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Sri Lanka’s Softlogic Holdings group is buying a 73.5 per cent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees (US$30 million), the company said in a stock exchange filing.

Softlogic Holding group will buy 53.16 per cent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.36 per cent held by another shareholder, Fast Gain International.

Softlogic Capital, a unit of Softlogic Holdings will buy 51 per cent of Asian Alliance for 2,295 million rupees.

Softlogic Holdings will buy 22.53 per cent of the insurer for 1,013 million rupees.

Asian Alliance has general and life businesses. S

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Daewoo International Corp. (KSE:047050), a South Korean trading firm, said Friday that it is considering selling its stake in a local life insurer.

In a regulatory filing, the firm, taken over last year by the country’s leading steelmaker, POSCO (KSE:005490), said it will select advisers for selling or securitizing the 24 per cent stake in Kyobo life insurance Co., the nation’s third-largest life insurer.

Daewoo International’s business line ranges from trading to overseas energy development.

Daewoo International has been developing gas fields off the coast of Myanmar and plans to explore a nickel mine in Madagascar. The c

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It is reported that Beijing-based Taikang life insurance Co. (Taikang Life) will invest CNY 3 billion to participate in the private share placement of Chengdu Rural Commercial Bank.

What’s more, the possibility cannot be ruled out for Taikang Life to become the strategic investor and controlling shareholder of Chengdu Rural Bank.

In August 2010, Taikang Life invested in a lender for the first time. It invested CNY 100 million to hold 20% of Tianmen Rural Commercial Bank’s shares. In April 2011, Taikang Life subscribed 185 million shares with CNY 2 billion, becoming the new shareholder of Bank of Beijing. Thi

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Indian IT solutions provider Mastek Ltd (BSE:523704) on Wednesday said its UK-based subsidiary has bagged a Rs 58.7 crore (US$13.09 million) multi-year framework contract in that country.

Mastek UK Ltd, a wholly-owned subsidiary of the company, has signed a multi-year framework agreement for IT services in the UK with an initial minimum commitment of GBP 8 million (US$12.94 million), Mastek said in a filing with the Bombay Stock Exchange.

The agreement is expected to materially improve its revenues in the forthcoming years, it said.

The deal would make Mastek absorb the transitioning cost of approximately GBP 0.4 million (Rs 2.93 crore) during the July-Sept 2011 quarter, it added.

Mastek is a high-end provider of vertically-focused enterprise technology solutions and platforms that unleash the optimum potential of our clients’ business.

Its vertical focus includes insurance (Life, Pensions and General), Government/Public Sector, and financial Services sectors.

The company has a formidable track record in these sectors as well as intellectual property and reusable frameworks.

Shares of the company closed at Rs 106.60, up 1.09 per cent from previous close on the BSE.

According to official report from People’s Bank of China, CNY 690.87 billion of bonds were issued in the inter-bank bond market in May, decreasing 10.2% compared to April.

In the first five months of 2011, totally inssued CNY 3.2 trillion of bonds were issued in the inter-bank bond market, down 19.6% compared to the same period of 2010. By the end of May, the bond trustee amounted to 20.5 trillion in the inter-bank bond market. Thereinto, bond trustee of inter-bank bond market hit CNY 20.1 trillion, accounting for 97.5% of the total bond trustee in inter-bank bond market.

In the first five months of 2011, the bonds issued in inter-bank market were mainly bonds with remaining tenor less than 5 years. I

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