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Regulator notices JKH and Central Finance to reduce their NTB stakes

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The Monetary Board has noticed both John Keells Holdings and Central Finance that they should reduce their group holdings in the Nations Trust Bank to a maximum of 20% by the end of next year and 15% a year after.

This requirement is to conform with the law that individual and aggregate related party holdings in commercial banks be restricted to a maximum of 15% although time-bound extensions, some granted as long as 10 years ago, have been allowed.

At Hatton National Bank for example, Harry Jayawardena related parties including Stassen, Milford and Distilleries, have been restrained from exercising voting rights in excess of the 15% cap by the non-registration of shares they continue to own. This is regularly reported in the HNB Annual Report.

In Stock Exchange filings last week, both JKH and Central Finance said that the Director of Bank Supervision of the Central Bank had conveyed to them that in terms of a Monetary Board decision both the JKH and Central Finance Groups “have been granted further time to reduce their shareholdings in NTB to 15% each.”

JKH has been granted further time till Dec. 31, 2021, and Dec. 31, 2022 to reduce its shareholdings in NTB to 20% and 15% respectively. The previous requirement was to meet the 20% cap by the end of this year.

Central Finance too has been granted further time till Dec. 31, 2021, to come down to 15%, JKH’s Stock Exchange filing said.

JKH currently holds 29.52% of the voting shares of NTB and 51.76% of its non-voting shares. Factoring non-voting shares, it currently holds an economic interest of 32.5% of the bank, it disclosed.

Central Finance’s group holding of NTB voting shares is 19.74% and together with its non-voting shares it has an economic interest of 21.38% in the bank, the company disclosed.

Analysts said that the options before shareholders holding more than the permitted cap would be to sell down or seek further extensions of the time limits granted to acheive permissible levels.

There was no clear indication whether they will be permitted to continue holding their present stakes enjoying dividends and other shareholder rights except voting rights.



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Ceylinco Life agent among three global finalists for award

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Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

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CEAT Kelani retains AA+ rating for sixth year

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CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

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Commercial Bank leads nationwide aquatic clean-up drive

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Sanath Manatunge, Managing Director/CEO of Commercial Bank and some of the Bank’s staff participating in the coastal cleanup programme

Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.

Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.

The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.

Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.

The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.

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