Janashakthi PLC has entered into an agreement with Melstacorp PLC to acquire all shares of Continental Insurance Lanka Limited for a total consideration of Rs. 5.14 Bn.
Under the transaction, Janashakthi will initially acquire an 81% stake in Continental Insurance Lanka, followed by the acquisition of the remaining 19% in two tranches. A 9% stake will be acquired in the first year and the remaining 10% in the subsequent year.
The total consideration is Rs. 5,144,636,012, although the final amount could be subject to conditional adjustments provided for in the agreement.
The transaction is subject to approval from the Insurance Regulatory Commission of Sri Lanka. Janashakthi said further announcements will be made on developments relating to the transaction.
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