Signed & Sealed

The government officially signed off its investments in the insurance business by disposing 90 percent of Sri Lanka Insurance Corp. to the consortium led by the Distilleries Co Group.
PERC Director General, Deepal Gunaratne said Faiz Mohideen, Acting Treasury Secretary and Harry Jayawardene signed off the deal on behalf of both parties on Friday.rn

rnThe Distilleries Group will hold their shares through Milford Holdings (Pvt) Ltd., a special purpose vehicle.rn

rnMilford Holdings a company jointly owned by Distilleries and Aitken Spence will hold over eighty percent of the shares while other foreign financiers will hold over ten percent. rn

rnAn institutional investor, Greenfield Pacific, brought in by CT Smith Stockbrokers, will take up 13 percent of SLIC. rn

rnEmployees will be awarded ten percent of the shares. rn

rnThe new owners plan to list SLIC next year after restructuring the company.rn

rnDistilleries chief, Harry Jayawardene takes over as SLIC Chairman, Raaj K Obeyesekere (Deputy C