Union Assurance sells 22 percent stake in Fairfirst Insurance to Fairfax Asia amid robust market conditions

Union Assurance sold its 22 percent stake in Fairfirst Insurance Ltd to Fairfax Asia Ltd for Rs 2.63 billion, CSE sources said.

- BY HIRAN H.SENEWIRATNE

"UAL has divested its 22 percent equity stake comprising 30,800,000 ordinary shares, in Fairfirst Insurance Ltd., an associate company of UAL today, CSE sources explained. The total price was Rs 2,638,079,877.00. Fairfirst Insurance Ltd operates in the non-life insurance segment and was previously treated as an associate of the John Keells Group.

Amid those developments overall market conditions were positive and the All Share Price Index reached 21000 points. The All Share Price Index up by 119.83 points, while the S and P SL20 rose by 22.2 points. Turnover stood at Rs 6.5 billion with eight crossings.

Those 3 crossings were reported in JKH, which crossed three million shares to the tune of Rs 68.4 million and its shares traded at Rs 22.80, Aitken Spence 352,000 shares crossed for Rs 56 million and its shares sold at Rs 160, Asia Asset Finance 635,000 shares crossed for Rs 32.5 million; its shares traded at Rs 52.