Crescent Star Insurance to Acquire Stake in SG Power

Crescent Star Insurance Limited (CSIL) intends to procure around 6.78 million shares, which constitute 38.05% of the total issued and paid-up capital of SG Power Limited.

CSIL communicated this development to the Pakistan Stock Exchange (PSX) through a notice released on Wednesday.

Intermarket Securities Limited, serving as the manager for the offer, stated in its notification: “On behalf of the acquirers, we are pleased to submit the enclosed public announcement of intention to acquire approximately 6,785,236 ordinary shares of S.G Power Limited, representing approximately 38.05% of the total issued and paid-up capital of the target company.”

The proposed acquisition is contingent upon securing all essential regulatory clearances, including those from the Securities and Exchange Commission of Pakistan (SECP).

According to the notice, CSIL retains the option to rescind the offer.

Crescent Star Insurance Limited, an insurer registered with the SECP, possesses a paid-up capital of Rs1,077 million. Established in 1957, the company underwrites general insurance for motor vehicles, health, fire incidents, marine activities, engineering projects, travel, livestock, crops, and miscellaneous sectors throughout Pakistan.

SG Power Limited, incorporated in Pakistan on February 10, 1994, under the Companies Ordinance, 1984, focuses on generating and supplying electric power to its associated company, SG Allied Businesses Limited.