Hela Apparel Holdings PLC has announced that it has filed an application before the Commercial High Court seeking a court-ordered winding up of the company after its Board concluded that it is unable to pay its debts due to continuing liquidity constraints.

In a filing to the Colombo Stock Exchange, the company said its Board reviewed the financial position of the group, including its realisable assets, liabilities, liquidity levels, indebtedness, expected cash flows and creditor obligations before determining that Hela Apparel Holdings PLC and its subsidiaries, Hela Clothing (Private) Limited and Foundation Garments (Private) Limited, were unable to continue their businesses.

The Board resolved on August 4 to seek a court-ordered winding up under the Companies Act No. 7 of 2007, with applications filed before the Commercial High Court on August 5. The two subsidiaries have also submitted separate winding-up applications.

John Keells Holdings (JKH) has planned a significant expansion of its Consumer Foods portfolio by entering Sri Lanka’s Quick Service Restaurant (QSR) segment. This strategic move will be marked by the rollout of Wendy’s, a globally recognized restaurant brand.

The conglomerate confirmed that all relevant franchise agreements and necessary preliminary work have been concluded. This diversification signals JKH’s intent to capture a share of the fast-food market through an internationally established brand.

While the rollout is in its early stages, the company has set a clear timeline for its market entry. The first Wendy’s outlet is expected to open by December 2026. This move is part of a broader effort by JKH to diversify its interests and strengthen its presence within the consumer goods and services landscape in Sri Lanka.

A Sri Lankan founded artificial intelligence startup has achieved a major international milestone after being accepted into Y Combinator (YC), one of the world’s most prestigious startup accelerators, while also raising more than Rs. 150 million in initial funding to accelerate its global expansion.

Logical, founded by Sri Lankan engineers Samurdhi Karunaratne (Sam Karu) and Anushka Idamekorala, is believed to be the first startup established entirely by a Sri Lankan founding team to join the highly selective Silicon Valley accelerator. The investment provides the company with a strong platform to develop a globally competitive artificial intelligence product from the United States.

The company is developing a proactive desktop AI copilot designed for knowledge workers. Unlike conventional AI chatbots, Logical understands a user’s work context across multiple applications and proactively assists with drafting emails, preparing documents, summarising meetings, identifying action items and streamlining workflows with minimal prompting.

Chief Executive Officer Samurdhi Karunaratne said acceptance into Y Combinator reinforces the belief that Sri Lankan entrepreneurs should aspire to build globally significant technology companies. Co Founder and Chief Technology Officer Anushka Idamekorala added that the team’s ambition is to demonstrate that world class AI products can be created by Sri Lankan engineers competing on the global stage.

The two founders first met at Dharmaraja College, Kandy, before pursuing engineering degrees at the University of Peradeniya and the University of Moratuwa respectively. Both later continued advanced studies in the United States before launching Logical in Silicon Valley.

The achievement represents an important milestone for Sri Lanka’s innovation ecosystem, highlighting the country’s growing capability to produce globally competitive technology entrepreneurs and reinforcing its reputation as an emerging source of AI talent and deep technology innovation.