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Allianz Insurance Lanka completes acquisition of Sri Lankan insurer

Germany-based Allianz SE, through its unit Allianz Insurance Lanka Ltd., completed the acquisition of Janashakthi Insurance PLC subsidiary Janashakthi General Insurance Ltd. for 16.39 billion Sri Lankan rupees.

With the completion of the deal, Janashakthi Insurance purchased all of the immovable properties owned by Janashakthi General Insurance for approximately 2 billion rupees. The company leased back several of the properties to Janashakthi General Insurance on commercial terms.

The company also acquired the shares held by Janashakthi General Insurance in Citizens Development Business Finance PLC, Nations Trust Bank Plc and Serendib Land PLC for an aggregate price of 1.72 billion rupees. The sale consists of 2,371,348 shares in Citizens Development Business Finance PLC for a price of 154.4 million rupees, 18,582,682 shares in Nations Trust Bank Plc for a price of 1.48 billion rupees and 55,054 shares in Serendib Land PLC for a price of 81.6 million rupees.

As of Feb. 26, US$1 was equivalent to 154.90 Sri Lankan rupees.