First Lap

Around 17 prospective investors have expressed interest to take a controlling stake in state insurance giant Sri Lanka Insurance Corp (SLIC).rn

rnUp to 90 percent of SLIC is up for grabs and the government is keen to get a reputed investor to manage the life and general insurance business.

rnrnPotential investors would get the management control and ownership, with a possible option to buy the employees 10 percent shares, Financial consultants PricewaterhouseCoopers said.rn

rnFollowing the shortlisted expressions of interest, the formal sale process is expected to start in mid-September. rn

rnForeign investors are allowed to own up to 100 percent in local insurance companies. rn

rnThe sale is will go through later this year and will play a key role in the government
quote s efforts to raise Rs. 21 bn in privatisation receipts.rn

rnSources close to the deal are not revealing the line up of interested parties, but SLIC
quote s associate company Commercial Bank confirmed it had sent a bid.rn


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