Fauji foundation to acquire 51% stake in Askari General insurance

July 08, 2026 (MLN): A 51% stake in Askari General Insurance Company Limited (PSX: AGIC) will be transferred from Army Welfare Trust ("AWT") to Fauji Foundation ("FF") at a carrying cost of Rs17.06 per share, subject to applicable regulatory approvals and codal formalities, according to a notice sent to the Pakistan Stock Exchange.

AWT currently holds 60.23% shares in AGIC. AWT is a charitable/non-profit organization registered under the Societies Registration Act, 1860, engaged in the welfare of Army soldiers through funds generated from commercial investments.

FF is a charitable/non-profit organization registered under the Charitable Endowments Act with its primary objective being to manage welfare activities in the areas of health, education and human development, serving families and dependents of ex-servicemen. FF's welfare activities are entirely supported by its commercial investments.

The ultimate control, both administrative and financial, of AWT and FF is entrusted to the respective Committee of Administrations.

The transaction does not constitute an acquisition, merger, or change in control of AGIC in the nature of a commercial investment activity, and will have no impact on the market or competition.

It does not result in any material alteration of the ultimate beneficial or economic control of AGIC.

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