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Sri Lanka Ceylinco Insurance share issue applications rise

July 09, 2008 (LBO) - Applications for Sri Lanka's Ceylinco Insurance non-voting share issue have been steadily increasing, according to registrars to the issue, International Consultancy and Corporate Services.


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They said in a stock exchange filing that they had received 1,623 applications for almost 2.8 million shares amounting to 485.

8 million rupees by the close of business Monday.

Ceylinco Insurance plans to raise 1.

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4 billion rupees by selling non-voting shares to boost regulatory capital, expand its foreign presence and launch a new health insurance policy.

The company is issuing 8.5 million new shares to existing and new shareholders.

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Ceylinco has said it also wants to use funds raised from the share issue to float a new general insurance health scheme. The new scheme will allow policy holders get unlimited out-patient medical advice by paying 500 rupees a year at centres to be set up nation-wide.

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