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Thursday, 25 August 2011

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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 term.

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 Limited.

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.

 

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