Sri Lanka Aviva unit purchase wrapped up by AIA

Dec 05, 2012 (LBO) – American International Assurance has completed the take-over of Sri Lanka’s Aviva NDB Insurance by purchasing an investment vehicle that held 87.2 percent of the firm and directly buying up another 5.0 percent. AIA has paid 109 million US dollars to buy up Aviva NDB Holdings Lanka (Pvt) Ltd, whose main shareholders were Aviva Asia Holdings Pte Limited and NDB Capital Holding Plc, the insurer said in a stock exchange filing.

NDB Capital Holdings also sold a 5.0 percent stake in the insurer that it held direct.