Asia Capital PLC, majority owners of Asian Alliance Insurance Company PLC (AAIC) is planning to sell its 73% stake in the company (held through connected parties) and exit the business, according to informed sources.
Already a large local conglomerate is said to be showing an interest in this company.
Asia Capital has two other businesses - a stockbroking firm, Asia Securities and an asset management company called Asia Wealth Management.
“Asia Capital wants to concentrate on their core strengths, which is share broking and they want to sell AAIC at a total consideration of approximately Rs 4.5 billion (US$ 40 million). AAIC's issued capital is 37.5 million shares. The Richard Pieris Group, owned by Dr. Sena Yaddehige, has 25% in the company,” one source said.