Karachi, July 24, 2026 – Askari General Insurance Company Limited (AGICO) has announced that the Securities and Exchange Commission of Pakistan (SECP) has granted approval for the transfer of a 51% shareholding and management control of the company from the Army Welfare Trust (AWT) to Fauji Foundation (FF). The disclosure was made to the Pakistan Stock Exchange (PSX) as price-sensitive information.
According to the company’s notification, the approval follows earlier disclosures regarding the proposed transaction. AGICO informed investors that the SECP, through its letter dated July 23, 2026, approved the transfer request subject to the terms and conditions outlined in the approval letter. A copy of the regulator’s approval has also been shared with the PSX for the information of shareholders and TRE certificate holders.
The attached SECP approval states that the authorization has been granted under Section 67 of the Insurance Ordinance, 2000 and SRO 447(I)/2024. The approval permits the transfer of 51% shareholding in Askari General Insurance from Army Welfare Trust to Fauji Foundation, subject to the agreement between the transferor and the acquirer and the completion of all necessary internal and external regulatory approvals required under applicable laws.
The SECP further clarified that any future acquisition or transfer of additional shares beyond the approved 51% stake will require separate regulatory applications in accordance with the applicable legal framework. The regulator also emphasized that the approval does not exempt the parties from obtaining any other approvals required under relevant laws, rules, or regulations.
The transaction represents a significant change in the ownership structure of Askari General Insurance, with Fauji Foundation set to acquire majority control upon fulfillment of all stipulated conditions. The development is expected to be closely watched by investors as the company moves toward completing the ownership transition.
