Sri Lanka’s People’s Insurance Plc in Rs750mn IPO
ECONOMYNEXT – Sri Lanka’s People’s Insurance Plc, a unit of listed People’s Leasing is selling 50 million shares at 15 rupees through in an initial public offer to raise 750 million rupees.
The firm has reported earnings of 450 million rupees in the year to 2014, up from 370 million rupees a year earlier.
After the IPO People’s Leasing will have 200 million shares.
Premium income grew to 3.4 billion rupees in 2014, up from 3.19 billion rupees in 2013.
The firm gets captive motor business from its parent, People’s Leasing, which is Sri Lanka’s largest non-bank lender.
People’s Leasing has also placed 25 officers in branches state-run People’s Bank, an unlisted company which is its ultimate parent.