AIA Insurance Lanka exit offer open for 20 market days

AIA Insurance Lanka PLC yesterday said the exit offer aimed at delisting its shares from the official list of the Colombo Stock Exchange (CSE) will be open for 20 market days till June 21.

AIA Lanka’s proposal to delist was approved by the requisite shareholder majority at the Extraordinary General Meeting (EGM) held on March 27, 2019.

AIA Insurance Lanka CEO Pankaj Banerjee said shareholders have grown great interest taking up the generous exit offer of Rs.2,500 per share made by AIA Company Limited Hong Kong.

The company said payment will be dispatched by the offer or to shareholders who accept the exit offer, subject to the terms and conditions as set out in the exit offer document.

“In order to facilitate a faster acceptance and fund transfer process, the offeror has provided for two staggered payment intervals where (although the Offer is open from May 24 to June 21) those shareholders who hand over valid forms of offer acceptance by June 7, 2019 will receive their monies for the shares sold, within 15 market days from June 7 without having to wait for the formal offer closure on June 21, 2019,” AIA Lanka Director and Chief Legal Officer Chathuri Munaweera said.

The decision to delist from the CSE is based on AIA Group’s preferred target operating model for its business units of operating as wholly owned subsidiaries, with the parent company being the only publicly listed entity.

Since its entry into Sri Lanka, AIA Group has disclosed its intent to delist AIA Insurance Lanka from the CSE.