AIA receives shareholder approval for proposal to delist from CSE | Daily News

AIA receives shareholder approval for proposal to delist from CSE

William Lisle, Chairman of AIA

Publicly listed company AIA Insurance Lanka PLC (“AIA Insurance Lanka”) announced that it will delist the Company’s shares from the official list of the Colombo Stock Exchange (“CSE”) in compliance with applicable regulations and procedures while at the same time reaffirming its commitment to the Sri Lankan market.

The proposal to delist was approved by the requisite shareholder majority at the Extraordinary General Meeting (“EGM”) held on 27 March 2019. The delisting of the Company’s shares is based on a revised and final offer made by AIA Company Limited of Hong Kong of LKR 2,500/- per share. AIA Company Limited Hong Kong is a part of the AIA Group of companies, which includes AIA Insurance Lanka (“AIA Group”).

As authorised by the EGM, AIA Insurance Lanka will be making a formal application to the Securities and Exchange Commission of Sri Lanka (the “SEC”), for their approval to delist the Company’s shares. The Company will be communicating with Shareholders and dispatching the Offer Document to the Shareholders on the Offer made by AIA Company Limited, upon such approval of the SEC having been received.

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. As part of this process, AIA Insurance Lanka secured, in accordance with the amendments made to Sri Lanka’s Insurance Law in 2017, an exemption, as approved by the Insurance Regulatory Commission of Sri Lanka (“IRCSL”), from the requirement to be listed on a Stock Exchange, based on the listing of its ultimate parent entity AIA Group Limited, on the Stock Exchange of Hong Kong Ltd.

William Lisle, Chairman of AIA Insurance Lanka, reiterated AIA’s commitment to Sri Lanka, saying “AIA is fully committed to continued growth and investment in Sri Lanka for the benefit of our customers, as well as for the local community and economy. Our delisting from the CSE will not impact AIA’s operations in Sri Lanka. We have invested heavily to provide our customers with leading products and services and we will continue to help many more people here live Healthier, Longer, Better Lives.”


 

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