Five bidders keen on SLIC life and general insurance businesses

The Request for Qualification (RfQ) for the sale of the segregated life and general insurance business of Sri Lanka Insurance Corporation (SLIC) has attracted five bidders, four of which are local firms.

For Sri Lanka Insurance Corporation Life Ltd., those who responded to RfQ are LIC (Lanka) Ltd., Union Assurance PLC and Asiri Hospital Holdings PLC. For Sri Lanka Insurance Corporation General Ltd., the respondents are Fairfirst Insurance Ltd., and Euro Exim Bank Ltd., a global financial institution with Head Office in St. Lucia and Representative Office in London.

The Government on 26 January, via international and local media called for RfQ from potential investors for the divestiture of its shares in the two insurance entities. The deadline for submission of proposals was on Wednesday.

The RfQs received were considered by the Opening Committee appointed by the Special Cabinet Appointed Negotiation Committee.

The SOE Restructuring Unit said the RfQs will be evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023.

Alvarez & Marsal acts as the Transaction Advisor for the divestiture.