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Tuesday, September 20, 2011

Softlogic Capital buys RPC, RPD stakes in AAI

Ravi LADDUWAHETTY

Softlogic Capital yesterday purchased the Richard Pieris and Co PLC and Richard Peiris Distributors stakes in Asian Alliance Insurance (AAI) for Rs 1.325 billion which was off the mandatory offer.

The stakes of Richard Pieris and Richard Pieris Distributors in Asian Alliance Insurance amounted to a 25 percent stake. By these transactions, RPC will dispose 5.6 million (5,629,900) shares at a value of Rs 675.5 million (Rs 675,588,000) while the Richard Peiris Distributors stake of 3.7 million (3,750,937) shares at a value of Rs 450 million (Rs 450,112,937) changed hands to the new owner of Asian Alliance Insurance.

“Richard Peiris and its member company decided to sell their stakes amounting to 25 percent of Asian Allied Insurance and we are fine with that decision,” Softlogic Group Chairman Ashok Pathirage told Daily News Business last night.

He said that the value of the share was much more due to the synergies within the Group.

Meanwhile, Richard Pieris Group Chief Financial Officer Jagath Dissanayake said that the decision to sell their stakes in Asian Alliance Insurance was a strategic move at this stage as the company had only a 25 percent stake in AAI.
source - www.dailynews.lk