BusinessJanashakthi Insurance PLC is selling its total stake in the general insurance segment, the company announced on Thursday. It did not name the buyer but stock market sources said it was Allianz Insurance Lanka Ltd. The announcement which caught the market by surprise said the board of directors of Janashakthi Insurance PLC has authorized in principle the sale of all the shares held by Janashakthi Insurance PLC in its “wholly owned subsidiary Janashakthi General Insurance Ltd”. The board of directors said that it has been agreed in principle that the company will implement a substantial repurchase of its shares following the sale of Janashakshi General Insurance Ltd. - MORE -Allianz Insurance Lanka Ltd is part of a large German holding company with business interests in property and casualty insurance, life and health and asset management.

Source: Sunday Times February 01, 2018 04:32 UTC