Milford Ceylon buys stake in Sri Lanka’s Softlogic Life from DEG
ECONOMYNEXT- A 19 percent stake in Softlogic Life Insurance Plc was sold to a company called Milford Ceylon Pvt Ltd, in a 2.6 billion rupee trade, a market disclosure said.
DEG, a German development bank sold its 19 percent stake, which was bought by Leapfrog, a private equity group, sources familiar with the deal said.
Leapfrog has a 19 percent stake bought in 2012 from the Dutch development bank FMO.
DEG sold its 71.25 million shares at 37.00 rupees a share, which was 90 cents below the trading price.
DEG spent about 900 million rupees in 2012 (about 7 million US dollars at the time) to buy the stake and is getting about 14 million US dollars after 7 years.
The largest shareholder in the insurance firm is Softlogic Capital Plc, which is controlled by Ashok Pathirage. (Colombo/Jan16/2020)