Fauji Foundation Acquires Majority Stake In Askari General Insurance

Askari General Insurance has finalized the transfer of a 51 percent stake in the company from Army Welfare Trust to the Fauji Foundation, concluding a deal initially announced by the insurer in July. The transaction, executed on August 28, involved the transfer of 51,337,953 ordinary shares from Army Welfare Trust to Fauji Foundation at their carrying cost.

These shares constitute 51 percent of Askari General Insurance's total issued and paid-up share capital. The transfer, following earlier disclosures on July 8, July 17, and July 24, marks the completion of the transaction as per the latest filing.

Despite the change in ownership, the company stated that there has been no acquisition or merger, nor any alteration in the company's control, as it pertains to a commercial investment activity that would impact the market or competition. The transaction, therefore, does not lead to any significant change in the ultimate beneficial or economic control of the company. The 51 percent stake remains within the Fauji Foundation and Army Welfare Trust framework, with Fauji Foundation now holding the shares directly.

Askari General Insurance did not disclose any operational changes arising from the transaction. This development was initially reported by ProPakistani.