In a bid to attract potential investors and privatize its shares, the Government of Sri Lanka (GoSL) announced the Request for Qualification (RfQ) process for Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
The initiative, spearheaded by the Ministry of Finance, Economic Stabilization, and National Policies, marks a significant step towards economic reform and restructuring.
The RfQ call, made through both international and local media channels on January 26th, 2024, garnered considerable attention from investors worldwide. The submission deadline for proposals closed on March 6th, 2024, at 2:00 pm local time.
A dedicated Opening Committee, appointed by the Special Cabinet Appointed Negotiation Committee, reviewed the received RfQs, totaling five submissions. The contenders for Sri Lanka Insurance Corporation Life Limited include LIC (Lanka) Limited, Union Assurance PLC, and Asiri Hospital Holdings PLC. Meanwhile, Euro Exim Bank Limited and Fairfirst Insurance Limited submitted proposals for Sri Lanka Insurance Corporation General Limited.
The evaluation of these RfQs will adhere to the Special Guidelines on Divestiture of State-Owned Enterprises, a framework endorsed by the Cabinet of Ministers in July 2023. Alvarez & Marsal, serving as the Transaction Advisor, will oversee the divestiture process for the shares held by GoSL in both insurance corporations.
