The Colombo Stock Exchange (CSE) has approved in principle an application by Arpico Finance Limited to list the company’s shares issued by way of an Initial Public Offer on the CSE’s secondary Diri Savi board.Arpico Finance Limited is a subsidiary of diversified Richard Pieris group. The life insurance company started its business operations in January 2012.Accordingly, the number of ordinary voting shares to be offered is 6, 630, 400 at a price of Rs.12 per share.

The subscription list of the offer will open on December 11, 2014.The managers to the issue is Arpico Ataraxia Asset Management (Pvt) Limited while the registrars to the issue is SSP Corporate Services (Pvt) Limited.The prospectus of the offer will be out on December 2. 2014.All composite insurance companies are required segregate their life and general business by end of this year, and are required list them as separate entities on the CSE.