The Urge To Merge

Sri Lankan Prime Minister Ranil Wickremasinghe (2nd R) arrives to visit the site of a bomb attack at St. Anthony's Shrine in Kochchikade in Colombo on April 21, 2019. - A string of blasts ripped through high-end hotels and churches holding Easter services in Sri Lanka on April 21, killing at least 156 people, including 35 foreigners. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

Janashakthi, which originally bought 51 percent NIC acquired the balance 39 percent held by the Treasury this week for 287 million.

rnldblquote We have been working on the merger ever since we have bought the shares,
dblquote the Chairman of the company Chandra Schaffter says.

rnldblquote We have also bought the shares of the staff, almost entirely, now we have bought the government
quote s 39 percent. So now we are 99.99 owner of the NIC. We will apply to the Insurance Board and the District Court for permission to merge. If we get the permission we would merge as quick as we can.

rnJanashakthi has also expressed interest in Sri Lanka Insurance Corporation.

If the company decides to put in a bid it is likely to come with a foreign partner.(LBR)rn