Allianz to sell-back Sri Lanka land to Janashakthi
ECONOMYNEXT – Janashakthi General Insurance, which is to be controlled by Germany, Munich based Allianz after a 16.4 billion rupee deal, will sell-back land valued 2.0 billion rupees to its parent Janashakthi Insurance or related company.
Sri Lanka slapped nationalist rules on land ownership during the ousted Rajapaksa administration which made foreign investment in the country more complex.
Stocks valued at 1.7 billion rupees will also be sold-back, Janashakthi told shareholders.
Janashakthi Insurance intends to distribute an unspecified amount of the remaining cash to shareholders through a buyback.
Janashakthi Insurance Plc, has called a meeting of shareholders on February 24 to pass resolutions to allow the sale of Janashakthi General Insurance to Allianz and buyback its shares. (Colombo/Feb05/2018)