Adamjee Life Assurance applies for listing on PSX

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.

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Posted on: 2021-11-25T17:24:13+05:00

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