Adamjee Life Assurance applies for listing on PSX

News Image

MG News | November 25, 2021 at 05:24 PM GMT+05:00

0:00

November 25, 2021 (MLN): Adamjee Life Assurance Company Limited (ALACL) has applied for listing on the Exchange, a notice issued by the bourse said today.

ALACL is a wholly-owned subsidiary company of Adamjee Insurance Company Limited.

As per the details, the company shall be offering 25 million ordinary shares using the 100% book building method at a floor price of Rs28/- per share with a price band of up to 40% above the floor price i.e., Rs39.2/- per share.

For the aforesaid issue, Next Capital is the lead manager and book-runner while MCB Bank Limited is the banker to the book building portion of the Issue.

The bidders shall be allowed to place bids for 100% of the offer size and the strike price shall be the price at which 100% of the offer is subscribed. However, the successful bidders shall be provisionally allotted only 75% of the offer size i.e., 18.75 million shares, and the remaining 25% i.e., 6.25 million shares shall be offered to the retail investors.

The general public portion of the offer comprises 6.25 million ordinary shares (25% of the total offer) at the strike price. In case the retail portion of the offer remains unsubscribed, the unsubscribed shares will be allotted to the successful bidders of book building on a pro-rata basis.

The draft offer for sale document has been placed on the PSX website for seeking public comments. All concerned are requested to provide their written comments on the draft offer for sale document, if any, to the listing department latest by Friday, December 03, 2021, the notice quoted.

ALACL is engaged in the life insurance business carrying on non-participating business only. In accordance with the requirements of the insurance ordinance 2000, the company has established a shareholders’ fund and the required statutory funds in respect of each class of its life insurance business.

The company offers both conventional life insurance and family takaful policies. The company is backed by Nishat Group, which is one of the leading and most diverse business groups of Pakistan.

The principal purpose of the offer for sale is to enable the holding company to realize a gain on its investment in ALACL. Further, the public offering will enable the company to broaden its shareholder base by bringing in
public shareholders, HNWIs and financial institutions. It will also aid in increasing ALACL’s transparency and enhance good governance measures.

Copyright Mettis Link News

 

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes


July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg