On 26th January 2024 via international and local media the Government of Sri Lanka (GoSL) acting through the Ministry of Finance, Economic Stabilization and National Policies, called for Request for Qualification (RfQ) from potential investors for the divestiture of its shares in Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
The deadline for submission of proposals ended at 2.00pm on Wednesday, 06th March 2024.
The RfQs received were considered by the Opening Committee appointed by the Special Cabinet Appointed Negotiation Committee. Altogether five (05) RfQs received as follows:
1. For Sri Lanka Insurance Corporation Life Limited;
i. LIC (Lanka) Limited
ii. Union Assurance PLC
iii. Asiri Hospital Holdings PLC
2. Sri Lanka Insurance Corporation General Limited;
i. Euro Exim Bank Limited
ii. Fairfirst Insurance Limited
These RfQs will be evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023.
Alvarez & Marsal acts as the Transaction Advisor for the divestiture of shares held by GoSL in Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.