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Asia Capital has reserved a 90-day buy back option on the 10% stake in Asian Alliance Insurance it recently sold a Malaysian investor who is a major shareholder of Asia Capital.
Such a buy back will be at a mutually agreed price and subject to the trading rules of the CSE, Asia Capital has said in a stock exchange filing.
Asian Alliance Insurance Company PLC informed the CSE that Asia Capital PLC had on May 18 sold 10% of Asian Alliance Insurance (2.5 million shares) to Mr. V.S. Vijayaratnam as a part of restructuring exercise by Asia Capital.
Vijayaratnam who purchased 29.5 million shares of Asia Capital(26.83%) currently holds 28.01% of Asia Capital following this purchase.
According to Asia Capital’s Stock Exchange notification, Vijayaratnam was acting in concert with Asia Capital in respect of their shareholdings in Asian Alliance Insurance in terms of the SEC’s Takeovers and Mergers Code.
Asian Alliance Insurance said that Asia Capital will have the option of re-purchasing the shares sold to Vijayaratnam within a period of 90 days at a price mutually agreed between the parties subject to the trading rules of the CSE.
