Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Fairfax Asia buys 78% stake in Sri Lanka insurer
Fri, Aug 1, 2014, 12:15 am SL Time, ColomboPage News Desk, Sri Lanka.

July 31, Colombo: Fairfax Asia Ltd, a wholly owned subsidiary of Canada-based insurance holding company Fairfax Financial Holdings Ltd, has agreed to buy a 78% holding in the Union Assurance PLC, a subsidiary of John Keells Holdings (JKH), a stock market disclosure said today.

Union Assurance announced that it has entered into an agreement to divest 78% stake in its General Insurance Business to Fairfax Asia upon completion of the segregation of the General and Life Insurance businesses of the company under a scheme of arrangement.

Based on the projected financial statements of the company as at 31st December 2014 and for purposes of the transaction, the overall value of the General Insurance Business is estimated at approximately Rs. 4.5 billion.

The transaction is subject to customary closing conditions, including the successful completion of due diligence along with regulatory and court approvals, the JKH said.

The deal is expected to be closed by the first quarter of 2015.

Fairfax Asia is a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a Canadian financial services holding company, which, through its subsidiaries, is engaged in property and casualty insurance and invest management.

ColomboPage - Recent 10 Stories
British Deputy High Commissioner visits Sri Lanka's Eastern Province
-- [6 minutes ago]
Fuel, electricity rates reduced in Sri Lanka to appreciate China-Sri Lanka friendship
-- [49 minutes ago]
Chinese President calls for profound China-Sri Lanka friendship
-- [1 hour and 12 minutes ago]
Sri Lanka arrests Chinese national for attempting to smuggle birds' nests
-- [7 hours ago]
Sri Lankan President welcomes Chinese President at BIA
-- [7 hours ago]
Sri Lanka main opposition welcomes Chinese President's visit
-- [8 hours ago]
Sri Lanka committed to full implementation of 13th Amendment, India says
India has non-diplomatic direct channels with Sri Lanka to tackle spying issue
Asian-Pacific Postal Union Executive Council meeting begins in Sri Lanka
British company Gemfields to mine sapphires in Sri Lanka

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.