Business
MAGA to design and build two flyovers in Colombo 2, valued at Rs. 5.2 billion
Two-lane bidirectional flyover along Uttarananda Mawatha will be 558m in length
Two-lane unidirectional flyover along Justice Akbar Mawatha will be 300m
Project scheduled for completion by mid-2022
Maga Engineering has begun construction of two new flyovers in Slave Island (Colombo 02), along Justice Akbar Mawatha and Uttarananda Mawatha.
The proposed flyovers will overarch two central intersections in Slave Island and the Coastal Line – one of the busiest railway tracks leading into the city, thereby easing heavy traffic congestion leading to Colombo’s Central Business District (CBD).
Colombo 02 is at the heart of the city’s real estate drive, with several new developments coming up alongside existing public and private commercial spaces, including the Cinnamon Life Integrated Resort. Due to over 100 gate closures per day, the Coastal Line running across Justice Akbar Mawatha and Uttarananda Mawatha results in daily travel time losses of more than 6 hours. With road traffic disruptions expected to worsen with upcoming developments to the Coastal Line from the Colombo Suburban Railway Development Project, the new flyovers will alleviate severe traffic congestion and provide a timely improvement to traffic flow in the long-term.
The project is implemented by the Road Development Authority (RDA) as part of an integrated traffic management solution for the Slave Island area. Maga Engineering has been contracted to design and construct the two flyovers valued at LKR 5.2 billion. The two-lane bidirectional flyover along Uttarananda Mawatha will be 558m in length and the two-lane unidirectional flyover along Justice Akbar Mawatha will be 300m, whilst the connecting branch flyover will be 288m in length. The superstructure will be made of concrete box-girders, whilst the substructure will comprise concrete piers and pile foundations. The project will also involve improvements to junctions, bridges, byroads, culverts, drainage and other retaining structures.
Commenting on the project, Chief Executive Director of MAGA Piyadasa Madarasinghe stated “The project is scheduled for completion by mid-2022, requiring its delivery in record time. In order to achieve this target, we are leveraging our in-depth construction experience in constructing major bridges and flyovers, involving innovative construction methodologies and intricate coordination. The road network in this area connects the rest of Colombo with its economic hub (Fort and Pettah) and its coastal region (Galle Face and Colombo Port City), therefore the project will bring great dividends once completed. We are proud to partner with the Ministry of Highways and RDA and contribute to the vision for a modern and accessible Colombo city.”
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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