German, Dutch DFIs buy into Sri Lanka insurer

Mar 07, 2013 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier has bought a 38 percent stake in Asian Alliance Insurance in a deal valued at 1.8 billion rupees. The stock was sold in an off-market deal at a previously contracted price of 128 rupees per share with each DFI paying 912 million rupees, brokers said.

In the broader market the stock traded at 82 and 84 rupees per share.

In December 2012, Sri Lanka’s Softlogic group, which controls Asian Alliance Insurance, said stock owned by Softlogic Holdings Plc and Softlogic Capital will be sold to DEG and FMO.