KARACHI: Askari General Insurance Company Limited (AGIC) has informed the Pakistan Stock Exchange (PSX) of a price-sensitive development involving the transfer of a majority stake in the company.
According to the company’s notification dated July 8, 2026, the Army Welfare Trust (AWT) will transfer 51% of its shareholding in Askari General Insurance to the Fauji Foundation (FF), subject to all applicable regulatory approvals and legal formalities. The transfer will be carried out at a carrying cost of Rs. 17.06 per share.
The company explained that AWT currently holds 60.23% of AGIC’s shares. AWT is a charitable, non-profit organization established under the Societies Registration Act, 1860, while Fauji Foundation is a charitable organization registered under the Charitable Endowments Act, 1890, focused on welfare initiatives in health, education, and human development.
AGIC clarified that the transaction is a repositioning of shares within welfare organizations and does not constitute an acquisition, merger, or change in the company’s commercial control. The company emphasized that there will be no material impact on market competition, business operations, or the ultimate beneficial and economic control of Askari General Insurance, as both AWT and Fauji Foundation remain under the oversight of their respective Committees of Administration.
The company noted that the transfer has already received approval from the competent authority and will be completed after fulfilling all regulatory requirements. AGIC has also requested the Pakistan Stock Exchange to inform TRE Certificate Holders of the disclosed development.
