ACap, Softlogic, Asian Alliance all gain on Rs. 3.3 b deal

Saturday, 13 August 2011 02:00 - - {{hitsCtrl.values.hits}}

Softlogic Holdings Group acquisition of 72.5% control of Asian Alliance Insurance from Asia Capital was concluded yesterday with share prices of almost all gaining.

Six parcels counting to 27.6 million shares at Rs. 120 in a deal worth Rs. 3.3 billion led the counter to make up more than half of the day’s turnover level with a 57.7% contribution.

Softlogic Holdings and subsidiary Softlogic Capital acquired 8.4 million (22.53%) and 19.12 million (51%) respectively of Asian Alliance.

Asia Capital and subsidiary Asia Fort Sri Lanka Direct Investment Fund sold.

Given huge capital gain, Asia Capital share price rose by Rs. 7.70 to Rs. 100.30 whilst it hit an intra-day high of Rs. 106.90. Asian Alliance climbed by 10.12% or Rs. 12.20 to close at Rs. 132.70 with a high of Rs. 134. Softlogic inched up by 40 cents to Rs. 23.80 whilst its highest for the day was Rs. 24.30.

In July the parties involved in the share transaction entered into a share purchase agreement.