Thursday, December 20, 2012

Asian Alliance to sell stake to two foreign buyers

Germany’s DEG and Dutch state-owned development bank FMO will be purchasing a 38 percent stake in Asian Alliance Insurance PLC (AAI) in which Softlogic group has over 95 percent.

The Rs. 1.8 billion transaction at a price of Rs. 128 per share, will take place via the Colombo Stock Exchange and is expected to be completed by early January 2013 with both parties holding an equal 19% stake.

Subsequent to the completion of the transaction, both FMO and DEG will also nominate a director to the Board of Directors of AAI.

The transaction and appointment of directors will only occur subsequent to regulatory approval from the Insurance Board of Sri Lanka.

AAI is composite insurer engaged in both life and general insurance and is a company under the Softlogic Group.

source -

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