Japan’s Mitsui Sumitomo Insurance buys in to Sri Lanka’s Ceylinco Insurance
ECONOMYNEXT – Japan’s Mitsui Sumitomo Insurance had bought a 6 percent stake in Sri Lanka’s Ceylinco Insurance Plc, for 1.92 billion rupees, the company said.
Ceylinco said it had a business relationship with the Japanese firm for over 20 years and it will be able to offer competitive pricing to Japanese investors in Sri Lanka and elsewhere.
The Japanese firm bought the stock from Ceylinco Insurance Employees Share Ownership Trust (CIESOT), which has to be disolved under a regulatory order, paying 1602 rupees a share for 1.2 million shares on the Colombo Stock Exchange.
CIESOT which had a 22 percent stake in the company, has been asked by the regulator to dissolve itself and return the cash to workers. (Colombo/July30/2015)