Parent divests 7.5% stake in Softlogic Life in Rs.582mn deal

Softlogic Capital PLC yesterday divested a 7.5 percent stake in Softlogic Life Insurance PLC to foreign institutional investors in a Rs.582.3 million deal to allow the insurer to comply with the minimum public holding rules of the Colombo Stock Exchange. 

The shares amounting to a total of 28.1 million were divested to Global Macro Portfolio (25.6 million shares) and Global Macro Caoital Opportunities Portfolio (2.5 million shares).

“The entity entered into this transaction in order to comply with the minimum public holding requirement of Softlogic Life Insurance PLC in terms of Rule 7.13.1 of the Listing Rules of the Colombo Stock Exchange,” Softlogic Capital said in a stock market filing. 

The shares were divested at Rs.20.70 per share. The share closed at Rs.21.10, yesterday. As at September 30, 2017, Softlogic Life’s net asset per share stood at Rs.5.84. The company has 375 million shares in issue. 

As per the same date, the company had 375 million shares in issue with a free float of only 2.77 percent.