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Wednesday, July 13, 2011

Softlogic Holdings acquires Asian Alliance for Rs. 3.3bn

Softlogic Holdings PLC (SHL) has acquired a 73.53 stake in Asian Alliance Insurance PLC for a consideration of Rs. 3.3 billion, the company announced.

SHL and its subsidiary Softlogic Capital Ltd have entered in to a share purchase agreement with Asia Capital PLC to acquire a 53.16 percent stake in Asian Alliance and 20.36 percent held with Fast Gain International Ltd. SHL will pay Rs. 120 per share for the 27.57 million shares involved in the deal.

A 51 percent stake in Asian Alliance’s ordinary share capital would be acquired by Softlogic Capital Lt for Rs. 2,295 million while a 22.53 percent stake would be acquired by SFH for Rs. 1,013.9 million, the company announced in a stock exchange filing.

Asian Alliance PLC holds a 3.99 percent market share in life insurance with a gross written premium of Rs. 1.2 billion in 2010 and a 1.15 share in the general insurance industry with gross written premium of Rs. 430.6 million, the annual report of the Insurance Board of Sri Lanka shows.

source - www.island.lk