided recommendations on the structure of Conservation Trust Funds, and drafted both the Trust Deed and an operational manual embedding governance, accountability and transparency safeguards. These features are seen as critical in building investor and donor confidence, particularly at a time when environmental, social and governance (ESG) considerations are increasingly influencing capital flows.

The Board of Trustees, selected by IUCN and the SLCRI National Steering Committee following a public call for applications, brings together expertise from investment banking, commercial banking and marine science. The Trustees—Palitha Gamage, Prof. (Ms.) Sevvandi Jayakody, Nalin Karunatileka, Dr. (Ms.) Nishanthi Perera, Chanaka Wickramasuriya and Nishad Wijetunga—will oversee grant funding for conservation and restoration proposals submitted by Special Management Area Coordinating Committees, while also ensuring robust monitoring and evaluation to safeguard long-term financial and ecological sustainability.

“This marks a significant step in sustainable financing to conserve coral reef ecosystems which are critical for marine biodiversity conservation, coastal protection, climate resilience, and the livelihoods of coastal communities, said Dr. Shamen Widanage, Country Representative of IUCN Sri Lanka, highlighting the wider economic and social returns expected from the initiative.

EFL chairperson Deshini Abeyewardena said the Trust Fund reflects a broader shift towards innovative financing models for environmental protection.

“EFL is honoured to have been selected by IUCN to implement this landmark initiative. The establishment of the CORALL Conservation Trust Fund reflects EFL’s long-standing commitment to advancing environmental justice through strong governance, legal safeguards and innovative financing mechanisms. As Sri Lanka faces increasing pressures on its marine ecosystems, this Trust provides a credible and transparent platform to secure sustained investment for coral reef conservation, she said.

By Ifham Nizam

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Business

First Capital Holdings records Rs. 3.23Bn Total Comprehensive Income for 9M FY2025/26

Published

2 hours ago

2026/02/13

Thilina Walpola

First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a pioneering force in Sri Lanka’s investment bank landscape recorded a Total Comprehensive Income of Rs. 3.23Bn for the nine months ended 31 December 2025, compared to Rs. 4.53Bn in the corresponding period of the previous year. For the third quarter of 2025/26, the Group reported a Total Comprehensive Loss of Rs. 0.17Bn, after accounting for a dividend tax expense of Rs. 0.41Bn.

The Group’s Net Income before Operating Expenses for the nine months of 2025/26 amounted to Rs.6.33Bn compared to Rs. 7.69Bn reported in the corresponding period of the previous year. Trading income was primarily driven by the Primary Dealer and Corporate Dealing Securities divisions, reinforcing the Group’s positioning across fixed income and equity market segments.

The Primary Dealer division reported a Profit after Tax of Rs. 1.64Bn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 2.45Bn). The results include trading gains on the government securities portfolio of Rs. 1.66Bn and net interest income of Rs. 1.41Bn (1st nine months of 2024/25 – trading gains of Rs. 3.18Bn and net interest income of Rs. 1.31Bn), reflecting movements in yields and trading conditions during the period.

The Corporate Finance Advisory and Dealing Securities division recorded a Profit after Tax of Rs. 1.86Bn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 1.94Bn). The business unit reported total trading gains of Rs. 2.33Bn on its equity portfolio, compared to Rs. 2.23Bn in the corresponding period of the previous year, supported by market participation and portfolio positioning.

The Wealth Management division reported a Profit after Tax of Rs. 78.1Mn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 90.1Mn). Assets under Management stood at Rs. 96.4Bn as at 31 December 2025, compared to Rs. 115.9Bn as at 31 March 2025, reflecting market conditions and client portfolio adjustments.

The Stock Brokering division recorded a Profit after Tax of Rs. 166.3Mn for the nine months ended 31 December 2025, compared to Rs. 39.5Mn reported in the corresponding period of the previous year, supported by increased trading activities.

Commenting on the Group’s performance, Rajendra Theagarajah, Chairman of First Capital Holdings PLC, stated, “The operating environment during the period was shaped by shifts in interest rates, capital market activities, and fiscal adjustments. Against this backdrop, the Group’s performance reflects the structural strength of its capital markets platform and its ability to generate income across multiple market cycles while maintaining financial discipline.”

Dilshan Wirasekara, Managing Director / CEO of First Capital Holdings PLC, said, “Our priority during the period was to manage each business line with a clear focus on risk, liquidity and execution. Improved performance in stock brokering and consistent contributions from corporate finance reflect our ability to respond to market conditions while aligning capital deployment with client and market opportunities.”

Business

Keells Nexus introduces an all new Loyalty App

Published

2 hours ago

2026/02/13

Thilina Walpola

Keells is set to usher a new chapter in customer experience with the relaunch of Keells Nexus with the introduction of its all-new loyalty app on 13th February. For 25 years, Keells Nexus has been at the heart of Sri Lankan retail, pioneering coalition loyalty and even introducing mobile-based loyalty as early as 2014. The loyalty program is building on this legacy, combining state-of-the-art technology with richer, more personalized rewards and seamless integration across the Keells ecosystem with an intuitive mobile experience.

Today, Keells Nexus stands at over 2 million registered members, a reflection of the trust customers place in Keells and the brand’s commitment to improving the quality of life for the nation. The launch further strengthens Keells’ long-standing focus on tech-enabled retail efficiency, following innovative retail experiences to customers such as self-checkout counters and retail technology that drives efficiency such as advanced inventory management systems.

The new app therefore is the next logical step in this journey, bringing together rewards, offers, and account visibility in one intuitive, streamlined interface. The new Keells Nexus app brings together all deals, savings and partner offers in one place, giving customers complete visibility and control. Members can track their points in real time, scan a QR code at checkout to earn rewards instantly, and enjoy a more personalised, more connected shopping experience.

“At the heart of Keells Nexus is a simple but powerful belief that life is better when we’re connected,” said Nilusha Fernando Head of Marketing, Keells Supermarkets & Senior Vice President, John Keells Group.

Business

IDL, Clouds by SOZO and the Rukmini Tissanayagam Trust partner with the HSBC Ceylon Literary & Arts Festival 2026

Published

2 hours ago

2026/02/13

Thilina Walpola

The HSBC Ceylon Literary & Arts Festival 2026, taking place from 13 to 15 February at Cinnamon Lakeside, Colombo, promises to be one of those rare cultural moments that linger long after the last session ends. It is a gathering not only of writers, artists and thinkers, but of ideas, shared, challenged and celebrated in spaces where curiosity feels welcome.

The HSBC Ceylon Literary & Arts Festival 2026 is supported by several organizations through non-promotional CSR initiatives, including Clouds by SOZO and the Rukmini Tissanayagam Trust. International Distillers Limited contributes in a strictly neutral CSR capacity, providing logistical and resource support for the event without any brand promotion or product visibility.

The Festival celebrates Sri Lanka’s creative voice by showcasing literature, arts, and cultural talent from across the country. All supporting organizations participate solely in a philanthropic and educational role, ensuring that the focus remains on artistic expression and community engagement.

The Rukmini Tissanayagam Trust brings to the Festival a deep and enduring commitment to nurturing literature and the arts as essential pillars of society. Its work is driven by the belief that creative spaces are not optional additions, but vital platforms that shape how communities think, feel and engage with the world around them.

Speaking on this collaboration, Indhu Selvaratnam, Director of SOZO Beverages and Trustee

of The Rukmini Tissanayagam Trust, stated, “The Rukmini Tissanayagam Trust is delighted to partner with the Ceylon Literary Festival for the second time. We are deeply committed to enriching Sri Lanka’s intellectual and cultural landscape and admire the festival’s evolution in embracing literature, art, music, and initiatives that nurture emerging local talent. These efforts align closely with the Trust’s mission to support creative expression, and we look forward to continuing our support as the festival strengthens Sri Lanka’s global cultural presence.”

Adding a complementary dimension to this partnership is Clouds by SOZO, Sri Lanka’s premium mountain spring water brand, whose ethos of purity, sustainability and thoughtful living aligns naturally with the spirit of the Festival. Sourced from a pristine spring in the Knuckles mountain range, Clouds represents a return to authenticity, an idea that resonates strongly within creative and cultural spaces.

Speaking on the partnership, Dushyantha De Silva, Founder of SOZO Beverages (Pvt) Ltd, said, “The arts invite us to slow down, to observe, and to think more deeply, and Clouds comes from that same place of intention. Supporting the HSBC Ceylon Literary & Arts Festival is about being part of a space where ideas flow freely and thoughtfully. It’s a privilege for us to align with a platform that values creativity, dialogue and conscious choices.”

The HSBC Ceylon Literary & Arts Festival 2026 offers something increasingly rare: three uninterrupted days of ideas. Of language and imagination. Of conversations that do not require a screen to feel alive. It is a reminder of the power of gathering, of listening, discovering and engaging with perspectives that challenge and inspire.

As February approaches, the hope is simple: that more people choose to attend, to listen, and to support Sri Lankan creativity in all its forms. Because when a country invests in its writers and artists, it is not merely celebrating talent, it is shaping how it remembers, how it questions, and how it evolves.