News & market updates

The 31st National Bartenders Competition completed all six regional rounds and advances to semi-finals on 15 June, with the Grand Finale on 26 June. Supported by IDL and organisers, the event featured a Master Class and one of the highest levels of female participation in its history.

Visakesa Chandrasekaram won the 33rd Gratiaen Prize for his book The Son and the Lover. The award was announced at Cinnamon Life at City of Dreams, with John Keells Foundation as primary sponsor and a record number of entries this year.

Prime Marina, a $57.6m joint-venture waterfront development at Port City Colombo, has secured reservations for 337 of 550 units ahead of groundbreaking. Construction is expected to finish within four years, with projected revenue over $250m and creation of around 1,000 direct and 5,000 indirect jobs.

24 Polish national contestants and 45 staff arrived in Sri Lanka for a 10-day program as part of the Miss Polski pageant, held in Sri Lanka for the first time. The SLTPB is staging the event across destinations including Sigiriya, Pasikuda, Nilaveli, Minneriya, Dambulla and Colombo to attract tourists.

Grand Park Arena has expanded into pickleball and will host Picklefest 2026 on 13–14 June at its Piliyandala venue. The festival-style event will include competitive categories, food, entertainment and sponsor activations, aiming to boost pickleball participation in Sri Lanka.

Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando said recent rupee depreciation — from about Rs.331.50/332.50 on Monday to Rs.336.00/338.00 on Friday — was driven by market forces, higher global fuel prices and FX demand, and denied it signals a broader economic crisis.

Tourism Deputy Minister Prof. Ruwan Ranasinghe received the 2026 SITF Eminent Tourism Pioneer Award at the 41st Seoul International Travel Fair on 4 June, becoming the first Sri Lankan recipient. The award highlights Sri Lanka's growing visibility in global tourism as the country seeks to expand arrivals and earnings.

Deputy Finance Minister Anil Jayantha said Sri Lanka's rupee is returning to a normal state through market forces, with the Central Bank's buying rate between 320–330 after a near four-year low of 354; he cited export, tourism and remittance inflows and interventions stabilising fuel-driven fluctuations.

State-owned enterprises' combined profit fell 17.6% to Rs. 444.4 billion in 2025, driven by the Ceylon Electricity Board's swing to a Rs. 38.7 billion loss. Excluding CEB, the remaining 50 SOEs posted a 21.5% rise in profits to Rs. 483.2 billion, with Bank of Ceylon the top contributor and several SOE and power-sector reforms advanced.

Air France–KLM appointed Rached Arfaoui as Regional Sales Manager for Offline Markets, covering 18 offline countries across the Indian subcontinent and the Middle East. The release notes Mack Air — the group's GSA in Sri Lanka since 2014 — is a fully owned subsidiary of John Keells Holdings PLC.

Aitken Spence PLC received SBTi validation for its emission reduction targets, becoming the first diversified holdings company in Sri Lanka to achieve this. The validation aligns the Group's decarbonisation pathway with science-based thresholds and supports its sustainability-driven investment and risk framework.

Pink Eagle Holdings is consolidating as a diversified Sri Lankan conglomerate, expanding globally across tea exports, logistics, food manufacturing, hospitality and digital retail. Milestones include Continental Tea/ADRA Ceylon's 10th anniversary, the Avanti freight app launch, and new food-manufacturing and retail initiatives.

Aitken Spence PLC reported FY26 PBT of Rs. 12.8 billion (up 18%) and PAT of Rs. 9.1 billion (Rs. 6.8 billion attributable to equity holders); tourism accounted for 61% of Group PBT and overseas operations contributed 61% of profits.

Aitken Spence PLC posted FY26 PBT of Rs. 12.8 billion (up 18%) and PAT of Rs. 9.1 billion (up 27%). Tourism was the main driver—accounting for 61% of group contribution—overseas operations provided 61% of profits, and the group secured SBTi-validated emission reduction targets.

Fitch upgraded the Maldives' Long-Term Foreign-Currency IDR to 'CCC-' from 'CC', citing eased default risks after successful repayment of its sukuk. Fitch nonetheless flagged high external and fiscal vulnerabilities, wide twin deficits, low reserves, and exposure to an Iran-war energy shock and tourism dependence.

Padel House has taken on two strategic investors—Mahela Jayawardene and Trade Promoters Ltd.—with M Power Capital Securities providing sell-side advisory. The transaction signals growing investor interest in lifestyle, sports and experiential businesses in Sri Lanka and increased demand for corporate finance advisory.

Emirates repurposed more than 88,000 kg of Economy Class plastic into new inflight serviceware and invested over AED 50 million in a closed-loop manufacturing model. The recycled products (up to 25% recycled content) are made with partner deSter at a Dubai facility using solar power and returned to service onboard flights.

Hilton Colombo is hosting 'A Turkish Affair', a 10-day Turkish culinary showcase at Graze Kitchen from 11–20 June 2026, priced at LKR 10,888 nett per adult. The event, held with Hilton Istanbul Bosphorus and guest chef Sercan Hamarat, includes a Turkish Airlines raffle for a return ticket.

IPG completed the Lanka Premier League 2026 Player Draft in Colombo, with the five franchises finalising squads from a strong pool of Sri Lankan and international players ahead of the sixth edition of the tournament.

Radisson Hotel Asia Pacific Investments assigned its rights under Galadari Hotels' 2023 hotel development and management agreements to affiliate Radisson Hospitality Belgium BV effective 1 Jan 2025. The Galadari, undergoing renovations funded by a Mashreq Bank loan, will operate as Radisson Blu Hotel Galadari Colombo after completion.

The Thinnai Hotel held Earth Day 2026 activities, running an art competition and environmental awareness session for Urumpurai Sandrothaya Vidyalayam students in Jaffna. Around 28 Grade 6–9 pupils participated and received guidance on garbage segregation and waste management.

Nyne Hotels reaffirmed its sustainability commitments and set 2030 targets including a 20% cut in greenhouse gas emissions, reduced water use and elimination of single-use plastics. The group is installing solar systems, water-saving fixtures and rainwater harvesting (up to 30% water savings) and pursuing Travelife certification at Rock Villa.

Cabinet approved a Rs. 1.475 billion '10 Cities Development Program' to modernise and brand 10 towns and boost their economic and tourism appeal, with 217 projects identified. Rs. 500 million was already earmarked in the Budget and the Transport, Highways and Urban Development Ministry will coordinate implementation.

Shangri-La Hambantota is marking its 10th anniversary with community, sustainability and colleague initiatives — including planting 100 mangroves, hosting an eye camp and a Vesak dansala for 2,000 villagers, and honouring more than 95 long‑serving team members.

The Geoffrey Bawa Trust completed restoration of the Butterfly Pond at Lunuganga and rehoused its 9,500-item archive into purpose-built archival facilities. The Trust also restored a Laki Senanayake mural, added climate-adaptive measures and runs training and public programmes.

KPMG in Sri Lanka appointed Sachiru Dayananda as Partner effective 1 June 2026. He has 14 years of experience at KPMG, wide industry exposure (including financial services, plantations, healthcare and hospitality) and expertise in LKAS/SLFRS and IFRS implementations.

Colombo market fell for a second day as ASPI slipped 0.39% to 22,177.65 and the S&P SL20 eased 0.32% to 6,130.65 on turnover of Rs.2.01bn. Notable moves: Ceylon Cold Stores, Haycarb and Pan Asia Banking gained, John Keells was flat, with mixed or retail interest in several other stocks.

Uva Greenlands Estate Ltd (Vella Group) signed a $5.1m BOI agreement to expand 98 Acres Resort & Spa in Ella in a two-phase project over 36 months, expected to create about 150 direct jobs and boost high-end tourism in the Uva region.