Five parties eye stakes in Sri Lanka Insurance Corp

Five parties, including foreign investors have submitted proposals to acquire Sri Lanka Insurance Corporation’s General and Life insurance arms.

State-owned Enterprise Restructuring Unit announced that proposals were received for Sri

Lanka Insurance Corporation Life Limited from LIC (Lanka) Limited, a joint venture of India’s Life insurance corporation (LIC) and

Sri Lanka’s Bartleet Group, Union Assurance PLC, and Asiri Hospital Holdings PLC, a unit of Softlogic.

Meanwhile, two foreign entities, St. Lucia- headquartered Euro Exim Bank Limited, and Fairfirst Insurance Limited have submitted proposals to acquire Sri Lanka Insurance Corporation General Limited.

The government called for

Request for Qualification (RFQ) from potential investors for the divestiture of its shares in Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited on 26th of January. The deadline for submission of proposals was yesterday.

Accordingly, the Rfqs received were considered by the Opening Committee appointed by the Special Cabinet Appointed Negotiation Committee.

The Rfqs are set to be evaluated as per the Special Guidelines on Divestiture of State-owned Enterprises approved by the Cabinet of Ministers in July 2023. Alvarez & Marsal acts as the Transaction Advisor for the divestiture of shares held by Government in Sri Lanka Insurance Corporation.

As the next step, the government plans to issue RFP documents for qualified bidders with a target to select a successful bidder by July this year.