Jubilee General Insurance to invest up to Rs150mn each in multiple companies

MG News | March 25, 2022 at 10:05 AM GMT+05:00

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March 25, 2022 (MLN): The shareholders of Jubilee General Insurance Co. Ltd (JGICL) have approved an investment of up to Rs150 million each, in the purchase of ordinary shares of Cherat Packaging (CPPL), Cherat Cement (CHCC), Agha Steel Industries (AGHA), Pakistan Cables (PCAL), Indus Motor Company (INDU), Meezan Bank Limited (MEBL), International Steels Limited (ISL) and associated companies at the market price prevailing on the date of purchase, in one or more tranches within 3 years.

According to the notice issued to PSX, the members in the Annual General Meeting held on 24th March 2022 also authorized the Managing Director (Chief Executive) of the company to take any and all actions which may be required for the investment of the above-mentioned amount in the purchase of the ordinary shares of associated companies.

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