News & market updates

BPPL Holdings' Beira Brush will acquire Ravi Industries' customer base and the 'Ravi' trademark under a business transfer agreement with a minimum five-year, performance-linked consideration of Rs. 300,000,000. Payments are annual and tied to revenue, and BPPL plans to integrate production to unlock synergies.

The Free Trade Zone Manufacturers' Association urged the government to operationalise power wheeling, lower industrial energy costs and set up dedicated fuel stations in Katunayake and Biyagama to protect export manufacturing competitiveness. The group also asked for a review of industrial diesel pricing.

The Sri Lanka Shippers' Council urged sweeping trade facilitation reforms to eliminate hidden logistics costs and accelerate digitalisation to boost exporters' competitiveness, speaking at its 60th anniversary and 56th AGM.

Sri Lanka's tourism crossed the 1.2 million visitor milestone in early July after 71,383 arrivals during July 1–12, though YTD arrivals remain 2% below 2025. India is the largest source market and China has overtaken Russia as the third-largest source for 2026.

Alpha Fire Services PLC will acquire 100% of Icon Engineering for Rs. 260 million via a share swap issuing 9,122,807 new Alpha Fire shares; the combined operations are expected to generate over Rs. 1 billion in revenue and raise profitability by 30%. The transaction is a related-party major transaction and is subject to CSE and shareholder approvals.

The Treasury raised the full Rs.150 billion offered at the first-phase bond auction, with weighted average yields of 11.57% (15.10.2030), 12.04% (15.10.2034) and 12.58% (01.07.2037). Money-market liquidity rose to Rs.152.35 billion and USD/LKR closed near 336.00/336.25.

Global markets fell sharply as Gulf tensions and Iran's claim to have closed the Strait of Hormuz drove Brent crude up 4.3% to $79.31/bbl, lifting bond yields and reviving inflation and interest-rate tightening concerns.

Insurance industry GWP rose 24.54% to Rs.114,863 million in 1Q 2026 from Rs.92,229 million a year earlier. Total assets grew 16.65% to Rs.1,478,777 million and industry PBT edged up 3.14% to Rs.9,978 million, with Life PBT down 11.5% and General PBT up 28.1%.

The ASPI fell 1.07% (233.18 points) to 21,532.38 as investors sold amid renewed Middle East conflict concerns. Market turnover was over Rs 1bn, foreign investors were net sellers of about Rs 56mn, with banks and food & beverage sectors leading activity.

Sri Lanka rupee quoted at 336.30/50 per US dollar, slightly weaker than 336.00/20 the previous day; bond yields were slightly higher after recent government bond sales. Rs120,000 million Treasury bills auction is scheduled for July 15.

BPPL Holdings' subsidiary Beira Brush will acquire Ravi Industries' customer base and the 'Ravi' trademark for a minimum of Rs300mn, payable over five years and linked to revenue.

Oil rose about 2% to a four-week high as the US and Iran stepped up attacks in the Strait of Hormuz and the US reinstated a naval blockade; Brent was $84.98/bbl and WTI $79.79/bbl.

Sri Lanka sold Rs150 billion of government bonds across 2030, 2034 and 2037 maturities, with average yields of 11.57%, 12.04% and 12.58% respectively; all offered amounts were sold and are available on tap.

Commercial Bank of Ceylon (COMB.N0000) will list Rs20 billion of Basel III-compliant unsecured subordinated debentures at 13.00% and 13.25%; an initial 100 million units at Rs100 each will be offered and subscription opens July 16.

Emirates is offering a seasonal strawberry menu on Dubai–UK flights from 13–31 July with strawberry desserts across all cabin classes. Emirates SkyCargo has transported more than 230 tonnes of British strawberries to the UAE since March 2026, partly sourced from Bustanica vertical farm.

Short Circuit appointed five senior leaders across its portfolio: Lahiru Dissanayake as CEO, Kasun Delgolla as CTO, Mevan Perera as CMO (Surge Global & Calcey), Yohan Wijesiriwardane as CEO of Payable, and Steve Ludewyke as CPO of SurgeOS. The restructure shifts the group from a founder-led model toward a leadership-led platform to scale its technology, payments and product businesses.

Logical, a Sri Lankan-founded AI startup, was accepted into Y Combinator and has raised over LKR 150 million to develop a proactive desktop AI copilot for knowledge workers.

CSE and the SEC will host investor forums in Monaragala on 16 July and Batticaloa on 18 July to broaden investor participation. Both free forums will feature CSE, SEC and CBSL presentations, stockbroker and unit trust representatives for on-site account openings (first 200 to open accounts receive a coupon).

Vietjet will launch direct Colombo–Ho Chi Minh City flights on 18 August 2026. The airline was also named among HR Asia’s Best Companies to Work For in Asia and won an HR Asia DE&I Award ahead of the route launch.

Sri Lanka promoted luxury tourism at ILTM Asia Pacific 2026 in Singapore, showcasing a Sri Lanka pavilion and holding business meetings with international luxury travel buyers; 15 companies participated, including Ceylon Roots (LOLC Holdings PLC).

The Sri Lanka Institute of Directors will host the Sri Lanka Corporate Director Summit 2026 on 22 July at the Cinnamon Grand Colombo, featuring speakers such as H.E. Mohamed Nasheed, Selva Pankaj and Duleesha Kulasooriya to discuss boards' shift from compliance to sustainable growth, AI and cyber governance.

A 31-member Indian SME delegation from the Federation of Indian Export Organisations held B2B networking sessions with Sri Lankan businesses at the Ceylon Chamber (8–10 July 2026) to explore trade, sourcing and partnership opportunities across pharmaceuticals, engineering, apparel, food/agriculture and infrastructure.

Ceylon Chamber launches 'Scale Up 2.0', its National SME Forum on 11 August 2026 at Taj Samudra, Colombo, to connect SMEs with buyers, financial institutions, policymakers and support organisations to boost market access, finance, standards and value‑chain integration.

Lanka IOC PLC held its 24th AGM on 09 July 2026 where shareholders approved the audited financial statements for the year ended 31 March 2026 and declared a dividend. The board highlighted strategic priorities including digital transformation, retail network expansion, growth in lubricants/petrochemicals, and pursuit of EV charging and renewable energy projects.

Sri Lanka's High Commission in the UK held a roundtable on 3 July with the SLUKCC and UK officials to strengthen bilateral economic ties and promote Sri Lanka EXPO 2027 in Colombo. Discussions covered macroeconomic reforms, trade and tourism, the UK's DCTS, education partnerships, technology investment and a planned Business Forum in September.

The fourth annual Zero Chance art and essay competition, organized by the Australian Government and Sri Lanka's Ministry of Education, honored 164 top-three winners from 2,265 entries at a July 11, 2026 ceremony to highlight the dangers of illegal maritime migration. An additional 55 students received certificates and select winners will be awarded scholarships.

Janathakshan, funded by The Coca‑Cola Foundation, concluded the SWYFT project (Aug 2024–May 2026), establishing five MCPCs, launching Sri Lanka's first hydro-powered MCPC with Thalawakelle Plantation (Hayleys Group), and distributing eight electric three-wheelers and 15 e-bikes.

Yashoravi Bakmiwewa was appointed as the 14th Director General of the Employers' Federation of Ceylon, the first female DG of the EFC and the first woman to head an Employers' Business Member Organisation in South Asia. She succeeds Vajira Ellepola and has over 16 years' service at the EFC with legal and labour-relations credentials.

Mastercard is the Title Partner for the Data Privacy and Protection Summit 2026, scheduled for 23 July at Cinnamon Grand Colombo. With PDPA enforcement imminent, the summit will focus on data governance, AI-related risks and compliance issues relevant to hotel operators and other businesses.