New Spirits

The consortium led by the Distilleries Co. Group will float a holding company to take up the lion share of Sri Lanka Insurance Corp.s ownership.
Cabinet on Wednesday gave its consent to dispose a 90 percent slice in SLIC to the Distilleries consortium for Rs. 6,050 mn. rn

rnThe consortium is made up of the Distilleries Company of Sri Lanka Ltd. (DCSL), Aitken Spence & Co Ltd, Aitken Spence Insurance (Pvt) Ltd and other foreign institutional investors together with technical partners, ING or Institutional and Government Advisory Services B.V. of (Holland).rn

rnThe DCSL team, who lead the consortium, was busy putting the finances together and hope to sign the purchase agreement within 7-10 days.rn

rnPERC Director General, Deepal Gunaratne says the legal work has been sorted out and the government is ready to sign off SLIC as early as Friday.rn

rnThe acquisition will be funded through internal and other short/medium term borrowings, DCSL Finance Manager, Damien Fernando said.rn

rnThe final share