Janashakshi Insurance selling general insurance segment, to Allianz****

Business

Janashakthi Insurance PLC is selling its total stake in the general insurance segment, the company announced on Thursday.

It did not name the buyer but stock market sources said it was Allianz Insurance Lanka Ltd.

The announcement which caught the market by surprise said the board of directors of Janashakthi Insurance PLC has authorized in principle the sale of all the shares held by Janashakthi Insurance PLC in its “wholly owned subsidiary Janashakthi General Insurance Ltd”. The terms of the sale are yet in the final stages of negotiation.

The board of directors said that it has been agreed in principle that the company will implement a substantial repurchase of its shares following the sale of Janashakshi General Insurance Ltd. The final terms of the repurchase will be based on the terms of sale of the aforesaid company.

The announcement said the sale is subject to approval of the shareholders by way of a special resolution and also subject to satisfying criteria under insurance industry regulations. - MORE -

Allianz Insurance Lanka Ltd is part of a large German holding company with business interests in property and casualty insurance, life and health and asset management. The Allianz Group is the world's largest property and casualty insurer. - (Duruthu) - ENDS

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