|
|
 |
 |
| Sunday, 2 November 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
HNB Assurance IPO opens on Tuesday HNB Assurance Ltd, the fully owned subsidiary of Hatton National Bank, announced its Initial Public Offering (IPO). HNB Assurance will issue 25 million 10 rupee ordinary shares at an offer price of Rs 12.50 per share which includes a premium of Rs 2.50. Applications are being accepted now for the issue which will officially open on November 4 and scheduled to close on November 21 or on the date the issue is oversubscribed. The shares will be listed on the second board of the CSE. HNB Assurance plans to raise Rs 125 million through the sale and the objectives of the sale are facilitating the admission of the company's ordinary shares to the official list of the CSE, enhance the marketability of the share and broaden ownership. Chairman Chrisantha Cooray said there is a lot of potential in the insurance market. He said the company was one of the few to break even and make a profit in the first year. It recorded a net profit of Rs 4.8 million for the year ended December 31, 2002. Director HNB Assurance Rienzie T. Wijetilleke said: "HNB has decided that the time is appropriate to divest 10 million ordinary shares held by HNB to the public, providing a 40 per cent stake and retaining 60 per cent within the bank." General Manager, HNB Assurance, Nimal Perera said in General insurance, the company commands a two per cent market share while in Life business, its share is one per cent. Though the market share is small, it is growing, "and we are ahead of at least three other relatively older insurance companies in the country". (CM) |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
