KARACHI: The Pakistan General Insurance Company Limited (PKGI) has disclosed a significant shift in its ownership structure, following a Public Announcement of Intention (PAI) to acquire a substantial shareholding by Mr. Muhammad Shahzad Habib and his associates. According to the notification sent to the Pakistan Stock Exchange (PSX), the acquisition aims to secure at least 84.71% of PKGI’s issued ordinary shares.
The initiative, spearheaded by LSE Capital Limited as the Manager to the Offer, follows the acquisition of 60.94% of the issued and outstanding shares of PKGI by Mr. Habib and his associates. A subsequent agreement has been signed to acquire an additional 23.77% through share purchase arrangements, propelling their total control to beyond the initial holdings.
According to information available from the Pakistan Stock Exchange (PSX), this strategic move is conducted under the guidance of the Securities and Exchange Commission of Pakistan (SECP), complying with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The SECP’s involvement ensures adherence to the legal frameworks and transparency in the acquisition process.
The timeline set forth requires the completion of the public offer pertaining to the public portion soon, with Mr. Habib poised to consolidate his influence over PKGI substantially. The detailed announcement includes directions for the existing shareholders and the investment community, ensuring a smooth transition and adherence to regulatory requirements.