Business

:Different offers equity to all Colombo office staff

Published

4 years ago

2020/12/18

:Different Technologies, one of Australia’s hottest new global startups, has once again changed the corporate landscape in Sri Lanka. Starting January 2021, the company is offering all permanent employees equity in the firm, which is backed by Australia’s largest VC firm AirTree Ventures, and Silicon Valley’s Foundation Capital. The company is taking this decisive step because it believes that investing in its employees and ensuring their stability and security is not only the right thing to do, but also a smart business decision.

“Particularly in the uncertain economic climate that has arisen in the aftermath of COVID-19, we want our employees to think like owners,” said Co-founder of :Different, Ruwin Perera, a former Director at Softbank. “We have built our company around people, and we want those people with us for the long run. Offering all our employees equity in our firm is a chance for us to let them grow with us, just like our investors. You can tell a lot about a company by where it focuses its resources and in our case we believe that investing in our employees will pay dividends in the long run. Ultimately, we’re building this company together and rather than simply paying lip service to this idea; we wanted to take action!”

“:Different has always been a great company to work for, but the new equity offer is just straight up amazing,” said Deegha Galkissa, a member of the engineering team at :Different’s Colombo office. “Feeling that you’re a part of a team is nice but knowing that you’re a part-owner of the company you work for is something else entirely.”

This sentiment was also echoed by Mark Sinnathamby, another member of the engineering team. “Giving equity to all employees is not something you see every day in Sri Lanka and I’m just proud to be a part of the company that has made it happen. Coming into work definitely feels different, now that I’m a shareholder in my company!”

:Different’s VP of Engineering, Hasitha Liyanage is no stranger to start-ups that eventually became big names in Sri Lanka, like MIT, Sysco Labs. Liyange spoke more on the rationale behind sharing equity and how it is also a personal decision for him, “I wish someone had offered this to me when I was a Junior Developer! It cannot be overstated, the best way to encourage employees to think and act like owners is to actually make them owners!”

:Different’s Country HR Business Partner, Kalpika Abayasekera explained that all current staff are automatically enrolled in this scheme, with a specific up-front entitlement to the equity on offer, “We felt it was absolutely necessary to reward the team that has been through the growing pains of a start-up. These shares are issued on a four-year maturity which also encourages the team to see their tenure as quite literally a long-term investment.”

“We are following the same format adopted in Silicon Valley and in our Australian office, and thought it was about time that our Sri Lankan crew reap the same benefits as their counterparts abroad,” said Perera

:Different recently reaffirmed its commitment to Sri Lanka by doubling its stake in the country through a multi-million dollar investment in its Colombo office. This move strengthens the regional office by adding senior personnel and moving key operational functions, including real-time customer management, customer experience, maintenance and supplier relationships to Sri Lanka.

“The increased investment into the Colombo office, coupled with our new equity offer to employees underlines :Different’s commitment to harnessing the best minds in Sri Lanka to build a world-class technology company that places Sri Lanka very firmly on the world tech map”, said Perera.

Perera is confident that this new move will further strengthen :Different’s position as one of the most employee-friendly startups to work for in Sri Lanka. “Recruiting and retaining the very best may be the most important part of building a company that will be resilient through the uncertain times that await us over the next decade, and this is doubly important as world economies recover from COVID-19. Our hope is that this move will encourage other companies to start seeing their employees as long-term investments, because that’s exactly what they are to us!”

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Business

‘Be Part of the Plan’ – Sri Lanka’s theme for International Day for Biological Diversity

Published

4 hours ago

2025/05/24

Thilina Walpola

Sri Lanka celebrated International Day for Biological Diversity with a vibrant national event at the Popam Arboretum in Dambulla, centering on the theme “Be part of the Plan.” The celebration, attended by students, researchers, community members, and officials, was led by Minister of Environment Dr. Dhammika Patabendi, who emphasized the country’s commitment to preserving biodiversity and promoting sustainable development.

Delivering the keynote address, Minister Patabendi said, “As a government, we are committed to taking every possible step to protect our ecosystems and biodiversity. But this is not the responsibility of the government alone. It is a shared responsibility—one that requires the active participation of every citizen.”

The event highlighted the value of community involvement in conservation and featured a series of exhibitions and talks focused on sustainable tourism, traditional food systems, and environmental education. Locally sourced underutilized fruits and indigenous foods were displayed and shared by communities, underscoring the deep ties between biodiversity and traditional knowledge.

The celebration also featured two major guest lectures. Professor Cyril Wijesundara spoke on the current status of biodiversity in Sri Lanka, while Professor Gamini Pushpakumara presented on the promotion of underutilized food crops—a key element in ensuring food security and sustainability in the face of climate change.

“This is more than a celebration,” Minister Patabendi told journalists at the event. “It’s a reminder that sustainable development must go hand-in-hand with nature. We need to build our future with the forest, not against it.”

By Ifham Nizam

Business

Lower than projected inflation and expectation of lower external demand, seen as chief factors in policy rate cut

Published

4 hours ago

2025/05/24

Thilina Walpola

Dr. Nandalal Weerasinghe

Sri Lanka has cut policy interest rates by 25 basis points due to lower than projected inflation and expected lower external demand stemming from geopolitical uncertainties, Central Bank Governor Dr. Nandalal Weerasinghe said.

“The Central Bank has lowered its lending window rate to 8.25 percent and the enforceable deposit facility to 7.25 percent, Dr Weerasinghe told the Central Bank monthly policy review meeting held at Central Bank head office in Colombo last Thursday.

Dr. Weerasinghe added: “Inflation is moving at a lower path than we projected in the last review.0”

“The projection is moving below the lower path but reaching towards the target range of 5 percent.

“With regard to aggregate demand, it could be said that because of global uncertainties stemming from geopolitical issues, the IMF has revised its global economic outlook.

“This means that from the overall aggregate demand point of view the external component will be lower than what we expected last time.

“The US has slapped a 44 percent tax on Sri Lanka’s exports to the country, though only 10 percent is applied for three months, as discussions continue.

“The monetary policy decision has been made expecting the ‘status quo’ to continue.

“Some space been created to ease the monetary policy this time.

“In two months’ time we will review it again and see whether our projections are in order and whether there is some more space.

“There is concern that the latest rate is similar to the rate cuts in April 2015 and April 2018, which were made as credit recovered, precipitating a fresh currency crisis.

“In both instances however, the Central Bank was already printing money and releasing liquidity as private credit picked up from the previous external crisis triggered by rate cuts.

“The Central Bank was releasing liquidity by terminating dollar rupee swaps from the last quarter of 2014 when the rate cuts for the 2015/16 crisis were made.

“In 2018, money was printed mostly through rupee open market operations to enforce the April rate cut.

“Unlike in 2015, 2018 and 2020 the Central Bank does not have to immediately print money to enforce the rate cut as the signaled mid-corridor rate was above the floor rate despite externally generated liquidity.”

By Hiran H Senewiratne

Business

Low interest rate regime propels bourse to green territory

Published

4 hours ago

2025/05/24

Thilina Walpola

The CSE was bullish and reflected an upward trend despite some mild volatility yesterday. The low interest regime and satisfactory quarterly results moved the market to green territory, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index up by 31.49 points while S and P SL20 rose by 0.44 points. Turnover stood at Rs 3.7 billion with eleven crossings.

Those crossings were reported in Sunshine Holdings; 11 million shares crossed to the tune of Rs 261 million and its shares traded at Rs 24, Union Bank 12 million shares crossed to the tune of Rs 129 million; its shares traded at Rs 10.80, Digital Mobility Solution 1 million shares for Rs 72 million; its shares traded at Rs 72, JKH 2.5 million shares crossed for Rs 53 million and its shares traded at Rs 21.20.

Lanka IOC 400,000 shares crossed to the tune of Rs 52 million; its shares traded at Rs 130, Hemas Holdings 2 million shares crossed for Rs 51 million; its shares traded at Rs 25.50, Keells Holdings 2 million shares crossed for Rs 41 million; its shares sold at Rs 20.50, DFCC Bank 332,000 shares crossed to the tune of Rs 34.1 million; its shares traded at Rs 103, ACL Cables 200,000 shares crossed for Rs 26.4 million; its shares traded at Rs 132, Agarapathana Plantations one million shares crossed to the tune of Rs 22.8 million; its shares traded at Rs 22.80 and Dialog 1.25 million shares crossed for Rs 20.6 million and its shares sold at Rs 16.50.

In the retail market top six companies that mainly contributed to the turnover were; Hemas Rs 165 million (6.4 million shares traded), Sunshine Holdings Rs 164 million (6.8 million shares traded), Dialog Rs 157 million (9.5 million shares traded), RIL Properties Rs 124 million (6.6 million shares traded), Melstacope Rs 124 million (858,000 shares traded) and Browns Investments Rs 120 million (15.3 million shares traded). During the day 182 million share volumes changed hands in 24000 transactions.

It is said that manufacturing and plantation sector counters led the market, especially Sunshine Holdings and JKH, while banking and finance sector also played a significant role, especially Union Bank.

Yesterday, the rupee opened at Rs 299.10/25 to the US dollar in the spot market, stronger against the previous day close of Rs 299.35/45, dealers said, while bond yields were down sharply.

A bond maturing on 15.10.2028 was quoted at 9.65/70 percent. A bond maturing on 15.06.2029 was quoted at 9.90/98 percent, down from 10.07/11 percent. A bond maturing on 15.09.2029 was quoted at 9.98/10.02 percent. A bond maturing on 15.03.2031 was quoted at 10.45/52 percent, from 10.57/63 percent.

By Hiran H.Senewiratne