Friday, September 22, 2017

Mitsui Sumitomo buys stake in Sri Lanka’s Ceylinko

Japanese insurer Mitsui Sumitomo Insurance, has paid LKR1.92bn (US$14m) for a 6% stake in Cylinko Insurance Inc, one of Sri Lanka’s oldest and largest business conglomerates.

The company said in a statement that it had bought the sake from Ceylinco Insurance Employees Share Ownership Trust (CIESOT) for LKR1.602 (US$12) a share for 1.2 million shares.

The sale came after the country’s regulator had asked CEISOT to dissolve itself and return the cash to workers.

Ceylinko, which is engaged in underwriting all classes of general insurance, life insurance, healthcare services, fund management, power generation and education services, is listed on the Colombo Stock Exchange.

A report published by Sri Lanka’s EconomyNext quoted Ceylinko as saying that the insurer had had a business relationship with Mitsui Sumitomo Insurance for over 20 years.

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