Tharindra Kulasinghe joins board of Sri Lanka’s Rockland

Tuesday May 12, 2026 9:56 am

ECONOMYNEXT – Rockland Group has appointed Tharindra Kulasinghe to its board as a non-executive director effective immediately.

“His appointment reflects Rockland’s forward-looking commitment to complementing its century-old family stewardship with independent expertise in areas critical to the company’s next phase of growth, particularly technology, digital infrastructure, and data-driven decision-making, the company said in a statement.

Kulasinghe has over 16 years of experience across global manufacturing, supply chain management, capital markets, and financial services, according to the statement, and holds a First Class Master of Engineering (MEng) in Mechanical Engineering with Business Management from the University of Warwick.

He is the chief information officer of Capital Alliance Limited (CAL) and will continue in this role alongside his new appointment.

Founded in 1924, Rockland Distilleries is a fourth-generation, family-owned enterprise. Its products include Ceylon Arrack and the Colombo No.7 Gin range. (Colombo/May12/2026)

Tuesday May 12, 2026 10:11 am

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 322.25/65 to the US dollar in the spot market on Tuesday, weaker from 322.00/30 the previous day, dealers said, while bond yields were steady ahead of the auction.

The rupee was quoted at 309.50/60 on December 30, 2025.

A bond maturing on 15.12.2028 was quoted at 9.75/80 percent.

A bond maturing on 15.10.2029 was quoted at 9.85/90 percent, down from 9.85/95 percent.

A bond maturing on 01.03.2030 was quoted flat at 10.05/10 percent.

A bond maturing on 01.07.2030 was quoted flat at 10.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 10.80/85 percent, up from 10.75/85 percent.

A bond maturing on 15.06.2034 was quoted at 11.18/22 percent, down from 11.15/25 percent.

An auction of 250,000 million rupee Treasury bonds was ongoing, and 80,000 million rupee Treasury bills are to be issued through an auction on Wednesday (13).

The telegraphic transfer rates for the American dollar were 318.5000 buying, 325.5000 selling; the British pound was 431.7738 buying, and 443.2190 selling, and the euro was 372.2660 buying, 383.8058 selling.

On the Colombo Stock Exchange, meanwhile, the All Share Price Index was up 0.14 percent, or 32.52 points, at 23,044; while the S&P SL20 was up 0.05 percent, or 3.46 points, at 6,303. (Colombo/May12/2026)

Monday May 11, 2026 7:28 pm

ECONOMYNEXT – Sri Lanka media owner Rayynor Silva’s Phantom Investments purchased Seylan Bank shares from NDB today, increasing its stake to its maximum limit, a source said.

The buying consortium between the investment firm and the bank was arranged by Asia Securities, the source who is privy of the deal told Economynext.

In October 2025, the investor bought out the remaining 5 percent shares of Seylan Bank that was previously held by business mogul Dhammika Perera.

The most recent purchase came as NDB announced its “disposal of 26,631,495 shares held in Seylan Bank PLC at a price of LKR 104 per share,” according to a disclosure released to CSE.

The NDB said it was a strategy to “exit a non-strategic investment upon identifying a suitable opportunity.”

NDB shares closed down 0.63 percent at Rs.117.75, while Seylan Bank shares closed up 0.24 percent at Rs.106.25.(Colombo/May11/2026)

Monday May 11, 2026 5:31 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 322.00/30 to the US dollar in the spot market on Monday, weaker from 321.70/90 the previous day, dealers said, while bond yields were steady.

The rupee was quoted at 309.50/60 on December 30, 2025.

A bond maturing on 15.12.2028 closed at 9.75/80 percent.

A bond maturing on 01.07.2028 closed at 9.65/75 percent, up from 9.65/70 percent.

A bond maturing on 15.10.2029 closed at 9.85/95 percent, down from 9.90/10.00 percent.

A bond maturing on 15.12.2029 closed flat at 9.90/10.00 percent.

A bond maturing on 01.07.2030 closed at 10.10/15 percent, up from 10.05/15 percent.

A bond maturing on 01.10.2032 closed at 10.75/85 percent, up from 10.65/75 percent.

A bond maturing on 01.06.2033 closed flat at 10.95/11.05 percent.

A bond maturing on 15.06.2034 closed at 11.15/25 percent, up from 11.12/17 percent.

250,000 million rupee Treasury bonds are to be issued at an auction on Tuesday (12), and 80,000 million rupee Treasury bills are to be issued through an auction on Wednesday (13). (Colombo/May11/2026)

Monday May 11, 2026 5:17 pm

ECONOMYNEXT – Sri Lanka energy firm Laugfs Power has completed the commissioning and grid connection of its 2MW mini hydro power plant in Polpitiya, Ginigathhena, on March 26, according to a market filing.

The project was formally acknowledged by the National System Operator on April 29.

“The project has been developed and implemented through PAMS Power (Private) Limited, a wholly owned subsidiary of Laugfs Power, the company said in its market filing, and is expected to produce renewable energy to support the national grid.

Laugfs Power shares were up 1.72 percent at Rs.11.80. (Colombo/May11/2026)

Monday May 11, 2026 5:00 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Monday, CSE data showed.

The All Share Price Index was down 0.23 percent, or 52.26 points, at 23,011.72.

The S&P SL20 was down 0.30 percent, or 19.22 points, at 6,300.02.

Top positive contributors to the ASPI were Melstacorp (up 0.66 percent at Rs.190.00), Hemas Holdings (up 1.21 percent at Rs.33.40), Citizens Development Business Finance (up 3.49 percent at Rs.44.50), and Richard Pieris and Company (up 1.45 percent at Rs.35.10).

Ceylinco Insurance (down 2.59 percent at Rs.3,200.00), Commercial Bank of Ceylon (down 0.83 percent at Rs.208.75), DFCC Bank (down 1.42 percent at Rs.139.00), and Colombo Dockyard (down 1.75 percent at Rs.140.75) were top negative contributors to ASPI.

Market turnover was 4.92 billion rupees. Banks led turnover with 3.04 billion rupees.

Crossings were recorded in Ceylon Land & Equity (14 million shares), Sampath Bank (250,000 shares), John Keells Holdings (1 million shares), Seylan Bank (200,000 shares), and Digital Mobility Solutions Lanka (330,000 shares).

Laugfs Power announced the commissioning and grid connection of its 2MW Mini Hydro Power Plant in Polpitiya, Ginigathhena on March 26.

Laugfs Power shares were up 1.72 percent at Rs.11.80.

Meanwhile, ACME Printing and Packaging issued a circular to propose reducing its stated capital to offset accumulated losses. The proposal, recommended by the Board to improve the balance sheet, will be put forward for shareholder approval at an Extraordinary General Meeting scheduled om June 11. Shares closed down 10 cents at Rs.6.20. (Colombo/May11/2026)

Monday May 11, 2026 4:31 pm

ECONOMYNEXT – The United States has removed a temporary ban it imposed on Sri Lanka’s blue swimming crabs after the island nation complied with the strict conditions of the Marine Mammal Protection Act (MMPA) imposed by the U.S. for the import of fish products, the Fisheries Ministry said.

U.S. authorities had temporarily banned the export of Sri Lanka’s blue swimming crabs in October last year after a lawsuit alleged that the administrative agency violated administrative procedures by denying comparability findings for 240 fisheries across 46 countries, including Sri Lanka’s swimming crabs.

“(The) National Oceanic and Atmospheric Administration (NOAA) NOAA reviewed its decision and granted approval based on scientific data and facts presented by the Department of Fisheries, the National Aquatic Resources Research and Development Agency (NARA), and other relevant sectors,” Sri Lanka’s Fisheries Ministry said in a statement.

“This follows Sri Lanka’s successful compliance with the strict conditions of the Marine Mammal Protection Act (MMPA) imposed by the United States for the import of fish products.”

The National Oceanic and Atmospheric Administration (NOAA), operating under the U.S. Department of Commerce, officially notified that Sri Lanka’s crab harvesting processes and related regulations are comparable in effectiveness to American standards, it said.

Although a U.S. court ruling in November 2025 had temporarily impacted these exports, NOAA reviewed its decision and granted approval based on scientific data and facts presented by the Department of Fisheries, NARA, and other relevant sectors.

With the latest approval, Sri Lanka has been granted the mandatory comparability finding certificate required to export fish products to the United States, it said.

“This official approval is valid until December 31, 2029, allowing for the uninterrupted export of Sri Lankan blue swimming crabs during this timeframe.”

“International recognition was given to Sri Lanka’s fishing methods, which ensure that marine mammals such as dolphins and whales are not harmed during the harvesting process.” (Colombo/May 11/2026)