Richard Pieris accepts mandatory offer by Softlogic to acquire AAI ordinary shares

Wednesday, 21 September 2011 01:29 -     - {{hitsCtrl.values.hits}}

In terms of Rule 8.2a of the Listing Rules of the Colombo Stock Exchange, Richard Pieris and Company (RPC) and Richard Pieris Distributors (RPD), a subsidiary company of RPC, have accepted the mandatory offer made by Softlogic Capital to acquire the ordinary shares held by RPC and RPD in Asian Alliance Insurance (AAI) at Rs.120 per share.

RPC therefore agreed to dispose 5,629,000 shares for a total consideration of Rs. 675,588,000 and RPD will dispose 3,750,937 shares for a total consideration of Rs. 450,112,440.

RPC and RPD together have been holding 25% of the stated capital in AAI since the inception of the insurance company.