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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.
http://www.sundaytimes.lk/110605/BusinessTimes/bt09.html
As at 31/12/2010 - public holding is only 1.66%
Asia Capital (ACAP) holds 49%* in its own name and its 100% owned Asai Fort Srilanka Direct Investment Fund, while Richard Peris Co PLC (RICH) holds 25% (along with its fully-subsidery Richard Peris Distributors Ltd).
*According to ACAP annual report 2010 AAIC is a 52% owned subsidery.
Last traded price 132/-
EPS 9.81 (PER 13.45)
NAPS 41.62 (P/BV 3.17)
http://www.cse.lk/cmt/upload_report_file/364_1297340611699.pdf
Connected Stocks - AAIC, ACAP, RICH ........ and which can be the "a large local conglomerate" interested in AAIC??
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.
http://www.sundaytimes.lk/110605/BusinessTimes/bt09.html
As at 31/12/2010 - public holding is only 1.66%
Asia Capital (ACAP) holds 49%* in its own name and its 100% owned Asai Fort Srilanka Direct Investment Fund, while Richard Peris Co PLC (RICH) holds 25% (along with its fully-subsidery Richard Peris Distributors Ltd).
*According to ACAP annual report 2010 AAIC is a 52% owned subsidery.
Last traded price 132/-
EPS 9.81 (PER 13.45)
NAPS 41.62 (P/BV 3.17)
http://www.cse.lk/cmt/upload_report_file/364_1297340611699.pdf
Connected Stocks - AAIC, ACAP, RICH ........ and which can be the "a large local conglomerate" interested in AAIC??
