Crescent Star Insurance Limited (CSIL) plans to acquire approximately 6.78 million shares, representing 38.05% of the issued and paid-up capital of SG Power Limited.
CSIL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“On behalf of the acquirers, we are pleased to submit the enclosed public announcement of intention to acquire approximately 6,785,236 ordinary shares of S.G Power Limited, representing approximately 38.05% of the total issued and paid-up capital of the target company,” said Intermarket Securities Limited, appointed as the manager to the offer, in its notice.
The acquisition is subject to all requisite regulatory approvals, including from the Securities and Exchange Commission of Pakistan (SECP).
As per the notice, CSIL reserved the right to withdraw the offer.
Crescent Star Insurance eyes Rs400mn property in Karachi
Crescent Star Insurance Limited is a registered insurer with the SECP with a paid-up capital of R1,077 million. The company, established in 1957, has been underwriting general insurance business of motor, health, fire, marine, engineering, travel, livestock, crop and miscellaneous across Pakistan.
Meanwhile, SG Power Limited was incorporated in Pakistan on February 10, 1994, under the Companies Ordinance,1984. It is involved in the generation and supply of electric power to its associated company of SG Allied Businesses Limited.
