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People’s Merchant Finance PLC’s turnaround strategy proving effective

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People’s Merchant Finance PLC (PMF) has been navigating the challenges of Sri Lanka’s banking, finance, and leasing industries for the past 35 years. Increasing challenges due to operating environment complexities, rapid advances in technology and changing consumer needs and market conditions emphasised the need to renew, revitalise, and reposition PMF’s business paradigm to fulfil the uncharted potential of the Company.

The new journey began in May 2019, when Sterling Capital Investments (Private) Limited (SCIL), a part of Sterling Japan Co. Ltd, obtained the major shareholding of PMF. As the largest exporter of Japanese vehicles to Sri Lanka, SCIL brings the required capital base and strong backing for PMF to pursue innovative and lucrative business opportunities and make the Company future ready.

Accordingly, PMF embarked on strengthening its governance and risk management frameworks by appointing a new Board of Directors and augmenting risk and governance procedures to meet increasing industry compliance requirements while safeguarding stakeholder interests. PMF also appointed leading professionals with extensive expertise in their fields to lead all its service offerings.

Nalin Wijekoon, the CEO, commented; “our company has gained many strengths and synergies from the Sterling Group leading to a turnaround situation. The new leadership and the openness to embracing digital technology will help redefine our business processes, help us stay ahead of competitors while we surmount external shocks. I am confident we will be successful in delivering value to all stakeholders as we progress in our new journey”.  

Commenting on the new transformational journey, Chandula Abeywickrema, the Chairman and a well-respected senior banker, reflected on the Company’s below-par past performance which resulted in a continuously underperforming entity. Considering the new developments, he said, “We are indeed now very delighted with some of the key changes we have made so far. The new direction together with the mobilisation of internal and external strengths at our disposal is now beginning to show results. All financial indications point toward greater and better times ahead for our Company. The Board of Directors and the management team should be commended for the Company’s turnaround”.

 

 



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Business

SL’s apparel sector seen as placed in jeopardy by US’ 30% reciprocal tariff

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The announcement of a 30% reciprocal tariff by the U.S., scheduled to take effect from 1st August 2025, has raised significant concern within Sri Lanka’s apparel industry. As one of the country’s largest export earners, the sector relies heavily on access to the U.S. market, and such a steep increase threatens to erode competitiveness, particularly when compared to regional peers.

JAAF notes that Vietnam has already concluded its negotiations and now faces a 20% tariff, while Bangladesh, though at 35%, has already begun negotiations with the U.S. to secure a reduction. India’s position remains under discussion, but early signals suggest it may receive a more favorable rate than Sri Lanka. In all likelihood Cambodia, another competitor with a tariff rate marginally higher than Sri Lanka will also be negotiating for a reduction.

“If the 30% tariff stands, we risk seeing a migration of U.S. buyers to lower-tariff countries,” JAAF warned. “We strongly urge the Government to continue active engagement with the U.S. Trade Representative (USTR) to secure a better deal for Sri Lanka.”

The reduction from 44 to 30% is a recognition of the good faith with which Sri Lanka has been having its dialogue with USTR and JAAF is encouraged by the Government’s comments today indicating that negotiations with USTR will continue with a sense of urgency ahead of the 1st August deadline when the 30% will become effective. JAAF further stressed that a diplomatic resolution is vital to safeguarding jobs, sustaining market share, and reinforcing Sri Lanka’s position as a trusted partner in global apparel supply chains.

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Technomedics adds three new members to the Board of Directors

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Technomedics, a leader in healthcare technology in Sri Lanka, proudly announces the appointment of Meval Srilal, Chanaka Weerawardena and Rajeeva Wimalawickrama to its Board of Directors, effective from the 1st of April 2025. The appointments reflect the company’s commitment to strengthening its leadership and laying the foundation for a bold, futuristic strategic vision.

Mevan Srilal has been with Technomedics for 25-years and first joined the company as a Sales Engineer. His consistent performance saw him rise to the role of Chief Operating Officer and ultimately Executive Director. Srilal has played an integral role in expanding the company’s product portfolio and its entry into new markets. He is an Electronics Engineering graduate from University of Hull (UK). His engineering background underscores the unique fusion of technical expertise and business acumen he brings to the board.

Another respected figure from within Technomedics, is Chanaka Weerawardena, who has been with the company for 19-years. After joining the company as a Marketing Manager in 2003, he advanced though the ranks to become Chief Operating Officer in 2017 and was appointed Executive Director. Chanka brings with him a strong foundation in marketing and business strategy, and he holds an MBA from the University of Ballarat, Australia, and is a Fellow member of the Sri Lanka Marketing Institute.

The third new addition to the Board of Directors is Rajeeva Wimalawickrama, who has over 30-years in diverse industries including apparel, plantations, leisure, and healthcare. He joined Technomedics as Deputy General Manager of Finance in and was appointed Chief Financial Officer thereafter. Eventually he went on to become Executive Director in 2022. Over the years Rajeeva has been a central figure in shaping the company’s financial growth and stability. He is a Fellow of the Institute of Chartered Accountants of Sri Lanka, the Association of Accounting Technicians and the Certified Management Accountants of Sri Lanka and member of the Association of Chartered Certified Accountants. He holds an MBA from the University of South Queensland, Australia. Rajeeva also a Board member of JF&I Packaging (Pvt) Limited a subsidiary of Technomedics.

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The Colombo Rubber Traders’ Association chairman calls for firm retention of all-inclusive freight regulation to safeguard national competitiveness and export integrity

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In a decisive show of unity and resolve, the Colombo Rubber Traders’ Association (CRTA) Chairman Harin de Silva today extended the Association’s unprecedented support to the continued enforcement of the all-inclusive freight regulation first introduced in 2013, calling on the Government of Sri Lanka to uphold the regulation in the face of renewed lobbying efforts to dismantle it.

He warned that repealing the law would threaten transparency, distort freight pricing, and severely undermine the competitiveness of Sri Lanka’s vital export sector. He further stated that revoking the regulation would reintroduce hidden surcharges—once numbering up to 44 separate fees—leading to anti-competitive practices, price distortions, and an eventual transfer of costs to the end consumer.

The all-inclusive freight regulation, introduced via Gazette in 2013 under the administration of then-President Mahinda Rajapaksa, was the culmination of nearly two decades of advocacy led by trade and shipping councils. The regulation mandates that all freight charges, including terminal handling charges (THC), must be transparently bundled into a single, negotiated freight rate, eliminating ambiguity and arbitrary pricing.

The CRTA, representing one of Sri Lanka’s Natural Rubber sector, reiterated that freight costs form a critical component of pricing competitiveness in international markets. “Our members depend on clear, predictable logistics costs to price their products competitively. Without the regulation, we risk returning to a dark period where exporters were blindsided by opaque, un-negotiated charges that stripped away margins and undermined buyer confidence,” said Harin de Silva.

He further added that dismantling the regulation would be especially damaging for small exporters, who lack the bargaining power to challenge freight agents or foreign buyers offloading costs onto them. He called for structured consultation with industry players before any legislative change. Policy must be made with insight from those directly affected and not anyone else!

The Colombo Rubber Traders’ Association fully endorses the continued enforcement of the all-inclusive freight and calls upon the Government to firmly reject attempts to dismantle the regulation. As a leading voice of one of the country’s legacy export sectors, the CRTA stresses that transparency in freight pricing is essential not only to protect exporters but to uphold national credibility in international trade.

“We urge the Government to recognize that this is not merely a technical rule—it is a safeguard against exploitation, a pillar of fair trade, and a protector of Sri Lankan competitiveness,” the Association stated.

“The freight regulation must be defended—not just for today’s traders, but for the future of Sri Lanka’s export economy. We stand united with our peers in the logistics, apparel, and export communities in saying: this law must stand.”

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