The Army Welfare Trust (AWT) proposes to acquire all shares of the Askari General Insurance Company Limited (AGICO) held by the Askari Bank Limited (AKBL) at Rs25.50 per share, separate filings by AWT and AKBL at the stock exchange on Monday said.
AGICO was incorporated in 1995 and is sponsored by the AWT, the latter with 23 different companies working under its fold with most of them quoted on the stock exchange.
The share sale deal notified yesterday is subject to contract between the parties and obtaining of all necessary consents and approvals under the applicable laws and regulations.
“The exact number of shares to be purchased and other terms and conditions of the proposed transaction will be finalised by the parties after obtaining regulatory consents and approvals and completion of other transactional formalities,” AWT said in its despatch.