Finlays Colombo Limited has entered into a binding agreement to dispose its insurance broking business to a Singaporean party, according to the company’s 2017/18 annual report.
Accordingly, Finlay Insurance Brokers (Pvt.) Ltd, a wholly-owned subsidiary of Finlays Colombo Limited, will be fully divested to IIRM Holdings (Pte) Limited, a Singapore-based investment company.
Finlays Colombo recently announced the appointment of Sanjiv Keerthiratne as the new CEO/MD at Finlays Insurance Brokers.
The sale is said to be part of a strategic divestment programme currently underway at Finlays Colombo so that the company can focus on its core tea business.
According to the annual report, Finlays Colombo Limited has also divested its timber treatment division operating under Finlay Rentokil (Ceylon) Limited for a consideration of Rs.250 million this January.
In March, Finlays Colombo Limited announced a joint venture agreement with two subsidiaries of the John Keells group to develop its freehold land at No: 186, Vauxall Street, Colombo 2. Finlays Colombo Limited will hold a 39.72 percent share and the John Keells group will hold 60.28 percent in the joint venture.
London-based Swire Group is the ultimate parent company of Finlays Colombo Limited.