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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. Sri Lankan insurers are now making losses on most of their general business.