Finlays Colombo has entered into a binding agreement to dispose its insurance broking business to a Singaporean party.
Accordingly, Finlay Insurance Brokers, a wholly-owned subsidiary of Finlays Colombo, will be fully divested to IIRM Holdings, a Singapore-based investment company, reports Daily Mirror citing Finlays Colombo's latest annual report.
Finlays Colombo recently announced the appointment of Sanjiv Keerthiratne as the new CEO/MD at Finlays Insurance Brokers.
The sale is said to be part of a strategic divestment programme currently underway at Finlays Colombo so that the company can focus on its core tea business.
London-based Swire Group is the ultimate parent company of Finlays Colombo.