Wednesday Dec 17, 2025
Wednesday Dec 17, 2025
Monday, 17 November 2025 00:10 - - {{hitsCtrl.values.hits}}
Sanasa Life Insurance Company PLC has announced a rights issue amounting to Rs. 522.7 million, subject to regulatory and shareholder approvals, to improve its solvency position.
The company said its Board of Directors resolved on 13 November 2025 to issue up to 52,267,278 ordinary shares on a rights basis at a ratio of one new share for every two existing shares. The shares will be issued at Rs. 10 each.
The company said the new shares will be offered only to current shareholders. The Board has determined that the issue price of Rs. 10 per share is fair and reasonable to the company and existing shareholders.
Proceeds raised after deducting issue costs will be utilised for investments that strengthen the company’s solvency position.
Sanasa Life Insurance noted that the issue is subject to approval from the Securities and Exchange Commission of Sri Lanka under Section 81 of the SEC Act, as well as clearance from the Insurance Regulatory Commission of Sri Lanka.
Shares not subscribed by the last acceptance date, or shares for which payment is not duly received at the time of final allotment, will be treated as rights not accepted. These will be pooled and allocated to shareholders, employees of the company or third parties who have applied for additional shares. Any remaining unsubscribed shares will be allotted at the Board’s discretion.
The Board has also instructed the Company Secretary to complete all post-issue procedures and will convene an extraordinary general meeting for shareholders to consider and approve the basis of allocation of unsubscribed shares where required.
