Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Thursday, 13 June 2024 00:48 - - {{hitsCtrl.values.hits}}
Board of Directors of Softlogic Life Insurance PLC, has resolved to offer to purchase the Company’s shares worth Rs. 6 billion subject to obtaining the approval of the shareholders at an Extraordinary meeting of the Shareholders.
The move is in order to move towards efficient capital management and optimise its shareholder value.
The basis is five shares out of every 32 held. The maximum number of shares to be repurchased is 58,593,750 at Rs. 102.40 each. The proposed date of commencement and closing of the offer is 30 July and 13 August 2024. Softlogic Life Insurance’s shares in issue is 375,000,000.
The Company’s share price yesterday gained by Rs. 2.30 or 3.6% to Rs. 66.20. Net asset per share was Rs. 34.04 as at 31 March. In FY24 4Q, its highest traded price was Rs. 68.70 whilst a year before it was Rs. 136.
Softlogic Capital PLC owns 51.72%. Other major shareholders include Dalvik Inclusion Ltd., (19%) and Milford Ceylon (19%). Public float is 10.23% held by 4,814 shareholders.
The Company said in the opinion of the Auditors of the Company KPMG Chartered Accountants, the repurchase offer is of fair value and whilst maintaining a prudent Capital Adequacy Ratio that will enable the business to function without any constraint.
