18th March 2011, www.lankabusinessonline.com
Sri Lanka's John Keells Holdings has raised its stake in Union Assurance, an insurer to 95.6 percent from 80.8 percent by purchasing 5.5 million shares at 150 rupees.
"We have confidence in insurance business and financial services in general and Union Assurance in particular," JKH deputy chairman Ajit Gunawardena said.
The seller is believed to be Sri Lanka's Aviva Insurance unit.
JKH has steadily raised its stake in Union Assurance and had bought out founding partners Carsons group earlier.
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