Lahore: Askari General Insurance Co Ltd has announced a significant transaction involving the purchase of a commercial floor from its associated company, Askari Development and Holdings (Private) Limited (ADHL). The transaction, valued at PKR 432.40 million, is in accordance with the Securities Act, 2015, and specific clauses of the Pakistan Stock Exchange Rule Book.

The commercial floor, located on the second floor of Askari Corporate Tower in Lahore, spans approximately 12,011 square feet. The transaction amount excludes additional costs, and payment terms have been mutually agreed upon by the involved parties. The transaction follows a direct purchase agreement mode between the companies.

The Army Welfare Trust (AWT), holding a 59.25% share in Askari General Insurance, also exercises control over ADHL. Despite the significant stake, it is noted that no director or executive of Askari General Insurance has any direct or indirect personal interest in the transaction.

According to information available from the Pakistan Stock Exchange (PSX), the decision to acquire the property is aimed at securing long-term capital appreciation and enhancing asset diversification for Askari General Insurance Co Ltd. The move is expected to provide financial stability and growth in asset value for the company.

This transaction falls within the designated market category, adhering to the regulatory requirements set forth by the Pakistan Stock Exchange and relevant governing bodies.