Sri Lanka Softlogic buys insurer

Aug 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, at 120 rupees per share. Softlogic Holdings said in an earlier filing that it wanted buy 53.16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.36 percent held by another shareholder, Fast Gain International.

The total 27,574,416 shares were transferred as a privately negotiated deal or crossing.

Nishan Sumanadeera, Head of Frontier Capital Partners, an investment advisory that facilitated the deal said it was the biggest acquisition to go through on the exchange so far in 2011.

He said there were more opportunities for acquisitions.