The Initial Public Offering (IPO) of LOLC General Insurance Ltd, offering 120,000,000 shares held by LOLC Asset Holdings Ltd, will be available for sale at a price of Rs.7.90 per share and opens on December 16. The offer will amount to Rs.948 million, LOLC said in a statement.
After the IPO offer, LOLC Asset Holdings Ltd will have a shareholding of 63.75 per cent while LOLC Financial Sector Holdings (Pvt) Ltd will have a shareholding of 26.25 per cent.
LOLC General Insurance Ltd is one of the fastest growing general insurance companies in Sri Lanka operating in the insurance industry for over 10 years and has established itself as a key player within the industry, the statement said.
The LOLC Group is one of Sri Lanka’s largest diversified financial conglomerates with an international presence.
“Leveraging on the LOLC Group’s global synergies and expansions, LOLC General Insurance has expanded its operation into Cambodia. The company currently owns a 45 per cent stake in Serendib Micro Insurance PLC in Cambodia. Furthermore, the company is well placed to replicate its strategy in Sri Lanka in the future and in other offshore markets where the LOLC Group has already an established presence,” the statement said.
LOLG General Insurance CEO Kithsiri Gunawardena said, “We are excited with the prospect of being able to highlight our performance and share our success with the public by becoming listed on the Colombo Stock Exchange. Strong reliance on the latest technology, innovative thinking and the commitment of our staff to provide exceptional customer service has propelled the company to become the fastest growing general insurance company. With our aggressive growth strategies, we are confident of creating much greater value for all our shareholders.”
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