Chemanex exits insurance broking with Rs. 250 m profit

Tuesday, 6 August 2019 01:16 - - {{hitsCtrl.values.hits}}

Chemanex PLC has sold its stake in the insurance broking arm to Commercial Bank PLC at a near Rs. 250 million profit.

It said it transferred 239,999 shares of Commercial Insurance Brokers Ltd. amounting to 40% stake to Commercial Bank PLC for Rs. 250 million. The sale resulted in a profit of Rs. 249.8 million for the Company and Rs. 157 million for the Group.

CIC Group in FY19 underwent a process of rationalisation of its operations and ceased its export business entirely during the preceding year. In line with the said decision, the Company divested Cal

Exports Lanka Ltd in FY19. Winding up operations of Chemanex Exports Ltd., is in progress.