Tuesday Aug 04, 2026
Tuesday Aug 04, 2026
Tuesday, 4 August 2026 03:13 - - {{hitsCtrl.values.hits}}
Sanasa Life Insurance Company PLC yesterday said it is planning to undertake an equity capital raising within the next 15 months as part of efforts to restore its investment-grade credit rating and resolve issues that have kept its listed debt securities on the Colombo Stock Exchange (CSE) Watch List.
The insurer said the capital raising forms part of its remedial plan to address a qualified audit opinion and an emphasis of matter relating to the company’s ability to continue as a going concern contained in its audited financial statements for the year ended 31 December 2025.
The company said it would announce the equity capital raising to the market once the exercise is finalised.
Sanasa Life said its debt securities, which were transferred to the Watch List on 9 January 2026 following a downgrade of its credit rating below investment grade, will remain on the Watch List as an additional consequence of the qualified audit opinion and going concern emphasis contained in its 2025 annual report.
The securities will remain on the Watch List until the company resolves the matters giving rise to the qualified audit opinion and emphasis of matter or discloses a fresh investment-grade rating certificate for the relevant financial year, in accordance with the CSE Listing Rules.
The insurer also undertook to notify the market within one trading day of any Board-approved deviation from its proposed remedial plan. Sanasa Life warned that if it fails to obtain a fresh rating certificate or resolve the matters giving rise to the qualified audit opinion and going concern emphasis within 15 months of the transfer of its securities to the Watch List, trading in the debt securities will be suspended under the CSE Listing Rules.
If the suspension continues for more than 12 months, the CSE Board may delist the securities under Section 14 of the Listing Rules, the company said.
The company added that if the matters are resolved and independently verified by its auditor while the securities remain on the Watch List, it will immediately notify the market through the Exchange.
