Foreign fund gets 10% in Ceylinco Insurance

Financial Times

A foreign fund said on Wednesday, through its bank, that it has purchased a 10.6 % stake in Sri Lanka’s Ceylinco Insurance PLC. Citibank Colombo informed the Colombo Stock Exchange in a filing that its client, Pictet & Cie presently owns ‘holding of 10.6805% (2,136,100 shares) in the company.

Brokers said the fund has been progressively buying Ceylinco shares over a period of time and now has accumulated a 10% stock. The insurance arms of Ceylinco Consolidated are doing well and have weathered the crisis that affected several companies in the group, particularly the finance and real sector after the Golden Key Credit Card Co collapsed in December 2008.

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