DEG divests Softlogic Life stake to Milford Ceylon for Rs.2.6bn

Milford Ceylon Pvt Ltd, a foreign strategic investor, yesterday bought 19 percent stake of Softlogic Life Insurance PLC for Rs.2.6 billion from Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG), a German development bank. 

DEG divested 71.25 million Softlogic Life shares or 19 percent stake at Rs.37 a share in a crossing, according to a disclosure made to the Colombo Stock Exchange.
LeapFrog Investments, as the second largest shareholder of Softlogic Life Insurance PLC, holds 19 percent stake in the company through its subsidiary Dalvic Inclusion Private Limited, a Mauritius-based company.

Softlogic Capital PLC, controlled by Softlogic Group Chairman Ashok Pathirage, holds 51.69 percent of Softlogic Life Insurance PLC. 
In 2013, DEG and Dutch development bank FMO bought 38 percent stake in Softlogic Life Insurance PLC for Rs 1.8 billion. 
FMO divested its shareholding to LeapFrog in 2018 at Rs.30 a share.

Softlogic Life Insurance PLC yesterday also announced the resignation of Rudiger Will from its board and the appointment of Sunshine Group Managing Director Vish Govindasamy as an Independent Non-Executive Director. 

Softlogic Life Insurance’s share closed flat at Rs. 37.30 yesterday.