Karachi: In a significant development within Pakistan's insurance sector, LSE Capital Limited, acting as Manageto the Offer, has declared its intention to acquire a substantial portion of The Pakistan General Insurance Company Limited (PKGI). According to information available from the Pakistan Stock Exchange (PSX), this move will potentially shift major control to the group led by Mr. Muhammad Shahzad Habib, along with his associates and family members.

On August 23, 2024, following directives from the Securities and Exchange Commission of Pakistan (SECP), LSE Capital Limited submitted a Public Announcement of Intention (PAI) under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The announcement detailed plans to secure at least 84.71% of the ordinary shares in PKGI. This strategic acquisition follows Mr. Habib's earlier purchase of 60.94% of the issued and outstanding shares, along with a subsequent agreement to obtain an additional 23.77% from existing sponsors.

The accumulation of shares by Mr. Habib and his group marks a pivotal development in the governance and future direction of PKGI. The full acquisition process is aimed at reinforcing the company's market position and operational capabilities.

The announcement is scheduled for publication in both English and Urdu newspapers on October 13, 2024, fulfilling regulatory requirements and ensuring transparency in this significant transaction within the financial and insurance sectors.