TKS Finance Limited (TKSF), a Licensed Finance Company under the Finance Business Act, No. 42 of 2011 (FBA), has continuously been violating/contravening the provisions of the FBA and several Directions and Rules issued thereunder. Further, financial condition of TKSF is not satisfactory due to deficient capital level, poor asset quality, continuous losses and failure in repaying depositors’ money on demand or at maturity, etc.

Despite several time extensions granted to TKSF by the Monetary Board of the Central Bank of Sri Lanka (Monetary Board) to comply with the provisions of the FBA and Directions and Rules issued thereunder, no satisfactory progress was made in order to revive the critical condition of TKSF and to comply with such provisions, directions and rules.

Manufacturing activities continued to expand at a higher rate in August 2019, recording an index value of 56.6 which is an increase of 0.9 index points, compared to July 2019. This expansion in manufacturing PMI was mainly attributable to the increase in Production and New Orders, especially in manufacturing of food & beverages and textiles & wearing apparel sectors to meet the upcoming festive season demand. Further, Employment increased, yet at a slower rate, during the month of August especially with the increase in employment in food & beverages sector while, many respondents in the textile and apparel industry highlighted that the labour availability in the market was low.

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