ECONOMYNEXT - Sri Lanka's Janashakthi Insurance Plc said its general insurance unit will be sold to Allianz SE, a Munich based insurer for 16.4 billion rupees (107 million US dollars).
The price will be adjusted to reflect the net asset value of Janashakthi General Insurance at the time of the transfer, the firm said in a stock exchange filing.
The sale proceeds will be distributed to shareholders through a share buyback at a price to be determined based on the final sale price.
Janashakthi Insurance Plc was up 2.10 rupees to 23.90 rupees in mid-day trading Friday.
The share spiked as much as 25 rupees.
The price will be adjusted to reflect the net asset value of Janashakthi General Insurance at the time of the transfer, the firm said in a stock exchange filing.
The sale proceeds will be distributed to shareholders through a share buyback at a price to be determined based on the final sale price.
Janashakthi Insurance Plc was up 2.10 rupees to 23.90 rupees in mid-day trading Friday.
The share spiked as much as 25 rupees.
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