Ceylinco Life has entered into a partnership with Kings Hospital (Private) Ltd, one of the newest and most modern private hospitals in Sri Lanka, through a major equity investment, thereby significantly enlarging the Company’s footprint in the healthcare sector and diversifying its investment portfolio, the Company said.
The Company said this strategic investment has been made via a private placement with an option to further increase its holding in the 120-bed hospital.
Ceylinco Life will take up proportionate representation in the Kings Hospital Board which will catalyse its next growth phase. Synergies between Ceylinco Life and Kings will enhance value for all stakeholders, the Company said.
Ceylinco Life is the market leader in the country’s life insurance sector and is already a pioneer in the healthcare sector. The Company’s wholly-owned subsidiary Ceylinco Healthcare Services Limited (CHSL) set up the first private sector radiation therapy centre in Sri Lanka for the treatment of cancer, and installed the country’s first Linear Accelerator as well as the first TomoTherapy unit, which is to date the only facility of its kind in Sri Lanka. Ceylinco Life also manages the Golden Key Eye and ENT Hospital.
Commenting on this latest milestone in the Company’s evolution, Ceylinco Life Chairman, Rajkumar Renganathan said,“Globally, life insurers and healthcare providers have established strategic partnerships with each other to reap the inherent and complementary synergies. This strategic investment capitalizes on synergies, thus creating additional value for all stakeholders including Ceylinco Life policyholders.”