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Friday September 11th, 2026

India Foreign Secy invites Sri Lanka to mutually deepen “time-tested” ties

ECONOMYNEXT – Visiting Indian Foreign Secretary Harsh Vardhan Shringla on Monday reiterated the importance of Sri Lanka working together with India to deepen bilateral relations that have seen their ups and downs.

Shringla’s comments come as India is seen trying to repair strained ties with Sri Lanka, which has been moving towards China for more investments and loans. Increased Chinese influence in the island nation is seen as a threat to the Indian Ocean region, and political analysts and diplomats say India is concerned about a risk of a strong Chinese foothold becoming a regional threat.

“As we seek rapid socio-economic recovery for our respective countries, it is important to work together to strengthen our economic partnership and deepen our time-tested bilateral ties founded on the principles of mutual benefit, mutual understanding and a common purpose defined by good neighbourly relations,” Shringla said at a ceremony marking the inauguration of Indian Development Cooperation Projects in Colombo.

He further said India is also dedicating 1,235 houses in the third phase of an Indian housing project in the hill country where Sri Lanka Tamils of Indian origin predominantly reside.

Shringla said Indian projects including a Model Housing Village in the Vavuniya District, a school building at Vadamaraddchi in Jaffna and the Saraswathy Central College building in Pussellwa reflect the people centric benefits of the two countries’ development cooperation.

“I would also like to highlight that these projects employ local companies and invariably use Sri Lankan material and labour in their execution,” he said.

Shringla met Prime Minister Mahinda Rajapaksa on Monday and spoke about Indian assistance to promote Buddhism and pledged 15 million US dollars’ aid to promote Buddhist ties aimed to deepen people-to-people linkages between the two countries, the Prime Minister’s office said.

The Indian foreign secretary visited the Temple of the Tooth Relic in the central Sri Lankan district of Kandy, and then Trincomalee in the East to inspect the oil tank farm which is now managed by the Indian Oil Corporation (IOC). He also visited the ethnic minority Tamil-dominated Jaffna.

His visit also comes ahead of a groundbreaking ceremony at the China-backed Port City for what will be the first building to go up on the reclaimed land.

The Port City is expected to play a vital role in China’s multi-billion-dollar Belt and Road Initiative (BRI) which has raised security concerns for India in the Indian Ocean region, diplomats have said.

Diplomatic relations between India and Sri Lanka have been strained since the latter unilaterally cancelled a 500 million US dollar tripartite East Container Terminal (ECT) deal in February this year citing trade union pressure.

Instead, Colombo gave the West Container Terminal to India’s privately owned Adani group which has tied up with Sri Lanka’s John Keells Holdings to accomplish the 700 million US dollar project.

Diplomats have told EconomyNext that both President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa are committed to go ahead with the ECT deal and a liquefied natural gas (LNG) deal.

Sri Lankan government officials have told EconomyNext the delay in the ECT, LNG, and Trincomalee oil tank farm deals have annoyed India at a time when most multi-million-dollar infrastructure projects are granted to China.

Sri Lanka has asked India to return some of the unused oil tanks in Trincomalee to store fuel, and the IOC has said it is ready for a joint venture.

The ruling Sri Lanka Podujana Peremuna (SLPP) has opposed Indian projects and has vowed to cancel them. The Rajapaksa government also cancelled a 293 million dollar Mattala Airport project which was to be given to India. (Colombo/Oct04/2021)

Sri Lanka’s Sampath Bank appoints Dilip de S Wijeyeratne deputy chairman

ECONOMYNEXT – Sri Lanka lender Sampath Bank said it had appointed Dilip de S Wijeyeratne as deputy chairman, effective September 10.

Wijeyeratne has experience across banking, finance, risk management and compliance, investment banking and treasury, complemented by a strong understanding of corporate governance, strategic planning and financial markets, the bank said.

This will support the bank’s focus on advancing data-driven decision-making and the intelligent application of artificial intelligence across the organisation.

“Mr. Wijeyeratne’s experience and strategic perspective will complement the Bank’s efforts to harness data and emerging technologies, including AI, to sharpen decision-making, enhance operational effectiveness and create enduring value for customers, shareholders, employees and other stakeholders.”

Wijeyeratne’s association with Sampath Bank spans nearly eight years.

He joined the bank as a non-independent, non-executive director in November 2018 and was appointed an independent director in August 2019.

He served as senior independent director from May 2022 and continued as an independent, non-executive director from June 2026.

A senior finance and banking professional and principal consultant, Wijeyeratne provides advisory services to organisations across West Asia, Sri Lanka and Australia.

His career includes senior roles with HSBC Group in Bahrain, where he held responsibility for finance and operations, global markets and treasury, corporate treasury sales and asset and liability management.

He subsequently moved into entrepreneurship and advisory services, providing financial and strategic consultancy to private and public sector organisations.

Wijeyeratne serves as a director of Singer (Sri Lanka) and Hayleys Fibre, and as a director of Janashakthi Insurance.

He is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, a Fellow Member of the Chartered Institute of Management Accountants, UK, and a Graduate Member of the Australian Institute of Company Directors.
(Colombo/Sep11/2026)

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Sri Lanka rupee closes at 328.45/60 to US dollar spot, bond yields higher

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.45/60 to the US dollar in the spot market on Thursday, from 328.60/80 the previous day, while bond yields closed higher on select tenors, dealers said.

A bond maturing on 15.09.2027 closed at 9.75/95 percent, up from 9.60/90 percent.

A bond maturing on 01.07.2028 closed flat at 10.10/20 percent.

A bond maturing on 15.12.2029 closed at 10.50/60 percent, up from 10.45/55 percent.

A bond maturing on 01.08.2030 closed at 10.70/75 percent, up from 10.65/75 percent.

A bond maturing on 01.02.2031 closed at 10.80/85 percent, up from 10.75/85 percent.

A bond maturing on 15.12.2032 closed flat at 11.20/35 percent.

A bond maturing on 01.11.2033 closed at 11.65/75 percent, up from 11.70/75 percent.

A bond maturing on 15.10.2034 closed at 11.83/90 percent, up from 11.80/87 percent. (Colombo/Sep10/2026)

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Sri Lanka’s Aitken Spence Hotel Holdings to raise Rs5bn in debenture sale

ECONOMYNEXT — Sri Lanka’s Aitken Spence Hotel Holdings plans to raise up to 5 billion rupees through a debenture issue, the company said in a market filing.

The hospitality firm will make an initial issue of 30 million listed, rated, unsecured, senior, redeemable debentures at 100 rupees each, to raise 3 billion rupees.

A further 20 million debentures will be issued in the event of an oversubscription.

The subscription list for the issuance will open on September 15.

The issue offers four types of fixed-rate options across 5-year (2026/2031) and 7-year (2026/2033) tenors.

Type A (5-Year) at a fixed interest rate of 13.00 percent p.a., paid annually (13.00 percent AER), Type B (5-Year) at a fixed interest rate of 12.60 percent p.a., paid semi-annually (13.00 percent AER), Type C (7-Year) at a fixed interest rate of 13.15 percent p.a., paid annually (13.15 percent AER) and Type D (7-Year) at a fixed interest rate of 12.74 percent p.a., paid semi-annually (13.15 percent AER).

The company has received in-principle approval from the Colombo Stock Exchange (CSE) to list the debt instrument.

Shares closed at 85.80 rupees, down 1.38 percent. (Colombo/September10/2026)

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Sri Lanka’s Senthilverl Holdings tops 10-pct stake in Sarvodaya Finance

ECONOMYNEXT — Sri Lanka’s Senthilverl Holdings has increased its stake in Sarvodaya Development Finance beyond the 10 percent following a market transaction, a market filing showed.

The transaction on September 9, through broker Almas Equities, involved the purchase of 750,000 voting shares at prices ranging between 39.70 rupees and 41.00 rupees per share.

Prior to the trade, Senthilverl Holdings held 14,633,597 shares, representing a 9.78 percent stake in the finance company as of September 8, 2026.

Following the acquisition, the total shareholding rose to 15,383,597 shares, bringing the resulting stake to 10.28 percent of the company’s total issued share capital of 149,596,052 shares.

Sarvodaya Development Finance shares were trading at 39.60 rupees, down 3.41 percent. (Colombo/September10/2026)

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Sri Lanka telco regulator launches automated equipment clearance platform

ECONOMYNEXT — The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has launched an automated online platform to clear imported telecommunications equipment, replacing a manual process.

The new Equipment Clearance System (ECS) enables importers to secure necessary regulatory recommendations online for Sri Lanka Customs and the Controller of Imports and Exports.
The first phase of the system targets terminal equipment due to high market demand and import volumes.

The platform handles three main functions: issuing type approval certificates to verify that equipment models meet national standards, granting clearance for IMEI-enabled devices such as mobile phones and routers, and approving non-IMEI equipment including Internet of Things (IoT) hardware.

It also processes permissions for items brought into Sri Lanka on a temporary basis for re-export.

Clearances for devices using standard SIMs or eSIMs are administered under the Radio and Telecommunications Terminal Equipment Type Approval Rules 2020 gazette.

“Only equipment that strictly complies with the specifications outlined in that gazette will be processed through this system,” TRCSL official Amani Priyadarshani said.

The platform establishes login portals and sets specific annual limits across three user categories.

Under the system, private individuals can request clearance for up to five devices per year, while institutional applicants are permitted to clear up to 10 devices annually for corporate use.

Meanwhile, registered commercial vendors have a dedicated portal to apply for bulk imports for commercial sale, alongside the ability to import up to two units per model for technical evaluation and type approval.

The system is accessible at https://ecs.trc.gov.lk](https://ecs.trc.gov.lk or through the TRCSL official website under the equipment clearance section.

Licensed vendors are issued login credentials following their registration, TRCSL official Shashika Pannilage said, while individuals and institutional users can register through the site.

Applicants can track the progress of their submissions in real time, with notifications sent by SMS and registered email at key stages.

The TRCSL has set up user guides on the site and opened a technical help desk accessible by telephone at 1900 (extension 4105) or via email at ecshelpdesk@trc.gov.lk. (Colombo/Sep10/2026)

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Sri Lanka stocks close lower on Thursday, banking leads turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Thursday trading, CSE data showed, with the benchmark All Share Price Index moving down 0.44 percent.

The ASPI was down 93.55 points at 21,372.45, while the more liquid S&P SL20 was down 0.39 percent, or 23.80 points, at 6,010.07.

Positive contributors to the ASPI were Aitken Spence (up 1.61 percent at 142.00 rupees), Ceylinco Holdings (up 0.85 percent at 2,925.00 rupees), Sampath Bank (up 0.36 percent at 139.50 rupees), Richard Pieris and Company (up 1.13 percent at 26.90 rupees), and The Colombo Fort Land & Building Company (up 3.03 percent at 57.80 rupees).

Melstacorp (down 1.85 percent at 186.00 rupees), Dialog Axiata (down 1.24 percent at 47.90 rupees), Cargills (Ceylon) (down 2.00 percent at 675.00 rupees), and RIL Property (down 3.21 percent at 24.10 rupees) were top negative contributors.

Market turnover was 1.45 billion rupees. Banks led the day’s turnover with 600.63 million rupees.

Senthilverl Holdings, through Almas Equities, purchased 750,000 shares of Sarvodaya Development Finance on September 9, at prices ranging between 39.70 and LKR 41.00 per share.

The acquisition increased its total holding from 14,633,597 shares (9.78%) to 15,383,597 shares, taking its stake to 10.28% and exceeding the 10% threshold required for disclosure under Section 36 of Sri Lanka’s Take-Overs & Mergers Code.

Sarvodaya Development Finance shares were trading at 39.60 rupees, down 3.41 percent.
(Colombo/September10/2026)

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