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Monday June 21st, 2021
Finance

Swiss-based Pictet and CEI ups stake in Sri Lanka’s Ceylinco Insurance

COLOMBO (EconomyNext) – Swiss-based Banque Pictet and CIE SA has said in a stock exchange filing that it has increased a stake in Sri Lanka’s Ceylinco Insurance Plc, to 12.72 percent.

The Pictet held a 10.68 percent stake in Ceylinco Insurance by end March 2015 in the name of Patrick Schegg.

CIESOT, which was set up as an employee share trust sold down its 22.86 percent stake in Ceylinco Insurance complying with listing rules that requires the trust to be terminated.

In addition to Pictet and CIE, reports said India-based Shriram City Union Finance bought a 6.3 percent stake and Colombo-based Commercial Credit and Finance and a high net worth individual also bought shares.

Pictet appeared as a key shareholder in Ceylinco Insurance accounts in 2009, after the collapse of the Ceylinco group, leading to speculation about the ultimate beneficiary of the holding.

In a statement to Sri Lanka’s The Island newspaper on May 23, through a law firm, Patrick Schegg inisded he was the bona fide shareholder.

 

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