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12 May, 2014 08:53 AM Source: Financial Times - Sri Lanka
Ceylinco Insu.png

Ceylinco Insurance PLC has submitted specific employee share allocation details to the Colombo Stock Exchange (CSE) apart from furnishing to Supreme Court dividends paid during the past 13 years.
Of the 3,000 employee base, around 1,700 qualify under guidelines specified in the Ceylinco Insurance Employee Share Ownership Trust (CIESOT) deed. CIESOT owns a 23% stake in Ceylinco Insurance PLC.
Following requests from the CSE, share allocated/transferred to qualifying employees had been furnished by the management. Separately, dividends paid for the past 13 years with cheque numbers too had been submitted to Court. This document apparently had spanned over 1,000 pages.
CIESOT has been in the news because customers of the collapsed Golden Key have been urging for the sale of its stake in Ceylinco Insurance PLC (CINS) on the premise that founder Lalith Kotelawala owns 50% stake in the CIESOT. The plan suggested is sell the stake and repay Golden Key depositors.
At last week’s closing price this stake is worth Rs. 6 billion and at CINS’ net asset per share the value is around Rs. 3 billion.

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