120 million shares were offered for sale at a price of Rs 7.90 per share. The offer size was Rs 948 million. Over 12,200 applications were received for the value of Rs 11.6 billion which resulted in the issue being oversubscribed by 12.23 times. This reflects the significant investor confidence in the Company, its growth prospects and attractive valuation at the offer price. No preferential allocation was made to any investor.
General Insurance Limited is one of the fastest growing General Insurance Companies in Sri Lanka. The Company has been operating in the insurance industry for over 10 years and has established itself as a key player within the industry.
The company is backed by the LOLC Group which enables LOLC General Insurance to benefit from synergies within the Group. Leveraging on the LOLC Group’s global synergies and expansions, LOLC General Insurance has expanded its operation into Cambodia. The Company currently owns a 45% stake in Serendib Micro Insurance PLC in Cambodia. Furthermore, the Company is well placed to replicate its strategy in Sri Lanka in the future and in other markets across Asia and Africa.
LOLG General Insurance Chief Executive Officer, Kithsiri Gunawardena stated, “We are honoured to have received an oversubscription by 12.23 times. This expression of confidence by the investing public is a reflection of the trust placed on the LOLC Group and our exceptional performance during one of the most challenging periods in history for business.”
Capital Trust Partners (Pvt) Ltd and P W Secretarial (Pvt) Ltd were the managers to the issue.