ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed higher on Friday, CSE data showed, with the benchmark All Share Price Index moving up 1.07 percent.

The ASPI was up 213.90 points at 20,185.05, while the more liquid S&P SL20 was up 0.82 percent, or 46.74 points, at 5,745.76.

Positive contributors to the ASPI were Dialog Axiata (up 3.53 percent at 44.00 rupees), Ceylon Cold Stores (up 3.63 percent at 121.25 rupees), Distilleries Company of Sri Lanka (up 2.95 percent at 52.30 rupees), Hatton National Bank (up 0.80 percent at 378.00 rupees), and Softlogic Capital (up 15.38 percent at 9.00 rupees).

Carson Cumberbatch (down 3.07 percent at 678.50 rupees), LOLC Finance (down 2.08 percent at 4.70 rupees), Vallibel One (down 1.05 percent at 85.00 rupees), and Ceylon Tobacco Company (down 0.44 percent at 1,770.25 rupees) were top negative contributors.

Market turnover was 1.14 billion rupees. The Materials Industry Group led turnover with 273.33 million rupees, followed by the Banks Industry Group with 236.3 million rupees.

Crossings were observed in CIC Holdings, Seylan Bank, Distilleries Company of Sri Lanka, and People’s Leasing & Finance, with the largest crossing recorded in CIC Holdings at 46.5 million rupees, according to Dewangi De Silva, Assistant Manager – Research at NDB Securities.

Renewable energy firm Vidullanka said it received a Letter of Acceptance for a 1.35 million US dollar mini hydro Engineering, Procurement, and Construction (EPC) contract in Fiji. Awarded by the Department of Energy under Fiji’s Ministry of Public Works, Meteorological Services and Transport, the turnkey EPC project covers the design, supply, installation, testing, and commissioning of a 100-kilowatt mini hydro plant at Buca Village, marking the group’s entry into the Pacific island region. (Colombo/Oct16/2026)

ECONOMYNEXT – A delegation from Kurdistan Iraq visiting Sri Lanka have discussed expanding trade beyond tea to other sectors, the Ceylon Chamber of Commerce said.

The team, who were in the country to participate in the Sri Lanka Economic & Investment Summit 2026, expressed interest in exploring further business and investment opportunities, the chamber said.

“Discussions covered expanding trade beyond tea, Sri Lanka’s traditional export to Iraq, with potential in food and beverages, agriculture, food manufacturing for export, higher education and tourism.”

The chamber was committed to facilitating business connections and supporting investment opportunities between the two markets Chairperson Krishan Balendra said.

The team invited the chamber to visit Kurdistan to explore opportunities in the region, identifying opportunities for further engagement to develop new commercial links across several sectors. (Colombo/Oct16/2026)

ECONOMYNEXT — Sri Lanka energy firm Vidullanka has received a Letter of Acceptance for a 1.35 million US dollar mini hydro Engineering, Procurement, and Construction (EPC) contract in Fiji, the company said in a market filing.

The contract was awarded by the Department of Energy under Fiji’s Ministry of Public Works, Meteorological Services and Transport.

Under the project scope, Vidullanka will execute the turnkey EPC works, covering the design, supply, installation, testing, and commissioning of a 100-kilowatt (kW) mini hydro facility located at Buca Village in Fiji.

“This contract marks Vidullanka PLC’s entry into the Pacific island region’s renewable energy sector, building upon the Group’s established track record of international EPC execution in South America (Guyana) and East Africa,” the company said.

The company had submitted its original bid for the tender on December 18, 2025, and received the official Letter of Acceptance dated October 13, 2026.

“The award further reinforces the Group’s strategy to diversify its revenue streams into foreign-currency-denominated EPC and specialized technical engineering service contracts,” the company stated.

Vidullanka said it will now complete the procedural and administrative formalities required under the tender conditions leading up to the execution of the formal agreement with the Fijian awarding agency.

The company added that further disclosures will be made to the Colombo Stock Exchange once the formal contracts are signed. (Colombo/Oct16/2026)

ECONOMYNEXT – The United States has announced a 17 million US dollar grant to modernise digital systems and maritime documentation at the Port of Colombo, the Sri Lanka Ports Authority (SLPA) said.

US Ambassador to Sri Lanka Eric Stern Meyer announced the grant during a visit to the Colombo port, following discussions with senior maritime officials and government ministers.

“Powered by U.S. innovation and expertise, we will accelerate Sri Lanka’s port modernization, strengthen U.S. supply chains, and create opportunities for American technology firms,” Meyer said.

The funding is aimed at upgrading Sri Lanka’s Maritime Single Window and Port Community System, which manage documentation, regulatory clearances, and data sharing across the port.

“This funding will support the digital infrastructure used for maritime documentation, regulatory procedures, and information exchange among port stakeholders,” Meyer said.

The planned digital upgrade is designed to improve coordination between the SLPA, Customs, terminal operators, shipping lines, and other key agencies involved in daily cargo handling.

“Better integration of maritime data and administrative processes will reduce paperwork, improve cargo clearance, and support more efficient vessel and cargo operations,” SLPA Chairman Parakrama Dissanayake said.

Modernising these core digital systems is vital to strengthening trade facilitation at the Port of Colombo, which operates as a primary transshipment hub in the Indian Ocean, officials noted. (Colombo/Oct16/2026)

ECONOMYNEXT – Sri Lanka’s Amana Takaful Insurance has introduced live motor claim tracking and digital document submission through its mobile application to enhance customer transparency.

The updated platform features trilingual capabilities in English, Sinhala, and Tamil to improve accessibility across Sri Lanka.

The new Motor Claims Workflow lets customers track the status and progress of their motor claims through the app.

“This enables customers to remain informed at each stage of the process without having to rely solely on traditional follow-up channels,” the company said.

Customers can also digitally submit the documents required to support the settlement of their claims.

Necessary supporting documents can be uploaded through the mobile app.

“By combining real-time visibility into the claims journey, digital document submission and access in all three languages, Amana Takaful continues to make its services more transparent, convenient and accessible to customers across the country.” (Colombo/Oct16/2026)

ECONOMYNEXT – Sri Lanka’s SMB Finance PLC has appointed Lansage Ajith Prasanna Medis as chief executive officer of the company with effect from October 16.

Medis does not have a relevant interest in shares issued by the company, SMB Finance said in a market filing.

A brief profile provided by the company is reproduced below:

Professor Ajith Medis has extensive experience in academia, financial services, business strategy, and management.

He joined academia in 2002 after a decade of working with LOLC, People’s Merchant Bank, and Mitsui & Company.

He previously held senior positions in the financial services sector, including Chief Executive Officer of PMF Finance PLC, Director of Alliance Finance PLC, Overseas Consultant to the Indian School of Business in Hyderabad, and many others.

He has also provided consultancy services to over 30 finance companies in various capacities, both local and overseas.

His expertise includes implementing turnaround strategies for ailing entities, enhancing top- and bottom-line performance for growth, and restoring corporate fundamentals.

Professor Medis holds a Bachelor of Commerce (Special Honors) degree from the University of Kelaniya, a Master of Business Administration from the University of Sri Jayewardenepura, and a PhD in Strategy from Management and Science University, Malaysia.

He also holds a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing in the UK and a Certified Management Accountant qualification from Australia.

His combined academic expertise, financial-sector experience, and strategic management background will contribute to the leadership and future development of SMB Finance PLC. (Colombo/Oct16/2026)