February 27, 2020 (MLN): Adamjee Insurance Company Limited has remitted the aggregate purchase price of Rs. 401,200,5751- in equivalent sum of Euro 2,390,232.44 – to IVM lntersurer B.V, for the acquisition of 24,059,855 ordinary shares of Adamjee Life Assurance Company from IVM lntersurer, after fulfillment of all applicable contractual, legal, and regulatory requirements.
The sum was credited to IVM's bank account a day later on February 25, 2020, followed by authorization and approval by Adamjee Life's board of directors of the registration of transfer of the aforesaid 24,059,855 shares to AICL on February 26, 2020.
Accordingly, Adamjee Life has become a wholly-owned subsidiary of AICL with effect from February 26, 2020.
To recall, the shareholders of Adamjee lnsurance, in their Extraordinary General Meeting held on February 25, 2019, had approved AICL's acquisition of 24,059,855 ordinary shares of par value of Rs. 10/- each of Adamjee Life Assurance Company Limited from IVM lntersurer B.V. at a per share price of about Rs. 16.68, or an aggregate purchase price of Rs. 401,200,515.
The aforementioned shares being sold by IVM represented a 25.72 % shareholding in the aggregate issued and fully paid-up capital of Adamjee Life, with the remaining 74.28% thereof being held by AICL.
