Ending a long-standing speculation, Softlogic Holdings yesterday revealed that the group is buying 73.5 percent stake in Asian Alliance Insurance, a listed insurer for approximately Rs.3.3 billion.
Softlogic Holding group is planning to 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.
According to the stock exchange filing by the company Softlogic Capital, a unit of Softlogic Holdings will buy 51 percent of Asian Alliance for Rs.2.2 billion.
Softlogic Holdings will buy 22.53 percent of the insurer for Rs.1.1 billion.
Asian Alliance has business interest in both general and life insurance businesses.
source - www.dailymirror.lk
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