Crescent Star Insurance Eyes Property Acquisition in DHA Karachi

Crescent Star Insurance Limited (CSIL) is considering the acquisition of a property in Phase 8, DHA Karachi, valued at Rs400 million. The publicly traded firm communicated this potential transaction in a notice issued to the Pakistan Stock Exchange (PSX) on Wednesday.

The notice stated, “Crescent Star Insurance Limited is performing due diligence and negotiating a possible acquisition of a property situated in Phase 8, DHA Karachi.”

The company disclosed that the property’s estimated value is approximately Rs400 million, equivalent to USD1.42 million.

The prospective purchase is being evaluated as a calculated investment, intended to strengthen CSIL’s asset base and yield returns over the long run.

The transaction hinges “on the finalization of conditions and endorsement by the Board of Directors”.

Crescent Star Insurance Limited was established in Pakistan as a Public Limited Company in 1957, under the Companies Act, 1913, now superseded by the Companies Act, 2017.

The company’s core business is the provision of general insurance services, excluding life insurance.

At the time of this report, CSIL’s share price was trading at Rs3.18, marking a decrease of Re0.08 or 2.45% on the PSX.