Business
CSE makes move to invigorate listing process
The Colombo Stock Exchange (CSE) has launched an action plan to address key areas relating to the process of listing a company on the CSE with the objective of enhancing its efficiency thereby better serving the funding requirements of companies belonging to both state and private sectors. The action plan will further simplify the process, eliminate any redundant approval steps, reduce documentation and improve the time to market for companies’ new and follow-on offerings of equity and debt.
Measures have already been taken to change listing criteria by offering a wider choice of listing options for companies, further amend the listing rules to enable a simplified process in addition to carrying out changes to internal infrastructure of the CSE to ensure a smoother process workflow.
Commenting on the new plan to streamline the listing process, CSE Chairman Dumith Fernando said “Increasing the number of companies listed on the exchange is one of the CSE’s key strategic objectives. We have to make exponential progress on this front. As businesses approach the post-COVID period, it is likely that funding will be a top priority and we have versatile options available to address the different funding requirements of corporates. We have put in place systems and processes to cater to an ever-evolving business landscape in Sri Lanka and we stand ready to meet the requirements of our corporate stakeholders. We strongly believe that the steps we are taking to simplify the listing process would attract more companies to raise capital through the CSE helping them unlock value and create wealth for their shareholder.”The CSE has already commenced stakeholder engagement to obtain feedback to carry out further improvements to the CSE’s overall Listing process.
Improvements expected from this new CSE plan include the reduction of documentation that have to be submitted with the Listing Application and the removal of certain disclosures in the Prospectus/Introductory Document. In this connection, the CSE would commence discussions with the Securities and Exchange Commission of Sri Lanka (SEC) to streamline the current dual approval process.
Another significant change by the CSE is the introduction of a ‘Single Window’ customer relationship unit that will be set up within the CSE to identify potential listing candidate companies, work with such companies and assist them through the listing process. This will make it easier for companies and their advisors to understand and address any problems faced in the process through a single point of contact.
With the objective of further enhancing the transparency of the listing process, an online tracking tool for all listing applications that have been submitted to the CSE will also be introduced, which would provide Issuers with more transparency in tracking the status of their respective applications and understanding which parties hold primary responsibility at each step of the process.
The CSE now offers equity or debt based fundraising options for companies of all sizes, from large conglomerates to SMEs, through versatile listing platforms such as the Main, Diri Savi and Empower Boards.
Business
First multi-stakeholder initiative on Child Rights in Tourism launched in Sri Lanka
On World Tourism Day, representatives from leading hotel businesses, tourism associations, NGOs, and government departments convened in Colombo to officially launch the Mother and Child-Friendly Seal for Responsible Business in Tourism. This pioneering initiative, the first of its kind in Sri Lanka, brings together key actors from the tourism supply chain to enhance the well-being of children and families connected to the sector through long-term, continuous actions.
The launch comes on the heels of a new study by The Centre for Child Rights and Business in partnership with Save the Children, highlighting serious child rights risks in Sri Lanka’s tourism industry. The study identifies key challenges such as sexual exploitation, child labour, and educational disruptions, driven by factors like inadequate regulation of guesthouses and homestays, the absence of child safeguarding measures among tourism providers, and a lack of formalised pathways to decent work for youth.
This event marks a significant milestone in the expansion of the Mother and Child-Friendly Seal, which has already seen success in Sri Lanka’s tea sector, with seven major plantation companies and exporters committing to initiatives that improve the welfare of tea communities. The extension of this Seal to the tourism sector is timely, as Sri Lanka prepares to welcome over 3 million tourists by 2025, positioning the industry to align with global human rights due diligence regulations and the growing demand for ethical tourism.
At the launch, stakeholders engaged in practical discussions about the child rights risks facing the tourism sector and explored collective solutions. Issues such as the outmigration of mothers and its impact on children were brought up, with participants offering valuable insights into areas for Seal members to address.
The panel discussed the critical issues that women and children face in the travel and tourism industries and some of the priorities and opportunities that the industry could address.
“Young children often do not realise they are being exploited. Providing a safe and respectful environment for them should be our primary goal. We must consider the risk factors in these scenarios, as there is currently no data to support issues in tourism, such as trafficking and exploitation. While problems like festival tourism have existed, they have increased since COVID-19 and have been exacerbated by the economic crisis,” said Buddhini Withana, Senior Technical Advisor Child Protection and Child Rights in Business, Save the Children.
Irstel Janssen, Director, Sustainable Sri Lanka added: “10% of women are working in this sector due to social stigma, safety concerns, and harassment. The economic crisis has forced women to step into this industry, but they are not employed in roles that match the nature of the work. The Seal initiative is an important step to address these issues and encourage more women’s participation.”
One of the highlights of the event was a keynote speech delivered by Cinnamon Hotels, where they underscored their commitment to protecting women and children. The company outlined key initiatives, including robust policies to support the female workforce, a zero-tolerance stance on misconduct, and a comprehensive sexual harassment policy. Cinnamon Hotels also conducts awareness sessions to educate staff about these policies, provides parental leave, and offers 100 days of paternity leave. Additionally, the company places a strong emphasis on mental health benefits for all employees. Their efforts served as an inspiration for other accommodation providers, offering practical steps to strengthen child safeguarding and empower women in the tourism sector.
For more information about the Mother and Child-Friendly Seal for Responsible Business, visit srilanka-motherandchildseal.org or contact info.SL@childrights-business.org.
Business
‘Brandix – A Great Place to Work for Women’
Sri Lanka’s premier apparel solutions provider, Brandix, was recognized as one of Sri Lanka’s Most Outstanding Women-Friendly Workplaces at the Satyn Magazine Women Friendly Workplace Awards (WFWA) 2024. Initiated by CIMA Asia, the American Institute of Certified Public Accountants (AICPA) and Satyn Magazine, the accolade recognizes and celebrates organizations committed to gender equality and women empowerment. Senior General Manager Human Resources at Brandix, Dinusha Jayamanne, said Brandix is ‘constantly exploring new avenues to create a more inclusive and enriching environment for its female workforce, and the company stands proud of the pioneering initiatives it launched in this sphere.’ The latest award is a testament to the impact of these measures implemented across Brandix facilities in Sri Lanka and the world.
Business
“Helmet – If you love” ~ UN/ FIA Road Safety Programme
Automobile Association of Ceylon conducts Road Safety programmes annually with the funding of FIA under UN Decade of Action 2021/2023 in Sri Lanka. This year’s campaign is ‘Helmet – If you love’; to educate public on the importance of children wearing helmets when travelling as pillion rider on motorcycles.
The aim of the programme is to educate children, parents, teachers, motorcyclists, etc. on the importance of children wearing helmets, not to simply abide by law, but to keep the safety factor in mind.
In line with World Children’s Day celebrations, Automobile Association of Ceylon (AA) together with Optimum Q Event Management Pvt Ltd. Is conducting awareness programmes at schools (drop off points), where parents drop their kids to school in Motorcycles.
It is being carried out together with teachers, police officers and school children, who deliver the message to parents and educate them on the importance of their children wearing helmets.
Parents who arrived with their children wearing helmets were rewarded with supermarket vouchers and encouraged their efforts towards safeguarding their kids.
Whereas parents who arrived without helmets for their children were educated by other children, who handed them balloons and explained to them that their child’s heads is as fragile as the balloon, in the face of a road accident. All parents understood the gravity of the situation, especially when pointed out the facts by other children in school.
Furthermore, some children were randomly picked and awarded with helmets at the school assembly/ interactive education session conducted by Devapriya Hettiarachchi, Secretary,AA Ceylon and S I Kariyawasam, Sri Lanka Police Headquarters. Teachers, children and parents were made aware of the acceptable safety characteristics of a helmet with the SLS standard and how to wear them properly.
All children, teachers and Principals seemed enthusiastic about the programme, as it is part of a subject that is taught to children at school. The children who took part in educating the parents at the drop off point were also awarded with gift vouchers for their efforts to spread the message to their fellow students’ parents.
The event was concluded with a Thank you speech by one of the school’s prefects.(AAC)
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