New owners plan to list Sri Lanka Insurance Corporation next year after restructuring the company.
A consortium led by Distilleries Company and Aitken Spence offered over Rs. 6 bn for the state insurance giant in the largest privatisation by the UNF government.rn
rnThe new owners say they will sell a stake through an IPO next year to retire some of the debt incurred in acquiring the company.rn
rnMilford Holdings a company jointly owned by Distilleries and Aitken Spence will hold nearly eighty percent of the shares while other foreign financiers will hold over ten percent. rn
rnEmployees will be awarded ten percent of the shares.rn
rnDistilleries company finance manager Damien Fernando says that the company will have to re-look at the SLIC accounts for last year and perhaps restate them.rn
rnThe company plans to work closely with their technical partners the Institutions governance advisory of the ING group.rn
rnThe problems with the SLIC 2002 accounts arose after the corporation recognised