Askari General Insurance Company Limited (AGIC) has purchased commercial property worth over Rs432 million from Askari Development and Holdings (Private) Limited (ADHL), an associated company.
The listed insurance company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
As per the notice, AGIC has entered into a related party transaction with ADHL, to acquire a commercial property located on the second floor of Askari Corporate Tower in Lahore.
The transaction, valued at approximately Rs432.4 million (excluding transaction costs), involves the purchase of a 12,011 square foot commercial floor.
Giving rationale behind the said transaction, AGIC said that “the transaction is intended to secure long-term capital appreciation and enhance asset diversification of the company”.
“No director or executive of Askari General Insurance Company Limited has any direct or indirect personal interest in the subject transaction,” read the notice to the stakeholders.
The company shared that Army Welfare Trust (AWT) holds approximately 59.25% of the issued share capital of Askari General Insurance Company Limited and also exercises control over ADHL.
At the time of filing this report, the share price of AGIC was hovering at Rs51, an increase of Re0.47 or 0.93%.
AGIC was incorporated under the Companies Ordinance, 1984 (repealed with the enactment of the Companies Act, 2017 on May 30,2017) as a public limited company on 12 April 1995.
The company is engaged in non-life insurance business comprising of fire, marine, motor, health and miscellaneous. The Company is a subsidiary of Army Welfare Trust.
