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5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, the company said in a stock exchange filing. Softlogic Holding group will buy 53.
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16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.
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36 percent held by another shareholder, Fast Gain International.
Softlogic Capital, a unit of Softlogic Holdings will buy 51 percent of Asian Alliance for 2,295 million rupees.
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Softlogic Holdings will buy 22.53 percent of the insurer for 1,013 million rupees.
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Asian Alliance has general and life businesses. Sri Lankan insurers are now making losses on most of their general business.
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Softlogic Holding's stock issued at 29 rupees at an IPO fell as low as 16.20 rupees before picking up to around 21.
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50 rupees in early trade.
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