Business
Launch of CSE Sustainability Reporting Guide & awareness session
The Colombo Stock Exchange (CSE), in collaboration with the Global Reporting Initiative (GRI), developed the 3rd version of the sustainability reporting guide, which was ceremonially launched at the Market Opening Bell Ringing ceremony held at the trading floor of the CSE. The publication is now available at www.cse.lk.
Delivering the keynote address at this ceremony, Faizal Salieh, Chairman, Securities and Exchange Commission of Sri Lanka (SEC), emphasized that “Sustainability reporting and disclosure have become the fastest-growing non-financial reporting type over the past 10 years. About 96% of the largest 500 companies by market cap had published sustainability reports in 2022. And the figure is up from 86% in 2018. Many more companies have adopted sustainability reporting over the past two years.”
“One of the most widely recognized sustainability reporting standards is the GRI standard. The GRI standards are designed to help organizations respond to emerging information demands from stakeholders and regulators and are regularly reviewed to ensure they reflect global best practices on sustainability reporting. The benefits of sustainability reporting will help companies gain a foothold in the future economy, and it will lead to new and improved products, services, and business models. That, in turn, will attract more customers and improve the financial performance of companies.”
Dilshan Wirasekera, Chairman, Colombo Stock Exchange, speaking at the event, said, “As the Colombo Stock Exchange, we are proud to introduce the 3rd version of the guidance document aimed at fostering sustainability reporting among our listed companies. Embracing sustainability not only ensures responsible business practices but also drives long-term value creation. This initiative aligns with our commitment to cultivating a thriving, sustainable market that benefits all stakeholders—companies, investors, and the community alike.”
Dr. Aditi Haldar, Director, GRI South Asia, made her observations at the event and said, “Our latest guidance document for listed companies in Sri Lanka on communicating sustainability represents a significant evolution, seamlessly incorporating the perspectives and standards set by the Global Reporting Initiative. This comprehensive resource offers a panoramic overview of the sustainability reporting landscape and its fundamental principles. Beyond being an informative tool, it serves as a compelling catalyst, inspiring Sri Lankan companies to embark on their sustainability reporting journeys and encouraging others to enhance their existing practices.”
To coincide with the launch of the CSE Sustainability Reporting Guidelines, the CSE, in collaboration with GRI South Asia, also organized an informative knowledge session focused on Corporate Sustainability Reporting in Sri Lanka for the representatives of listed companies. This session aimed to provide an outline of the existing standards and valuable insights into the latest developments in standards, offering a comprehensive overview. The session, facilitated by Mr. Rahul Singh, Manager at GRI South Asia, was designed not only for established GRI reporters but also to support preparers embarking on their sustainability reporting journeys.
The long-anticipated Sampur solar energy project is finally set to break ground, marking a significant leap in Sri Lanka’s renewable energy ambitions. After years of delays and negotiations, the Power Purchase Agreement (PPA) for the Surya Danavi 120 MW Solar Farm in Santhosapuram, Trincomalee District, was officially signed on April 1st between the National Thermal Power Corporation of India (NTPC) and the Ceylon Electricity Board (CEB).
This initiative, spearheaded by Trincomalee Power Company Limited (TPCL), a 50:50 joint venture between NTPC and CEB, is expected to be a game-changer in the country’s energy landscape.
The project will be implemented in two phases. Phase 1 involves the installation of a 50 MW solar plant along with the construction of 37 km of 220 kV transmission lines connecting Sampur to Kappalthurai. In Phase 2, an additional 70 MW capacity will be added, complemented by 77 km of transmission lines extending from Kappalthurai to New Habarana.
President Anura Kumara Dissanayake played a crucial role in renegotiating the unit tariff to 5.97 US Cents, which includes a battery storage system to mitigate fluctuations in solar power generation.
According to Ministry of Energy Director General Eng. Pubudu Niroshan Hedigallage, this project is a testament to Sri Lanka’s commitment to renewable energy and energy security.
“For years, Sampur has been at the center of numerous energy debates. This project not only signifies the shift from fossil fuels to cleaner alternatives but also strengthens our grid resilience. The inclusion of battery storage makes this project particularly promising, said Hedigallage.
He further emphasized the importance of strategic partnerships in achieving energy sustainability. “Collaborations like the one between NTPC and CEB show the potential of cross-border energy projects. With India’s vast experience in solar energy, Sri Lanka can benefit immensely in terms of both technology transfer and cost efficiency.”
The Sampur region has long been embroiled in energy-related controversies. Previously earmarked for a coal power plant, the area saw fierce opposition from environmental activists and policy shifts that led to its cancellation. The transition from coal to solar in Sampur is seen as a redemption of sorts, aligning with global climate goals and Sri Lanka’s own commitment to increasing renewable energy in its power mix.
by Ifham Nizam
SriLankan Airlines is amplifying its commitment to nurturing Sri Lanka’s performing arts scene, leveraging classical Western music and homegrown talent to position the island as a hub for culturally discerning travelers.
The national carrier partnered with the Gustav Mahler Society of Colombo (GMSC) to support the 2025 Spring Concert at Colombo’s Lionel Wendt Theatre on March 29.
The event showcased Sri Lankan classical guitarist Jude Peiris alongside Japanese artists Hiroshi Kogure (violin) and Miyuki Funatsu (soprano), blending local and global artistry. This marks the airline’s sixth collaboration with GMSC, reinforcing its three-year role as the society’s Official Airline Partner.
Dimuthu Tennakoon, Head of Commercial at SriLankan Airlines, emphasised the strategic value of performing arts saying: “World-class cultural productions can transform Sri Lanka into a magnet for travelers seeking immersive experiences. By honing local talent, we unlock immense potential in the growing cultural tourism sector.”
Deepal Perera, Manager of Corporate Communications, highlighted the airline’s dual role: “We’re not just bridging geographies—we’re fostering global exchanges of music and tradition. Sri Lankan artists deserve platforms to shine internationally, and partnerships like this propel them forward.”
GMSC’s Music Director, Srimal Weerasinghe, praised the airline’s impact: “SriLankan Airlines has been instrumental in developing Western classical music here, sponsoring visiting professionals and helping build Sri Lanka’s first professional orchestra. Their support has elevated our global reputation.”
Beyond GMSC, SriLankan Airlines continues to partner with local arts groups and diplomatic missions, cementing its role as a cultural ambassador.
By Sanath Nanayakkare
The CSE was extremely bearish and dropped sharply yesterday after US President Donald Trump announced new reciprocal tariffs, with Sri Lanka among the countries charged the highest such tariffs. Consequently, selling pressure was witnessed because local firms are likely to be hit by these measures on account of their exposure to the US export market, the research arm of Capital Alliance Holdings Limited (CAL Group) said.
The reciprocal tariff rate on Sri Lanka at 44 percent was the 6th highest such imposed tariffs in the sweeping measures announced to be in effect from April 9.
Amid those developments both indices moved downwards. The All Share Price Index went down by 361 points, while the S and P SL20 was down by 122.95. The turnover stood at Rs 3.8 billion with four crossings.
Those crossings were reported in JKH, which crossed 16.9 million shares to the tune of Rs 338 million and its shares traded at Rs 20, VallibelOne 1.8 million share volumes changed hands for Rs 110 million and its shares traded at Rs 51, Commercial Bank 560,000 shares crossed for Rs 78.7 million; its shares traded at Rs 138 and Sampath Bank 500,000 shares crossed for Rs 56.7 million; its shares traded at Rs 113.5.
In the retail market top six companies that mainly contributed to the turnover were; Tea Small Holders Rs 395 million (11.3 million shares traded), JKH Rs 280 million (822,000 shares traded), HNB Rs 246 million (822,000 shares traded), Commercial Bank Rs 228 million (1.6 million shares traded), Dipped Products Rs 187 million (3.5 million shares traded) and Hayleys Rs 178 million (1.3 million shares traded). During the day 123 million share volumes changed hands in 22000 transactions.
It is said that manufacturing companies contributed mainly to the turnover, especially with JKH, while banking and financial sector counters were the second largest contributor to the turnover, especially on account of HNB and Commercial Bank.
Meanwhile, Sri Lanka diversified conglomerate JKH said it sold its 37.62 percent equity stake in Tea Smallholder Factories PLC, a subsidiary of JKH, to a subsidiary of the LOLC Group.
JKH sold a share at Rs 35 for a total consideration of Rs 395 million. The stake comprised 11,286,000 ordinary shares, the company said in a stock exchange advisory, sources said. “Out of the total ordinary shares divested, 11,276,839 ordinary shares were purchased by Udapussellawa Plantations PLC, a subsidiary of the LOLC Group, the advisory said.
Meanwhile, the rupee was quoted at Rs 296.75/297.25 to the US dollar, to close weaker from Rs 296.02/07 the previous day, while bond yields were drastically up, dealers said. A bond maturing on 15.10.2028 quoted at 10.35/45 percent, up from 10.15/22 percent. A bond maturing on 15.06.2029 was quoted at 10.65/85 percent.
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