AIA Lanka to go private; seeks permission to delist from CSE

AIA Insurance Lanka PLC last Friday announced its intention to delist its securities from the Colombo Stock Exchange (CSE), subject to obtaining requisite approvals.

AIA Insurance Lanka Director & Chief Officer Legal Chathuri Munaweera said the Regulation of Insurance Industry (Amendment) Act No.23 of 2017 enables local subsidiary insurance companies of foreign companies listed on a stock exchange outside Sri Lanka to be exempted from their obligation to be listed, if the Insurance Regulatory Commission of Sri Lanka is satisfied that such a subsidiary meets specified statutory criteria.

“As already disclosed to the CSE on 20 July 2018, AIA Insurance Lanka’s application for exemption from being listed on a licensed stock exchange, (based on the strength of its ultimate holding / parent company AIA Group Limited (AIA Group), which is listed on the Hong Kong Stock Exchange Limited), has been approved by the Insurance Regulatory Commission of Sri Lanka,” Munaweera stated.

According to AIA Insurance Lanka CEO Pankaj Banerjee, it has been AIA Group’s ultimate objective to delist AIA Insurance Lanka from the CSE, subject to legal and regulatory requirements and having obtained all necessary regulatory approvals, as disclosed by AIA Group in its voluntary offer during 2013.