Monday, October 10, 2011

Softlogic buys Asian Alliance

Sri Lanka's Softlogic Holdings group is buying a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for Rs 3,308 million, the company said in a stock exchange filing. Softlogic Holdings group will buy 53.16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.36 percent held by another shareholder, Fast Gain International. Softlogic Capital, a unit of Softlogic Holdings will buy 51 percent of Asian Alliance for Rs 2,295 million. Softlogic Holdings will buy 22.53 percent of the insurer for Rs 1,013 million.

Asian Alliance has general and life businesses. Sri Lankan insurers are now making losses on most of their general business.

Softlogic Holding's stock issued at Rs 29 at an IPO fell as low as Rs 16.20 before picking up to around Rs 21.50 in early trade. (LBO)

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