AIA Insurance Lanka PLC has announced to its shareholders that the closing date of the Exit Offer made by AIA Company Limited of Hong Kong to the rest of the Company’s shareholders has been extended from June 21 to Friday, July 5.
AIA Insurance Lanka announced in March 2019 that it will delist the Company’s shares from the official list of the Colombo Stock Exchange (CSE) in compliance with applicable regulations and procedures while at the same time reaffirming its commitment to the Sri Lankan market.
The proposal to delist was approved at the Extraordinary General Meeting and by the Securities and Exchange Commission of Sri Lanka. The Exit Offer for delisting of the Company’s shares is based on a final offer made by AIA Company Limited of Hong Kong at Rs. 2,500 per share.
Director and Chief Legal Officer, AIA, Chathuri Munaweera said shareholders who hand over “valid forms of Acceptance and Transfer” by or before 4.30 pm on July 5, the payment will be made on or before the expiry of 15 market days from July 5. AIA Company Limited Hong Kong is a part of the AIA Group of companies, which includes AIA Insurance Lanka (AIA Group). The decision to delist from the CSE is based on AIA Group’s preferred target operating model for its business units - of operating as wholly owned subsidiaries, with the parent company being the only publicly listed entity.
As part of this process, AIA Insurance Lanka secured, in accordance with the amendments made to Sri Lanka’s Insurance Law in 2017, an exemption, as approved by the Insurance Regulatory Commission of Sri Lanka (IRCSL), from the requirement to be listed on a Stock Exchange, based on the listing of its ultimate parent entity AIA Group Limited, on the Stock Exchange of Hong Kong Ltd.