Business Times

SL Insurance plans public listing mid next year

By Duruthu Edirimuni Chandrasekera

The much anticipated Sri Lanka Insurance Corporation Ltd’s (SLIC) initial public offering (IPO) is expected to be mid next year, possibly after a holding company is formed to bring in all SLIC investments under one roof, an official said.

"We plan to be listed on the Colombo Stock Exchange (CSE) mid next year after we form a holding company in which we will divest around 40% to 49% stake. This is still at a discussion stage," a SLIC official told the Business Times, adding that the SLIC directors had discussed this at several of their board meetings. He noted that the IPO had been expected to be launched this year, but due the general investment climate in the country, they had put it off.

“We want to become the largest holding company in the country,” he said, adding that Litro Gas, which the government acquired from Shell Gas Lanka Ltd for US$ 63 million (for 51% shares) through SLIC recently along with Lanka Hospitals, will be subsidiaries of this holding company. The SLIC, which reverted to the government three years ago, will also be a subsidiary of the holding company. "The holding company will most likely be called Sri Lanka Insurance Holdings," the official added.

SLIC acquired some 12.7% in Blue Diamond Jewellery Worldwide Ltd, recently and the official said that all its strategic investments such as Blue Diamond will also fall under the holding company.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Hyatt hotel soon in Celestial Residencies
Legal crisis over CB ruling on directors
CSE to introduce new global index in March
10% hike on vehicle revenue licence fee now enforced
Mid-80s proposal was for EPF to be independent of the Central Bank
Christmas at the bottom of the sea!
Comment -EPF proposal in the ‘80s
‘Pump and dump’ its true meaning
CB rules governing bank directors, politically motivated
Can chocolates help discipline investors?
Call for a collective group for the capital markets
Asia Asset Finance to invest 90% of IPO money in core operations
F&G maturity default trial next month
Focus - Wanted: More ‘Idiots’ to tackle grassroots innovation challenges
Sri Lanka spearheads initiative to minimise climatic change impact on tea
Central Finance appoints new Chairman
NEDA, FCCISL and Regional Chambers Network strengthen regional chambers
Singer gets 'A(lka)' / Stable from Fitch
Iran invites Lankan banks to open branches in Tehran
colombotop500.com goes mobile
ComBank to open ATMs at railway stations
800,000th tourist arrives in Sri Lanka for year 2011
Insurance penetration low; not seen as an investment: Fitch
Monetary and fiscal policies are like ‘twin brothers’
Expolanka Holdings acquires controlling stake in Norfolk Foods
Indian Hospitals Group conducts proramme on neurosciences and spinal disorders
Billions worth of public sector donations in SL by Microsoft
Seminar on risk management
H One hosts Microsoft Dynamics CIO meeting
Nelna focuses on mango production as a delectable health food
SL interest rates to increase further : Top economists
SL Insurance plans public listing mid next year
Rising fish output from the North-East but bad roads, transportation an issue
Brokers welcome removal of 5% ceiling on lending
Edna Group signs deal with Dialog Axiata
New ISO 19011 standard adds value to management system audits
CB’s Monetary Board appoints new Asst. Governors
Heritance Ahungalla, first Sri Lankan hotel to be ISO50001 certified
Welcome winds of change at bourse
Three-wheeler drivers operate Tata Nano budget taxi service
New Peugeot 508 executive saloon attracts Sri Lankan corporates
Land Rover displays off-road capabilities in Hanwella
Motor vehicle registrations surpass 412,000 up to Nov. 2011
Toyota Lanka to invest Rs. 2 billion for network expansion
ADB’s Rs 9.3 bln loan to rehabilitate access roads to Southern Expressway

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution