Business
Threads of Equity: MAS Holdings’ Journey of Inclusion and Impact
MAS Holdings invited to be Patron of the Diversity & Inclusion Working Group of UN Global Compact Network Sri Lanka
In the quiet hum of production floors and design studios across continents, inclusion is not just spoken of – it is lived. At MAS Holdings, the rhythm of progress beats in unison with purpose, echoing through its 13-country footprint where over 95,000 people come together to create, innovate, and inspire. Seventy percent of them are women – each one a vital thread in a fabric defined not by hierarchy or circumstance, but by shared dignity and opportunity.
In an era when inclusion is too often reduced to aspiration or rhetoric, MAS Holdings has chosen to make it a foundation of how it operates, leads, and grows. Its commitment goes beyond workplace representation or compliance – it is a philosophy that defines every layer of its business, from the boardroom to the production line.
As Patron of the Diversity & Inclusion Working Group of the UN Global Compact Network Sri Lanka (Network Sri Lanka), MAS’ role now extends beyond its own factory walls. It stands as a mentor and catalyst – shaping an ecosystem where inclusion is understood not as charity or obligation, but as a cornerstone of sustainable and ethical enterprises.
“Our diversity and inclusion work is embedded in our sustainability strategy, which forms part of our business strategy,” says Thanuja Jayawardena, Head of Gender Equity & Code of Conduct at MAS Holdings. “Inclusion is not something we do on the side – it’s how we build teams, develop leaders, and contribute to society.”
Embedding Inclusion into Culture and the Way of Work
The company’s Sustainability Strategy – anchored in three pillars: Product, Lives, and Planet – positions people at the heart of progress. At the organizational level, inclusion is safeguarded through a robust Equal Opportunity and Anti-Harassment Policy, which forms part of the MAS Code of Conduct. It ensures all employees -regardless of age, race, nationality, gender, sexual orientation, or language – are treated with equal dignity. Annual awareness sessions and clear consequence management frameworks reinforce that commitment.
While policies lay the foundation for an equitable workplace, MAS has long recognized that policies alone do not create inclusion – people do. To embed equity into its culture, the company has integrated inclusion metrics into management performance evaluations, linking progress on values, behaviour, and representation to leadership accountability. This approach transforms values into measurable action and makes inclusion a shared responsibility.
“We conduct sensitization work continuously – through workshops, training, and communication that help people see why inclusion matters and how each person can model it,” Thanuja says. “These efforts start from the top, because leaders must show the way.”
It is a journey, not a destination. MAS acknowledges that changing mindsets and addressing power imbalances require time, consistency, and persistence. Yet, with strong frameworks, measurable goals, and committed leadership, the company continues to move forward—steadfast even in the face of challenges.
A Legacy of Empowering Women
MAS’ roots in gender equity run deep. Since its founding, the company has been powered by women, with factories and offices where female workers make up the majority. Early on, the company recognized that bridging the gender gap in access to resources, safety, and opportunity wasn’t just a social responsibility – it was critical to long-term business success.
One of the most transformative milestones in their journey was the launch of its flagship Women Go Beyond (WGB) programme in 2003. What began as an initiative to recognize women’s contributions has evolved into a comprehensive empowerment framework, supporting the professional, personal, and social growth of women across the organization.
Since inception, over 5.5 million opportunities have been created under WGB. In 2024 alone, more than 300,000 women benefited through training on career advancement, life skills, entrepreneurship, financial literacy, health and wellbeing, and awareness on Sexual and Reproductive Health and Rights (SRHR) and addressing and preventing Gender-Based Violence (GBV).
“Our founders believed that empowering women was the right thing to do – and it stemmed from our founders’ deeply held personal values,” Thanuja says. “We’re now seeing the business case play out globally: diversity drives innovation, resilience, and performance.”
To sustain progress, MAS has embedded women’s representation targets into its leadership scorecards. Progress is tracked through gender-disaggregated data, ensuring transparency and accountability across recruitment, promotion, and succession planning. Leadership buy-in is strengthened through reward-based incentives that align equity outcomes with strategic goals.
The company’s family-friendly policies – flexible work arrangements, parental and adoption leave, childcare facilities at 36 locations – globally, and lactation rooms across all sites – reflect a tangible commitment to employee wellbeing. Since 2022, MAS has also expanded its inclusion focus to support people of diverse sexual orientations and gender identities, conducting sensitization programmes coupled with infrastructure support to build a culture of respect for all.
Changing Systems and Measuring Success
The company’s inclusive transformation has required both cultural and operational shifts. Long before industry expectations or customer pressure, internal goals for women’s representation in management were established, recognizing that real change had to begin from within.
The integration of these goals into MAS’ social sustainability tool allows for consistent measurement, monitoring, and adaptation of initiatives. The company measures both numbers and narratives – balancing quantitative indicators like promotion rates with qualitative insights from surveys, focus groups, and organizational health assessments.
“The real measure is how we see behaviour changing,” Thanuja reflects. “When someone calls out discrimination, when a mother takes a travel-heavy role, when flexibility becomes normalized – that’s success. Inclusion for us is progress felt, not just reported.”
Defining Inclusion Beyond Gender
While gender equity has been a defining part of MAS’ identity—rooted in its history as a company powered by women—the organization’s commitment today extends far beyond gender, embracing multiple dimensions of identity, experience, and ability. Within the Lives pillar of its Sustainability Strategy, the company focuses on empowering persons with disabilities, strengthening safe and respectful working environments, and expanding sustainability education within the communities where it operates. These commitments are supported by formal policies, leadership accountability mechanisms, and a strong internal culture that upholds equity and dignity for all.
This strong internal foundation enables MAS to extend its values beyond the workplace and into the communities it serves. One of the most recognized examples is the internally developed “Eco Go Beyond” school engagement programme, implemented under the guidance of the Ministry of Education. Through student-led projects, immersive camps, and partnerships, the programme nurtures environmental stewardship, youth leadership, and inclusive innovation – cultivating a generation that understands sustainability and equity as everyday responsibilities. “Both these focus areas are meaningful to us because of the industry we’re in and the communities we touch,” Thanuja notes. “We go deep in every area we take on, and design solutions that respond to real needs.”
By expanding its definition of inclusion, MAS is building systems that recognize and celebrate the diversity of its workforce and the communities connected to it. The company’s efforts—from disability inclusion to youth empowerment—reflect a belief that sustainable progress is only possible when every individual has the opportunity to participate and contribute. As MAS continues to broaden its focus areas and deepen partnerships, it aims to shape environments where inclusion is lived daily, not only within its workplaces but across the ecosystems it touches.
Leadership, Influence, and Industry Impact
At MAS, leadership commitment to inclusion is unwavering. “We’re fortunate to have shareholders and a board that understand the need for diversity of thought, background, and experience,” Thanuja shares. “Without senior-most commitment, this work is almost impossible – but it’s equally crucial to have middle management bought in, because they drive day-to-day change”.
As one of Sri Lanka’s largest employers, MAS’ influence extends across the apparel and manufacturing sectors, both locally and globally. The company actively shares its learnings through public forums, collaborations with universities, partnerships with global brands, and community engagements. “Our influence lies in showing that business excellence and inclusion aren’t separate,” Thanuja explains. “They strengthen each other”.
This philosophy is evident in MAS’ collaboration with the International Trade Centre’s GTEX Programme, a UN-led initiative funded by Switzerland and Sweden. Through this partnership, MAS committed to support nine SMEs in the textile sector by offering education on women’s empowerment, SRHR, and GBV awareness – helping build inclusive capacity beyond its own operations.
Collaboration with Network Sri Lanka and the Power of Collective Progress
The company was among the first Sri Lankan companies to join the UN Global Compact Network Sri Lanka in 2003 and became a signatory to the UN Women’s Empowerment Principles (WEPs) in 2011. Its partnership with Network Sri Lanka has been pivotal in strengthening both accountability and ambition.
“Network Sri Lanka has helped us set realistic yet bold goals and align with global best practices,” Thanuja notes. “Through initiatives like Target Gender Equality and the WEPs Gender Gap Analysis Tool, we’ve been able to benchmark ourselves and structure our frameworks better.”
The network has also enabled MAS to engage with academia, government, and advocacy groups, driving conversations around male allyship, inclusive policies for LGBTIQA+ employees, and addressing gender pay gaps – broadening the reach of its impact and influence.
Looking Ahead: Renewing the Commitment
As MAS looks toward 2030, its Fair-care Responsibility Lighthouse Project under the Lives pillar remains central to its sustainability agenda. The company will continue investing in leadership development, inclusive policy design, and community outreach—while staying committed to listening to its people and evolving in response to their needs. “An inclusive and equitable workplace is not a nice-to-have,” Thanuja asserts. “It’s essential for real economic growth. When businesses overlook childcare, discrimination, or abuse, they ignore the potential of their people – and that’s a cost no economy can afford”.
For MAS Holdings, inclusion is not a chapter – it is the thread that ties every part of its business together. And through their role as Patron of the Diversity & Inclusion Working Group, it continues to weave that thread into the wider fabric of Sri Lanka’s private sector – strengthening collective action and shaping a more equitable future for all.
Business
GREAT 2025–2030: Sri Lanka’s Green ambition meets a grid reality check
Sri Lanka’s Renewable Energy Project Development Plan, branded GREAT 2025–2030 (Green Energy Acceleration Targets), reads like a confident pivot toward a cleaner, cheaper power system. With more than 2,600 MW of new renewable capacity planned—dominated by solar and wind—and a strong push on storage and grid stabilisation, the strategy signals intent. Yet beneath the headline numbers lies a harder business truth: generation is racing ahead of the grid, and unless infrastructure and control catch up fast, value will leak from an otherwise compelling transition.
At the core of GREAT is scale. Solar leads with 1,571 MW across multiple zones, while wind contributes 1,004 MW, primarily from Mannar, Kilinochchi and the North-Western belt.
Smaller but steady additions are planned in mini-hydro (51 MW) and biomass (38 MW). On paper, the mix lowers marginal costs, cuts imports, and insulates the economy from fuel price shocks—outcomes financiers and policymakers both welcome.
But a senior retired electrical engineer, who spent decades inside Sri Lanka’s power system, cautions that capacity alone doesn’t create reliability—or returns.
“We are adding megawatts faster than we are adding visibility and control,” he said. “Rooftop solar has already exceeded 1,350 MW, much of it invisible to operators. From a grid perspective, that is unmanaged generation, and unmanaged generation is risk.”
The business implications are immediate. Transmission bottlenecks, particularly delays in 220 kV and 400 kV lines, are constraining renewable evacuation. Projects commissioned on time can still face curtailment, eroding project IRRs and shaking investor confidence.
At the same time, electricity demand has softened amid economic pressures, compressing the system’s ability to absorb intermittent power—especially on Sundays and holidays, when demand dips but solar output peaks.
“Low demand days are now the stress test,” the engineer noted. “Without storage and grid-forming assets, you’re forced to back down renewables or keep thermal units running for stability. Both options cost money.”
GREAT attempts to address this with 650 MW / 2,250 MWh of Battery Energy Storage Systems (BESS) and 600 MW of pumped storage at Maha Oya by 2034, alongside synchronous condensers to maintain inertia. These are not optional add-ons; they are value enablers. Storage smooths volatility, captures excess midday solar, and shifts energy to peak hours—turning stranded electrons into bankable revenue.
Yet timing matters. Storage, controls, and transmission must arrive before or with new generation. Otherwise, developers face curtailment risk, lenders price in uncertainty, and tariffs fail to fall as promised.
The plan’s institutional fixes are equally commercial. A Renewable Energy Control Desk (from 2026), Distribution Control Centers in high rooftop solar areas, smart meter mandates, and grid digitalisation are designed to restore operational visibility. Time-of-use tariffs, paired with daytime EV charging and industrial load-shifting, aim to reshape demand—turning a system problem into a market opportunity.
“Tariffs are signals,” the engineer said. “If you want power used at noon, price it right. If EVs and factories move load to the day, solar becomes an asset, not a headache.”
For investors, the message is nuanced but clear. Sri Lanka’s renewable pipeline is real and sizeable.
The policy direction favours clean energy, and the cost curve is attractive. However, project bankability will increasingly hinge on grid-readiness—access to storage, firm evacuation paths, and participation in smart, controllable networks.
For policymakers, GREAT’s success will be measured not by megawatts announced, but by megawatt-hours delivered reliably and profitably. Accelerating transmission approvals, fast-tracking BESS procurement, and enforcing smart metering for distributed generation are the difference between a virtuous transition and a congested one.
“The transition is inevitable,” the engineer concluded.
“The question is whether we do it cheaply and safely, or pay twice—once for generation, and again for the fixes we delayed.”
GREAT 2025–2030 sets Sri Lanka on the right path. The business case now depends on execution—where grids, markets, and management must move at the same speed as ambition, he added.
By Ifham Nizam
Business
Zone24x7 enters 2026 with strong momentum, reinforcing its role as an enterprise AI and automation partner
Zone24x7 concluded 2025 with significant industry recognition, securing seven awards across three leading technology competitions—marking one of the strongest years in the company’s 22-year journey. The awards recognized the Industrial Vending Machine solution developed for a client in Australia. It earned both national and regional honors, including Second Runner-up at the Asia Pacific ICT Alliance (APICTA) Awards 2025.
More than accolades, the recognition showcases Zone24x7’s ability to deliver practical, enterprise-ready solutions that create measurable business impact. Competing against leading technology companies across the Asia Pacific region, the wins highlight the company’s growing global footprint and its focus on translating innovation into operational value for customers.
Zone24x7’s award run began at the SLASSCOM National Ingenuity Awards 2025, where the company secured National Winner for Best Innovative Product in Manufacturing, National 1st Runner-up for Best Innovative Product (General), and two Provincial Winner titles in the Western Province. This success continued at the National ICT Awards (NBQSA 2025), with Gold in Manufacturing, Engineering & Construction, and the IoT Technology of the Year Award.
“2025 validated our approach of building technology around real business needs,” said Neschae Fernando, CEO of Zone24x7. “As we move into 2026, our focus is on helping enterprises improve productivity, visibility, and decision-making by applying AI, automation, and connected systems in ways that go far beyond standalone tools or chat-based solutions.”
Headquartered in the United States with a world-class technology hub in Sri Lanka, Zone24x7 serves over 50 enterprise customers across multiple industries. The company specializes in integrating artificial intelligence, IoT, and enterprise platforms to solve complex operational challenges at scale.
Its portfolio includes Generative AI capabilities that enhance workflows, system intelligence, and human productivity; AI-powered automation platforms that connect digital and physical data sources; and a Cognitive Vision Analytics Platform that delivers real-time insights from video and image data. In addition, Zone24x7 provides RFID-enabled solutions and Warehouse Management Systems that improve inventory accuracy, asset visibility, and supply chain performance.
“The value we bring lies in how we combine hardware, software, and AI into cohesive solutions that fit seamlessly into existing enterprise environments,” said Vipula Liyanaarachchi, General Manager at Zone24x7. “As organisations look ahead to 2026, we are focused on helping them scale efficiently, modernise operations, and unlock greater value from their data without disruption.”
The award-winning Industrial Vending Machine reflects this approach, integrating IoT hardware, intelligent software, and analytics to automate inventory control and enhance efficiency in manufacturing and industrial settings. Rather than being a standalone product, it demonstrates how Zone24x7 partners with clients to design solutions aligned to specific operational goals.
With more than two decades of experience and a strong research and development foundation, Zone24x7 is now investing further in advanced AI-driven automation, intelligent analytics, and system-agnostic architectures. As businesses navigate rapid technological change, the company is positioning itself as a long-term partner—helping enterprises adopt AI responsibly, enhance workforce productivity, and build resilient operations into 2026 and beyond.
Business
India’s Mazagon Dock Shipbuilders makes mandatory offer to buy remaining shares of Colombo Dockyard
India’s Mazagon Dock Shipbuilders Limited has made a mandatory offer to buy the remaining shares of Colombo Dockyard at Rs 40 each, following a 41.73 percent stake acquisition last month.The mandatory offer targets 58.27 percent of the company.
At the recent rights issue, Mazagon Dock Shipbuilders bought 164,916,229 ordinary shares of Colombo Dockyard from the unsubscribed rights entitlement of previous stakeholder Onomichi Dockyard Company.
Mazagon paid Rs 40 per share amounting to a total Rs 6,596,649,160 .
Both indices moved upwards. The All Share Price Index went up by 67.5 points, while the S and P SL20 rose by 23.57 points. Turnover stood at Rs 9.1 billion with 16 crossings.
Top seven crossings were reported as follows: Commercial Bank 9.7 million shares crossed to the tune of Rs 1.2 billion and its shares traded at Rs 224.50, TJ Lanka 14.3 million shares crossed to the tune of Rs 549.7 million; its shares sold at Rs 38.50, Renuka Hotels one million shares crossed to the tune of Rs 250 million; its shares sold at Rs 250, Melstacorp one million shares crossed to the tune of Rs 178 million; its shares fetched Rs 179, Sampath Bank 930,000 shares crossed for Rs 145 million and its shares traded at Rs 150, Sierra Cables two million shares crossed for Rs 74 million; its shares sold at Rs 37 and Lanka Milk Food one million shares crossed for Rs 71 million; its shares fetched Rs 71.
In the retail market companies that mainly contributed to the turnover were; Colombo Dockyard Rs 514 million (3.3 million shares traded), Ceylon Land Equity Rs 349 million (15.6 million shares traded), Sierra Cables Rs 339 million (1.4 million shares traded), Commercial Bank Rs 307 million (1.4 million shares traded), TJ Lanka Rs 247 million (6.5 million shares traded), Luminex Rs 232 million (19.6 million shares traded) and Renuka Foods Rs 180 million (11 million shares traded). During the day 311 million share volumes changed hands in 50661 transactions.
It is said that the market showed mixed reactions. The banking sector actively participated, especially Commercial Bank. The manufacturing sector also performed well.
Yesterday the rupee was quoted at Rs 309.30/40 to the US dollar in the spot market, stronger from Rs 309.45/50 the previous day, while bond yields continued to edge lower on the the mid- to long end of the yield curve, dealers said.
A bond maturing on 15.06.2029 was quoted at 9.45/50 percent.
A bond maturing on 15.09.2029 was quoted at 9.50/55 percent.
A bond maturing on 15.12.2029 was quoted at 9.52/58 percent, down from 9.55/60 percent.
A bond maturing on 01.07.2030 was quoted at 9.68/71 percent.
A bond maturing on 01.10.2032 was quoted at 10.21/24 percent, down from 10.23/25 percent.
A bond maturing on 01.06.2033 was quoted at 10.55/60 percent, down from 10.57/60 percent.
A bond maturing on 15.06.2034 was quoted at 10.77/80 percent.
A bond maturing on 15.06.2035 was quoted at 10.80/86 percent, down from 10.82/87 percent
By Hiran H Senewiratne
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