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Softlogic Life announces Rs. 6 bn share buyback program

The Board of Directors of Softlogic Life Insurance PLC has announced a share repurchase program aimed at enhancing capital management and optimizing shareholder value. The decision, made on June 11, 2024, will see the company offer to purchase up to 58,593,750 shares at Rs. 102.40 per share, representing a total value of up to LKR 6,000,000,000.

This repurchase offer, subject to shareholder approval at an Extraordinary General Meeting, will enable the company to maintain a prudent Capital Adequacy Ratio, ensuring seamless business operations. The repurchase is compliant with Article 4 of the Company's Articles of Association, Section 64 of the Companies Act No. 7 of 2007, and CSE Listing Rule 7.10.1.

The offer period for the share repurchase is scheduled from July 30, 2024, to August 13, 2024. Shareholders will be entitled to sell five shares out of every thirty-two shares held as of the record date.

The repurchase has been evaluated by KPMG Chartered Accountants, who have confirmed the offer price as a fair value.