Sri Lanka’s People’s Insurance falls below offer price

ECONOMYNEXT  – Sri Lanka’s People’s Insurance Company Plc fell below its offer price of 15.00 rupees to trade at 14.80 rupees after opening higher at 15.60 rupees, on the Colombo Stock Exchange, amid generally weak market sentiment.

The market fell 1.1 percent yesterday.

People’s Leasing initial public offer of 50 million shares were oversubscribed on the opening day.

A unit of People’s Leasing Company, the largest non-bank lender, the firm gets captive business of the parent.

Chairman Jehan Amaratunga said People’s Insurance will chase after more outside business in 2016.

It also hopes to expand on bancassuarance.

People’s Leasing is part of state-run People Bank group.

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