AGIC Invests Over Rs432 Million in Commercial Property

Askari General Insurance Company Limited (AGIC) has acquired commercial real estate valued at more than Rs432 million from Askari Development and Holdings (Private) Limited (ADHL), a related entity.

The publicly traded insurance firm revealed this transaction in a notification issued to the Pakistan Stock Exchange (PSX) on Tuesday.

According to the disclosure, AGIC has engaged in a transaction with ADHL, a related party, to procure a commercial property situated on the second level of Askari Corporate Tower in Lahore.

The transaction, estimated at about Rs432.4 million (excluding transaction expenses), entails the acquisition of a commercial space spanning 12,011 square feet.

AGIC explained that “the purpose of the transaction is to ensure lasting capital appreciation and broaden the company’s asset diversification.”

The notice to stakeholders stated that “no director or executive of Askari General Insurance Company Limited has any direct or indirect personal stake in the aforementioned transaction.”

The company indicated that Army Welfare Trust (AWT) possesses roughly 59.25% of the issued share capital of Askari General Insurance Company Limited and also has authority over ADHL.

At the time of this report, AGIC’s share price was approximately Rs51, up by Re0.47, representing a 0.93% increase.

AGIC was established as a public limited company on April 12, 1995, under the Companies Ordinance, 1984 (which was superseded by the enactment of the Companies Act, 2017 on May 30, 2017).

The company’s activities include non-life insurance, encompassing fire, marine, motor, health, and other categories. The Company operates as a subsidiary of Army Welfare Trust.