Vidullanka breaks new ground with Sri Lanka's first-ever listed Sukuk

RENEWABLE energy company Vidullanka PLC yesterday announced the launch of the country's first listed Sukuk, a Shariah-compliant debt instrument, signalling a bold step towards ethical investing and capital market diversification.

- BY JANANI KANDARAMAGE

Vidullanka CEO Riyaz Sangani observed the Sukuk listing as more than just a financing initiative for the company.

"This Sukuk, while important for Vidullanka, is a much bigger step for the finance industry and capital markets," he stated, positioning the move as a watershed moment in the evolution of Sri Lanka's financial instruments.

The issuance approved by both the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC) -marks the country's first-ever listed, rated, secured, and redeemable Sukuk, raising Rs. 500 million through 50,000 units priced at Rs. 100 each. With subscriptions set to open on 17 June, proceeds will be used to settle Rs. 400 million in short-term debt, with the remainder earmarked for working capital.