AIA Insurance Lanka PLC (AIA Insurance Lanka) announced that it intends to delist the Company’s shares from the official list of the Colombo Stock Exchange (CSE), subject to shareholder and regulatory approval.
An Extraordinary General Meeting (EGM) on this matter will be held on March 27, 2019. The proposed delisting of the Company’s shares will be based on a revised and final offer made by AIA Company Limited of Hong Kong of Rs. 2,500 per share.
The decision to delist from the CSE is based on AIA Group’s preferred target operating model for its business units of operating as wholly owned subsidiaries, with the parent Company being the only publicly listed entity. Since its entry into Sri Lanka, AIA Group has disclosed its intent to delist AIA Insurance Lanka from the CSE.
As part of this process, AIA Insurance Lanka has secured, in accordance with the amendments made to Sri Lanka’s Insurance Law in 2017, an exemption, as approved by the Insurance Regulatory Commission of Sri Lanka (“IRCSL”), from the requirement to be listed on a Stock Exchange, based on the listing of its ultimate parent entity AIA Group Limited, on the Stock Exchange of Hong Kong Ltd (HKSE).
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