Srilanka, Aug. 13 -- Janashakthi PLC (JXG) has 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.
This marks a significant step in expanding JXG's footprint in the general insurance sector and delivering on the strategic commitments outlined at its Initial Public Offering (IPO). The transaction positions JXG to re-enter a market ...