Sri Lanka’s NITF to pay Rs6mn to families of slain jailers in Negombo Prison riot

Monday July 13, 2026 4:00 pm ECONOMYNEXT — Sri Lanka’s National Insurance Trust Fund (NITF) will pay 6 million rupees in compensation to families of eight prison officers who died in the Negombo prison riot last week, officials said. Officials of the statutory board said all eig…

Monday July 13, 2026 4:00 pm

ECONOMYNEXT — Sri Lanka’s National Insurance Trust Fund (NITF) will pay 6 million rupees in compensation to families of eight prison officers who died in the Negombo prison riot last week, officials said. Officials of the statutory board said all eight were registered under the ‘Agrahara Gold’ medical and life insurance scheme. “We have taken a very prompt decision to pay these death claims as quickly as possible,” Nuwan Dissanayake, Assistant Manager (Marketing) of the National Insurance Trust Fund said, noting that preliminary data has already been exchanged with the Department of Prisons head office. The total allocation of 6 million rupees will be distributed among the beneficiaries once formal claim applications are completed. All eight victims were married, and the compensation will be directed to their surviving spouses and children. The Agrahara insurance scheme is a mandatory health and life cover designed for Sri Lanka’s public sector employees, managed exclusively by the NITF to provide a social safety net during critical mishaps. Officials reiterated that the NITF remains positioned as a crucial state apparatus to fulfill the government’s welfare obligations during unexpected disasters, ensuring the Negombo claims will be completely processed within the coming days. (Colombo/July13/2026)

Monday July 13, 2026 3:50 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Monday trading, CSE data showed, with the benchmark All Share Price Index moving down 1.07 percent as the war situation in West Asia escalated. The ASPI was down 233.18 points at 21,532.38, while the more liquid S&P SL20 was down 0.68 percent, or 41.52 points, at 6,035.94. Analysts said that the market reflected the newly escalated situation in West Asia, as the US and Iran continued to exchange missile strikes amid ongoing tensions over shipping through the Strait of Hormuz. Positive contributors to the ASPI were Bukit Darah (up 1.68 percent at 864.25 rupees), Richard Pieris and Company (up 1.64 percent at 31.00 rupees), and Citizens Development Business Finance (up 1.46 percent at 41.60 rupees). CT Holdings (down 7.94 percent at 501.75 rupees), Commercial Bank of Ceylon (down 1.10 percent at 203.00 rupees), Sampath Bank (down 1.08 percent at 137.25 rupees), Melstacorp (down 1.21 percent at 183.25 rupees), and Hatton National Bank (down 0.76 percent at 394.00 rupees) were top negative contributors. Market turnover was 1.04 billion rupees. Banks led turnover with 280.3 million rupees. Palm Garden Hotels announced it is not in compliance with the Minimum Public Holding Requirement under CSE rules, reporting a public holding percentage of 1.08 percent and a float-adjusted market capitalization of 288.1 million rupees. Meanwhile, People’s Leasing & Finance listed 59,766,864 ordinary voting shares with effect from July 13, 2026, pursuant to a scrip dividend. Shares closed down 0.47 percent at Rs.21.00. (Colombo/July13/2026)

Monday July 13, 2026 3:47 pm

ECONOMYNEXT – Sri Lanka and Uzbekistan have signed an agreement establishing a formal framework for regular bilateral dialogue and enhanced cooperation between the two countries, the Ministry of Foreign Affairs said. “The MoU reflects the shared commitment of both countries to further deepen engagement and strengthen institutional linkages across areas of mutual interest.” The two foreign ministries held political consultations in Tashkent, Uzbekistan last week. The Sri Lankan delegation was led by ministry secretary Aruni Ranaraja, while the Uzbek delegation was headed by First Deputy Minister of Foreign Affairs of Uzbekistan Aloyev Bakhrom. Sri Lanka is interested in expanding its engagement with the Central Asian region, Ranaraja was quoted as saying, particularly with Uzbekistan, recognizing the country’s location as a vital link between Asia and Europe, its ongoing economic transformation, and its growing contribution to regional connectivity and integration. The consultations reviewed the status of bilateral relations, helped exchange views on matters of mutual interest, and identify new avenues for cooperation and partnership. Both sides highlighted trade, tourism, logistics, and education as key sectors with significant potential for cooperation. The two sides emphasized the need to diversify bilateral trade, increase trade volumes, and promote mutually beneficial investment opportunities. The two sides have commenced seasonal charter flights from Uzbekistan to Sri Lanka. Sri Lanka Tourism was invited to participate in the Tashkent International Tourism Fair, scheduled to be held in September 2026. Ranaraja also met Deputy Minister of Investment, Industry and Trade of Uzbekistan, Shokhrukh K Gulamov where both sides agreed to formulate measures to expand and diversify bilateral trade, particularly cooperation in apparel manufacturing, tea packaging, seafood exports, and the gem and jewellery industry. Ranaraja met Deputy Minister of Sports Avaz Karimov, Chairman and Adviser of the Chamber of Commerce and Industry of Uzbekistan Alisher Shaykhov, and Deputy Chairman of the Tourism Committee Sandjar Tadjiev, to discuss opportunities for further collaboration in sports, trade and investment, and tourism. The Second Round of Political Consultations is due to be held in Colombo in 2027. (Colombo/Jul13/2026)

Monday July 13, 2026 2:31 pm

ECONOMYNEXT – Sri Lanka’s private sector trade body has met Belarusian Ambassador Mikhail Kasko to discuss how closer private-sector ties could lead to more trade opportunities between the two countries. “Discussions explored sectors that can complement each other, including Belarusian expertise in sectors including machinery, agriculture and pharmaceuticals, alongside Sri Lankan strengths in apparel, tea, coconut products, spices and fresh produce,” the Ceylon Chamber of Commerce said. Ambassador Kasko also emphasised that direct air connectivity could increase tourism and strengthen trade in fresh produce, for which “there is immense potential”. Sri Lanka and Belarus signed several agreements on bilateral cooperation in health care and education, and a bilateral Air Services Agreement during Foreign Minister Vijitha Herath’s visit to the Eastern European country in May this year. The two countries commemorated the 25th Anniversary of the establishment of diplomatic relations last year. (Colombo/Jul13/2026)

Monday July 13, 2026 1:23 pm

ECONOMYNEXT – The Ceylon Chamber of Commerce’s National SME Forum 2026, Scale Up 2.0, will link Sri Lanka’s small and medium enterprises with key stakeholders and resources to overcome growth barriers, the trade body said. The forum will help SMEs face challenges in accessing markets, securing finance, meeting evolving business requirements and integrating into local and global value chains, the chamber said. “The forum will enable SMEs to engage directly with buyers, financial institutions, policymakers and business support organisations, helping them identify opportunities, access relevant resources and build the connections needed to strengthen their operations and grow their businesses.” The event brings together policymakers, business leaders, financial institutions, development partners, and small and medium enterprises (SMEs). It will feature a plenary on national priorities for SME development, followed by three technical sessions examining market access and value chain integration, standards and certification, and strategies for scaling mid-sized enterprises through improved investment readiness and access to finance. The forum will also include a B2B networking segment, enabling businesses to take the initiative by starting conversations, exploring partnerships, identifying financing options and accessing support services to help them address growth challenges. The event will take place on August 11 at the Taj Samudra, Colombo, under the theme “Connected, Competitive, Ready to Grow”. Registrations for the National SME Forum 2026 are now open. For registrations and further information, visit https://event.chamber.lk/event-register/486 or contact Nirosha – 0115588879 or Ravi – 0115588807 (Colombo/Jul13/2026)

Monday July 13, 2026 12:04 pm

ECONOMYNEXT — Sri Lanka’s Alpha Fire Services PLC has announced plans to acquire Icon Engineering Enterprises (Pvt) Ltd for 260 million rupees in a share-swap deal, in a move it says will expand its footprint into the Maldives and propel group revenues past the 1 billion rupee milestone, a market filing showed. The fire protection service provider informed the Colombo Stock Exchange that it had resolved to acquire 10,000 shares, representing 100 percent of the issued capital of Icon Engineering. The transaction will be settled via a private placement issuing 9,122,807 new ordinary voting shares to the selling shareholders. The swap ratio is fixed at 912.2807 new ordinary shares for every single share held in Icon Engineering, valuing the new issuance at 28.50 rupees per share based on an independent valuation conducted by KPMG. Icon Engineering specializes in heating, ventilation, and air conditioning (HVAC) solutions across Sri Lanka and the Maldives. Following the culmination of the transaction, the new investors will collectively hold a 19.38 percent stake in Alpha Fire Services. Alpha Fire Services said the acquisition marks a milestone in its long-term strategy to transform into a comprehensive mechanical, electrical, and plumbing (MEP) turnkey solutions provider. By pairing its fire protection capabilities with Icon’s HVAC expertise, the company expects to substantially improve overall profitability by a projected 30 percent. Furthermore, project operations within the Maldives are anticipated to generate valuable foreign currency inflows in US dollars. The transaction is classified as a major transaction under the Companies Act and constitutes a Related Party Transaction. The selling shareholders include Mayfair Capital (Pvt) Ltd, alongside company directors K.M.A. Viraj Fernando and J.A.R. Wijeyesinghe. The Related Party Transactions Review Committee has confirmed that the deal is structured on an arm’s length basis and remains non-prejudicial to minority shareholders. (Colombo/July13/2026)

Monday July 13, 2026 12:00 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange saw red during Monday trading, CSE data showed, with the benchmark All Share Price Index moving down 0.40 percent. The ASPI was down 86.60 points at 21,678.96, while the more liquid S&P SL20 was down 0.33 percent, or 19.80 points, at 6,057.66. Positive contributors to the ASPI were Cargills (Ceylon) (up 3.22 percent at 650.00 rupees), Richard Pieris and Company (up 2.30 percent at 31.20 rupees), and Citizens Development Business Finance (up 2.44 percent at 42.00 rupees). Commercial Bank of Ceylon (down 0.61 percent at 204.00 rupees), John Keells Holdings (down 0.50 percent at 19.90 rupees), RIL Property (down 2.39 percent at 24.50 rupees), Digital Mobility Solutions Lanka (down 1.19 percent at 165.75 rupees), and Sampath Bank (down 0.18 percent at 138.50 rupees) were top negative contributors. Market turnover was 194.1 million rupees. Materials led turnover with 37.4 million rupees. Alpha Fire Services announced a proposed strategic expansion to acquire the entirety of Icon Engineering Enterprises, a company specializing in Heating, Ventilation, and Air Conditioning (HVAC) solutions, via a private placement share swap. Following the acquisition, collective group revenue is expected to surpass 1 billion rupees with an anticipated 30 percent increase in overall profitability, alongside foreign currency inflows from projects in the Maldives. (Colombo/July13/2026)