SRI LANKA’S JANASHAKTHI PLANNING IPO

Sri Lankan insurer Janashakthi is planning an initial public offering, reports the Sri Lanka Daily News , citing unnamed sources. Sales and marketing general manager Ravi Liyanage was quoted as saying that the move was being made because of a directive  from the Insurance Board of Sri Lanka (IBSL) that all domestic insurers had to be listed on the Colombo stock exchange, although there is no reference to this on the IBSL web site. Last December Janashakthi signed a bancassurance agreement with leading Indian private bank ICICI under which the bank’s Sri Lankan customers would be offered access to Janashakthi products.