Sri Lanka, Aug. 14 -- Janashakthi PLC (JXG) yesterday disclosed it entered into a Share Purchase Agreement with Melstacorp PLC (MELS), the sole shareholder of Continental Insurance Lanka Limited (CILL), to acquire a 100% stake in CILL, subject to the approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL).
The transaction will see JXG acquire an initial 81% controlling stake, followed by the acquisition of the balance stake on a staggered basis, with 9% to be acquired in the first year and 10% in the subsequent year. The acquisition is expected to further strengthen JXG's financial services platform, the company said, by combining its proven expertise, strong governance and disciplined execution with CILL's established market ...