Leapfrog group buys Sri Lanka Soflogic Life Insurance stake from FMO
ECONOMYNEXT – A 19-percent stake in Sri Lanka’s Softlogic Life Insurance has been sold by the Netherlands-based FMO to the Leapfrog Investments group, which has a focus on Asia and Africa.
"This investment reveals our positive view of Sri Lanka’s long-term trajectory, and its financial services industry," Leapfrog Chie Executive Andrew Kuper said in a statement.
Softlogic Chairman Ashok Pathirage said exiting partner FMO helped strenghten the firm.
He hoped the investment in his insurance unit woudl be the first of many investments in Sri Lanka.
The stake changed hands in two blocks, one of 35.6 million shares at 30.80 rupees each and the other of 35.6 million shares at 30.70 rupees each, down 19-20 percent from the previous, opening trade.
The total value of the 71.2 million shares traded was 2.18 billion rupees. The transaction amounted to a 19 percent stake in Softlogic Life Insurance, formerly Asian Alliance Insurance. (Colombo/Dec19/2018)