Distilleries to set up new insurance company

Distilleries Company of Sri Lanka PLC announced in a stock exchange filing that the Insurance Board of Sri Lanka has approved its application to set up a fully owned insurance subsidiary called Continental Insurance Lanka Ltd. with effect from December 18, 2009.

The start-up capital of the company will be Rs. 500 million and the provision will be increased to a billion rupees if necessary. Continental Insurance Lanka Ltd. is expected to commence operations in early 2010. 75mn.