AIA Insurance Lanka PLC has been de-listed from the official list of the Colombo Stock Exchange with effect from yesterday (2 October).
The move follows AIA going for a voluntary de-listing with an off Rs. 2,500 per share which concluded in July. AIA has said despite the de-listing from CSE its commitment to the Sri Lanka market remained unchanged. The decision to delist from the CSE was 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 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, from the requirement to be listed on a Stock Exchange, based on the listing of its ultimate parent entity AIA Group Ltd., on the Stock Exchange of Hong Kong Ltd. Shareholders of the company also gave their approval in March.
AIA Insurance Lanka Chairman William Lisle in April in a statement reiterated AIA’s commitment to Sri Lanka, saying: “AIA is fully committed to continued growth and investment in Sri Lanka for the benefit of our customers, as well as for the local community and economy. Our delisting from the CSE will not impact AIA’s operations in Sri Lanka. We have invested heavily to provide our customers with leading products and services and we will continue to help many more people here live Healthier, Longer, Better Lives.”