Co-Operative Insurance Company debuts trading on CSE

Monday, 3 January 2022 00:00 - - {{hitsCtrl.values.hits}}

Podium participants (from left): Co-Operative Insurance Company Director Thusitha Saman Palitha, Co-Operative Insurance Company Director Besil Senadira, CSE CRO Renuke Wijeyawardhane, CSE CEO Rajeeva Bandaranaike, Co-Operative Insurance Company Chairman Susil Shantha Weerasekara, Co-Operative Insurance Company Consultant W.L.A. Peries, Co-Operative Insurance Company Vice-Chairman Dharshan Samarawickrama, and Co-Operative Insurance Company Director P.B. Jayarathna

The shares of Co-Operative Insurance Company Ltd. (CODE: COOP-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on 30 December 2021. The shares have been listed on the Diri Savi Board of the

CSE CEO Rajeeva Bandaranaike

Co-Operative Insurance Company Chairman Susil Shantha Weerasekara

CSE under the ‘Multi-line Insurance’ sector. The occasion was marked with a special bell ringing ceremony.

Co-Operative Insurance Company Ltd. saw its share price gaining by 30.5% or Rs. 1.10 to close at Rs. 4.70 as against the IPO price of Rs. 3.60. It saw 92.4 million shares change hands via 6,631 trades for Rs. 407 million.

Representing Co-Operative Insurance, Chairman Susil Shantha Weerasekara, Vice-Chairman Dharshana Samarawickrama, Directors Thusitha Saman Palitha, Besil Senadira, P.B. Jayarathna, and C.P. Jayasinghe, and Consultant W.L.A. Peries attended the event.

The CSE was represented by CEO Rajeeva Bandaranaike and CRO Renuke Wijayawardhane.

Speaking at the ceremony, CSE CEO Bandaranaike congratulated Co-Operative Insurance on its initiative to go public, saying: “Co-Operative Insurance gave a new definition to the Sri Lankan insurance industry by taking insurance to the villages and making it available to anyone and everyone. It is commendable and a great privilege to have the third-largest insurance provider listed on the CSE."

Co-Operative Insurance Chairman Susil Shantha Weerasekara said: "For 50 years, Co-operative Insurance has been in this country and we have faced many challenges throughout our journey. Nevertheless, we have always focused on our vision of being an organisation that will stand united with its customers to the very end and serve the country and its people. This has been our vision from the beginning and the same will continue for years to come."

Weerasekara thanked the CSE, MBSL, the Director Board and the consultants of Co-operative Insurance and all the investors for the support extended during the IPO. Speaking on the listing experience, he added: "We are indeed happy to see that the issued 10% shares were oversubscribed on the opening day itself and we are thankful to our investors for having such confidence in us."