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SEC approves new Listing Board and rules for SOEs

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Chairman SEC Faizal Salieh and Director General SEC Chinthaka Mendis

Capital market regulator, the Securities and Exchange Commission of Sri Lanka (SEC), has approved the creation of a separate Listing Board and Listing Rules at the Colombo bourse to facilitate the entry of State-Owned Enterprises (SOEs) to the Capital Market. This is in response to the Government’s policy to expedite reforms in SOEs, improve their overall governance, efficiency, productivity, profitability, and empower them to add greater value to the economy.

These rules were developed under the guidance and direction provided by the SEC to the CSE, and include consultations with and inputs by the SOE Restructuring Unit of the Government and the Auditor General.

The dismal performance of many SOEs in Sri Lanka have become a heavy fiscal burden upon the country with significant macroeconomic implications. Therefore, the SEC believes addressing this issue is crucial in the country’s economic reform process.

The Capital Market is the globally accepted platform for raising long- term capital funds for business entities compared to banks which operate on a business model heavily reliant on short-term customer deposits. It also enables business entities to minimize exposure to interest rate volatility. Further, the Capital Market provides opportunities for businesses to attract strategic and other investors through the listing process.

Most SOEs have relied on Government funding, local and foreign borrowings for expansion and modernization. By listing on the Stock Exchange these enterprises will be able to improve their internal governance, operating efficiencies and attract foreign and local investor capital.

The SEC and the CSE have given due consideration to the current levels of governance, organization structure and operational challenges prevailing in the SOE sector and have therefore created a separate Listing Board and Listing rules with a view to enabling SOEs to progressively transition from what they are now to what they should be. Any SOE that meets the Listing criteria of the Main Board or the Diri Savi Board can straightaway list on those Boards.

The new transitionary Board, when launched, will facilitate those SOEs seeking a listing to do so on a set of new rules which are designed to enable progressive transition from the initial listing Board to the Main Board or Diri Savi Board.

The salient features of the rules applicable to the new Board include a stated capital of not less that Rs. 250 million; revenue, net asset and market capitalization tests; minimum 3 years operating history; time – bound requirements for financial reporting; and a minimum 10% public float with 300 public shareholder requirement. The Corporate Governance requirements under these rules will be the same as those applicable to the Main Board and Diri Savi Board with a view to aligning the internal governance structures and processes of listed SOEs with the standards set in the market.

(CSE)



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Dialog Brings the ICC Men’s T20 Cricket World Cup 2026 Closer to Sri Lankans

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Left to right: Mr Bandula Dissanayake, Honorary Secretary, Sri Lanka Cricket; Mr. Raveen Wickramarathne, Honorary Vice President, Sri Lanka Cricket; Dr. Jayantha Dharmadasa, Honorary Vice President, Sri Lanka Cricket; Mr. S. Achchudan, Director General of Sports; Mr. Supun Weerasinghe, Director / Group Chief Executive, Dialog Axiata PLC; Mr. Dasun Shanaka, Captain - Sri Lanka National T20 Squad; Mr. Lasantha Theverapperuma, Group Chief Marketing Officer, Dialog Axiata PLC; Mr. Pubudu Aluthgedara, Vice President / Head of Business - Media and Home, Dialog Axiata PLC

Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, hosted an event to mark the ICC Men’s T20 Cricket World Cup 2026, bringing together stakeholders and cricket enthusiasts as Sri Lanka looks ahead to one of the world’s most anticipated sporting events.

Over the years, Dialog has played an enduring role in supporting sport in Sri Lanka, with cricket at its core, enabling access to the game through partnerships and nationwide initiatives, reflecting its commitment to Powering the Passion of the Nation. Against this backdrop, securing the ICC media rights in Sri Lanka for the 2026–2028 period represents an important milestone in Dialog’s ongoing journey of bringing the world’s leading cricket tournaments to Sri Lankan audiences.

The event was attended by representatives from the Sports Ministry, Sri Lanka Cricket, the media, and the corporate sector, alongside former and current national cricketers. It recognised Sri Lanka’s proud cricketing legacy and the deep-rooted following the game enjoys among fans, while underscoring the scale and significance of the ICC Men’s T20 Cricket World Cup 2026 for local audiences.

As anticipation builds towards the tournament, the ICC Men’s T20 Cricket World Cup trophy was ceremonially showcased during the event, offering those present a closer look at a widely recognised symbol of the competition.

S.Achhudan, Director General of Sports said, “Sport plays an important role in strengthening national unity and identity. Public–private partnerships, such as Dialog’s continued support for cricket, are important in sustaining the sports ecosystem and in enabling broad public access to major international sporting events.”

Commenting on the occasion, Supun Weerasinghe, Director / Group Chief Executive of Dialog Axiata PLC, said, “Cricket holds a special place in Sri Lanka, with a following that spans generations and communities. Global tournaments such as the ICC Men’s T20 Cricket World Cup are events that fans look forward to and remember. At Dialog, our focus is to play a meaningful role in enabling these experiences — ensuring Sri Lankans can follow the game across platforms, with the quality, reliability, and reach it deserves.”

Sharing his views on the collaboration, Mr. Bandula Dissanayake, Honorary Secretary of Sri Lanka Cricket, said, “The ICC Men’s T20 Cricket World Cup is a major event for the sport and for cricket-loving nations such as Sri Lanka. With Dialog as the ICC media rights holder in Sri Lanka for the 2026–2028 period, this collaboration supports strong engagement around the tournament and reflects the scale of interest cricket continues to enjoy across the country.”

Sri Lankan fans will be able to follow the ICC Men’s T20 Cricket World Cup 2026 on Dialog Television and the Dialog Play App, alongside a free-to-air broadcast partnership with Supreme TV, ensuring wide access to the tournament.

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‘Notable drop in SL’s 2025 tourism sector earnings compared to those of 2018’

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Chandana Amaradasa addressing the meeting while Rotary Club Colombo South President Kumar Sithambaram looks on.

The revenue that was earned from the tourism sector in 2025 was US $ 3.2 billion, which is a significant drop compared to the 2018 figure , which is US$ 4.3 billion, a top tourism sector specialist said.

‘Comparatively there is a revenue deficit of US $ 1.2 billion, which we cannot be satisfied with at any cost, ‘Island Leisure Lanka’ founder chairman Chandana Amaradasa said.

Amaradasa made these observations at a Rotary Club joint meeting organised by Rotary Club Colombo South, featuring also the Rotary Clubs of Kolonnawa and Sri Jayawardenapura, at the Kingsbury Hotel on Tuesday.

Amaradasa added: ‘To develop the tourism sector the government has to do many things which previous governments comprehensively failed to take up.

‘The revenue that comes from the local tourism sector is four to five percent of the GDP, while in Dubai it is more than 45 percent of the GDP.

‘At present the country has 51000 rooms, out of which not more than 10000 rooms are at the four to five star level. Of that number 6000 rooms are located in Colombo, which is a major issue for tourism promotion in tourism potential areas.

‘Sri Lanka should focus on high quality standards in tourism and also develop the East Coast with the necessary infrastructure; especially having an international airport is absolutely necessary.

‘Colombo could be developed as a MICE tourism hub in the region. But not having an international level conference/convention hall is a another bottle neck in promoting that market as well.’

By Hiran H Senewiratne  ✍️

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A Record Year for Marketing That Works: SLIM Effie Awards Sri Lanka 2025 crosses 300+ entries

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The Sri Lanka Institute of Marketing (SLIM) announces a defining milestone for the country’s marketing, advertising, and creative sectors, as Effie Awards Sri Lanka 2025 records the highest number of entries in its history, crossing 300+ submissions. The unprecedented response reflects a stronger, more confident industry, one that is increasingly committed not only to bold creativity, but to creativity that can prove its value through measurable business and brand outcomes.

Now in its 17th year in Sri Lanka, the Effie Awards remain the most recognised benchmark for marketing effectiveness, honouring campaigns that bring together creative excellence, strategic discipline, and results. As the industry evolves, the Effies have become a space where the agency community, brand teams, media and creative partners are collectively challenged to raise the bar, moving beyond attention and awards, toward work that drives growth, shapes behaviour, and delivers real impact.

The record volume of entries this year also signals a healthy shift in the market: more brands and agencies are willing to be evaluated against rigorous effectiveness criteria, and to put forward work that demonstrates clear thinking, strong execution, and proof of performance. SLIM notes that this momentum highlights the expanding role of marketing and advertising in Sri Lanka, not simply as communication, but as a strategic driver of competitiveness and value creation.

SLIM confirms that the judging process will commence soon, guided by the established Effie evaluation framework that assesses entries on insight, strategy, execution, and measurable outcomes. The Grand Finale is scheduled for end-February 2026, where Sri Lanka’s most effective marketing work will be recognised on a national platform.

For inquiries, entries, and sponsorship opportunities, please contact the SLIM Events Division: +94 70 326 6988 | +94 70 192 2623.

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