Janashakthi Insurance PLC has not obtained approval from Sri Lanka's insurance regulator for its planned 11 billion rupee share buyback, EconomyNext reported Feb. 28.
The Insurance Regulatory Commission of Sri Lanka said it is reviewing certain information from the insurer and has not given approval for the buyback.
Allianz SE recently completed its acquisition of the Sri Lankan insurer's Janashakthi General Insurance Ltd. unit.
As of Feb. 28, US$1 was equivalent to 155.05 Sri Lankan rupees.
