Softlogic Life Executes Share Buyback of Rs. 6 BillionSoftlogic Life Executes Share Buyback of Rs. 6 Billion Colombo – Softlogic Life Insurance PLC (Softlogic Life), a leading life insurer in Sri Lanka, has announced a share buyback program worth Rs. 6 billion. The company aims to repurchase up to 16.69% of its outstanding shares. This move is part of Softlogic Life’s long-term strategy to enhance shareholder value and optimize capital structure. The company believes that the current market valuation of its shares does not fully reflect its underlying strength and potential. The buyback program will be executed through the Colombo Stock Exchange (CSE) via open market transactions. The maximum price that Softlogic Life will pay for each share is Rs. 360, subject to regulatory approvals and compliance with applicable laws. Commenting on the buyback, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated: “This share buyback program reflects our confidence in the long-term prospects of Softlogic Life. The current market valuation presents an attractive opportunity for us to enhance shareholder returns and optimize our capital structure.” Softlogic Life has a robust financial position, with a strong capital base and a proven track record of profitability. The company’s total assets stood at Rs. 61.9 billion as of March 31, 2023, while its net profit for the year was Rs. 1.1 billion. The buyback program has been well-received by shareholders, who view it as a positive step towards maximizing their returns. The transaction is expected to be completed within the next few months.
Softlogic Life buys back Rs.6 bn worth shares dailymirror.lk
