Going Gone

Cabinet on Wednesday agreed to sell Sri Lanka Insurance Corp. to a consortium led by the Distilleries Group for Rs. 6 bn.
The Distilleries consortium comprised of Distilleries Company, Aitken Spence Group, CT Smith Stockbrokers and Asia Box Consultancy, with ING group coming in as technical partners, offered Rs. 600 mn more than the original assessment of the corporation.rn

rnThe ING or Institutional and Government Advisory Services B V (Holland), has agreed to give a three-year management support to SLIC. rn

rnSLIC employees get the balance 10 percent at Rs. 134 each. Employees can either keep their shares or sell it to the Distilleries consortium.rn

rnThe DFCC-Commercial Bank consortium, the second highest bidder had earlier offered Rs. 3.6 bn at Rs. 80 per share. rn

rnThe Public Enterprise Reform Commission or PERCs financial advisors, PricewaterhouseCoopers had earlier valued SLICs 90 percent stake at between Rs. 5.1 bn to Rs. 5.4 bn. rn

rnPresenting the cabinet paper, Economic Reforms Mi