Askari General Insurance has completed the transfer of a 51 percent stake in the company from Army Welfare Trust to Fauji Foundation, marking the completion of a transaction first disclosed by the insurer in July.
The company informed the Pakistan Stock Exchange on Tuesday that the transaction was executed on August 28, with 51,337,953 ordinary shares transferred from Army Welfare Trust to Fauji Foundation at carrying cost. The shares represent 51 percent of Askari General Insurance’s total issued and paid up share capital.
The transfer follows earlier disclosures by Askari General Insurance on July 8, July 17 and July 24 regarding the proposed change in ownership of the stake. The latest filing confirms that the transaction has now been completed.
Despite the transfer, the company said there has been no acquisition or merger and no change in control in the nature of the commercial investment activity that would affect the market or competition. It also said the transaction does not result in any material change in the ultimate beneficial or economic control of the company.
The transfer keeps the 51 percent stake within the Fauji Foundation and Army Welfare Trust structure, with Fauji Foundation becoming the direct holder of the shares. Askari General Insurance did not indicate any operational changes resulting from the transaction.
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