Softlogic to get Rs 1.8 bn from sale of Asian Alliance stake
View(s):By Duruthu Edirimuni Chandrasekera
Softlogic Holdings and Softlogic Capital, subsidiaries of Softlogic Group will receive Rs 1.8 billion from its part sale in Asian Alliance Insurance to two foreign firms in about 10 days time, officials said. The companies are; DEG – Deutsche Investitions Capital – Und Entwicklungsgesellschaft MBH of Germany and FMO – Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. of Netherlands
“Softlogic Holdings plans to sell its entire 18 per cent in Asian Alliance Insurance PLC (AAI). Softlogic Capital will sell a similar stake, but will retain 57 per cent. This will be done through the share market by next week,” Softlogic and Asian Alliance Insurance PLC officials told the Business Times.
Asian Alliance Insurance undertakes both Life and General Insurance business. The company became a part of the Softlogic Group during the latter part of 2011. The value proposition being created in General Insurance has seen the doubling of revenue compared to the previous year with exciting prospects to be realized in health insurance with the Asiri Group of Hospitals owned by the Softlogic Group, and distribution of insurance solutions via the Softlogic Retail network of over 150 stores throughout the country.
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