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.
Related Info :
• Business Today Top 20 Sri Lankan Companies 2009-2010. JKH, HNB & BUKI Make Top 3. Sri Lanka an Exciting Place to Invest in 2011 - Hari Selvanathan
• John Keells Group Earns Record Profit of Rs 5.2bn After Tax
• John Keells OnThree20 Luxury Apartment Complex at Union Place Colombo to Start Soon
• Sri Lanka's Keells Invests Rs 450mn in Star Class Chaaya Blu Hotel in Trinco
