AAI paying ability unaffected - RAM
RAM Ratings Lanka views that the recent acquisition of Asian Alliance
Insurance PLC (“AAI” or ``the Company”) by the Softlogic Group will not
have any rating implications on the Company’s BBB-claims-paying-ability
rating at present.
The outlook on the long-term rating remains stable. In the near term,
there will not be any material change in AAI’s business and financial
profiles as the benefit of potential operational and financial synergies
with the new shareholder will only be realized over the medium to long
Since 12 August 2011, Softlogic Holdings Limited (“SLH” or “the
Group”) has effectively acquired 73.53% of AAI, with a direct interest
of 22.53% and another 51% held via its subsidiary, Softlogic Capital
SLH is a well-diversified conglomerate with business interests in
information and communication technology, retail, healthcare,
automobiles, financial services and leisure.
The Group owns and operates Asiri Hospitals PLC.