KARACHI: Askari General Insurance Co. Ltd. and Askari Life Assurance Company Limited have disclosed the transfer of their respective 51% shareholdings from Army Welfare Trust (AWT) to Fauji Foundation (FF), with both transactions executed on August 28, 2026.
Askari General Insurance said 51,337,953 ordinary shares, representing 51% of its total issued and paid-up share capital, were transferred from AWT to FF at carrying cost.
Similarly, Askari Life Assurance disclosed the transfer of 76,587,727 ordinary shares, also equivalent to 51% of its issued and paid-up share capital, from AWT to FF at carrying cost.
The disclosures to the Pakistan Stock Exchange (PSX) on September 1 followed earlier announcements dated July 8, July 17 and July 24 regarding the proposed transfers.
Both companies clarified that the transactions do not constitute an acquisition or merger or a change in control resulting from commercial investment activity, and would not have an impact on the market or competition.
They further stated that the transfers do not materially alter the ultimate beneficial or economic control of the companies.
