Article: Portland Announces Agreement to Sell AIC Holding to Manulife.

BURLINGTON, ONTARIO, Aug 12, 2009 (Marketwire via COMTEX) -- Portland Holdings Inc., a privately held investment company founded by Michael Lee-Chin that owns a collection of diversified businesses operating in sectors that include media, tourism, health care, telecommunications and financial services, today announced that it has agreed to sell the Canadian retail investment fund business of its AIC holding to Manulife Financial, subject to regulatory and securityholder approval.

"Companies around the globe have clearly entered a period of transformation and this is no different for the mutual fund business where consolidation continues." said Michael Lee-Chin, ...

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