Distilleries Company of Sri Lanka controlled by business tycoon Harry Jayawardena said it is seeking regulator clearance to launch an insurance company with a startup capital of 500 million rupees after losing control of a former state-owned insurance company, Lanka Business Online (LBO) reported today.
Distilleries Company said in a stock exchange filing that it is willing to increase the investment provision to a billion rupees if necessary. The new insurance company will be a fully-owned unit of Distilleries.
Distilleries Company is a unit of the unlisted Stassens group controlled by tycoon Harry Jayawardena who also has large stakes in the listed Hatton National Bank, Commercial Bank and National Development Bank.
source-www.dailymirror.lk
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