Asia Capital and Vallibel Nominees appointed to the Asian Alliance Insurance Board

Harsha Amarasekera, Chairman of Asia Capital as well as a Non Executive independent director in a number of quoted companies and Asanga Seneviratne, Director and CEO of Asia Capital Ltd. represent the major shareholder of Asian Alliance Insurance PLC. Asia Capital, who was the initial promoter of Asian Alliance, holds over 50 % of the issued capital of the Company.

Dhammika. Perera who is the Chairman of the Board of Investment (BOI), Vallibel Holdings (Pvt) Ltd., Fortress Resorts Ltd., Hotel Reefcomber Ltd., Didul (Pvt) Ltd. and who also has a controlling stake in LB Finance Ltd., Royal Ceramics Ltd. and a significant holding in PABC Bank Ltd., recently purchased the 15 percent shareholding held by the Sampath Bank, one of the other promoters of Asian Alliance through Vallibel Investments (Pvt) Ltd. He has subsequently through associate companies increased the Vallibel stake in the Company to over 20%.

The progress of the Company is expected to reach higher levels of excellence with the infusion of the expertise of the aforementioned new Board Members, who plan to further develop strategic synergies that will add value to the Company and its shareholders. Asian Alliance, incorporated in 1999 is a composite insurer transacting both Life and Non Life insurance business, and has proved to be a successful niche player in the market. The major shareholders of Asian Alliance are Asia Capital Ltd., Richard Peiris & Company Ltd and Vallibel Investments (Pvt) Ltd.