Sri Lanka Ceylinco Insurance share issue applications rise

July 09, 2008 (LBO) – Applications for Sri Lanka’s Ceylinco Insurance non-voting share issue have been steadily increasing, according to registrars to the issue, International Consultancy and Corporate Services. They said in a stock exchange filing that they had received 1,623 applications for almost 2.8 million shares amounting to 485.8 million rupees by the close of business Monday.

Ceylinco Insurance plans to raise 1.4 billion rupees by selling non-voting shares to boost regulatory capital, expand its foreign presence and launch a new health insurance policy.

The company is issuing 8.5 million new shares to existing and new shareholders.

Ceylinco has said it also wants to use funds raised from the share issue to float a new general insurance health scheme. The new scheme will allow policy holders get unlimited out-patient medical advice by paying 500 rupees a year at centres to be set up nation-wide.