Tuesday, September 20, 2011

RPC group decides to sell AAI stake

Confirming yesterday’s Mirror Business lead story, Secretaries to Richard Pieris Company PLC (RPC) and Richard Pieris Distributors Limited (RPD) in a Stock Exchange filing said that they have accepted the mandatory offer made by Softlogic Capital Limited to purchase the shares of Asian Alliance Insurance PLC (AAI) held by them at Rs.120 per share.

“Hence, RPC will dispose 5,629,900 shares for a total consideration of Rs.675.5 million and RPD will dispose 3, 750, 937 shares for a total consideration of Rs.450 million,” the filing said.

RPC and RPD together hold 25 percent stake in AAI. Ashok Pathirage led Softlogic group acquired 73.5 percent of AAI in mid August for Rs.3.3 billion. (IS)

source - www.dailymirror.lk

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