The Board of Directors of Union Assurance PLC (the Company) resolved on May 28, 2015 to repurchase a maximum of 26,785,714 of its Ordinary Shares at a price of Rs 167.80 per share on a Pro Rata basis of 10 shares for every 32 shares held. This would amount to a maximum value of Rs. 4,494,642,872.
The Board of Directors is of the view that the Company currently has funds that are in excess of what is required to meet its business plans and to meet the regulatory capital requirements that govern the Sri Lankan insurance industry.
Following the share repurchase, the Company will be comfortably placed to comply with the Risk Based Capital (REC) framework that is expected to be introduced on the in of January 2016.
Directors of the Company who are shareholders will not be accepting the offer. (IS)
www.dailynews.lk
The Board of Directors is of the view that the Company currently has funds that are in excess of what is required to meet its business plans and to meet the regulatory capital requirements that govern the Sri Lankan insurance industry.
Following the share repurchase, the Company will be comfortably placed to comply with the Risk Based Capital (REC) framework that is expected to be introduced on the in of January 2016.
Directors of the Company who are shareholders will not be accepting the offer. (IS)
www.dailynews.lk
No comments:
Post a Comment