Friday, July 10 2026

PICIC Insurance updates on merger progress in quarterly report
PICIC Insurance Limited (PSX:PIL) has received approval from the Sindh High Court for the Modified Scheme of Arrangement concerning the merger of Crescent Star Foods (Private) Limited with and into the company. The court's order, dated April 16, 2026, and passed in J.C. Misc. No. 45 of 2017, paves the way for the merger, subject to completion of all legal and procedural formalities, the company said in its quarterly progress report. PICIC Insurance is currently in the process of implementing the sanctioned scheme, which includes the issuance and allotment of approximately 7.9 billion new ordinary shares in line with the approved terms.
Related news categories: business economic-indicators insurance psx stock-exchanges
Related symbols: pil (news stock)

Wednesday, July 08 2026

Fauji foundation to acquire 51% stake in Askari General insurance
A 51% stake in Askari General Insurance Company Limited (PSX: AGIC) will be transferred from Army Welfare Trust ("AWT") to Fauji Foundation ("FF") at a carrying cost of Rs17.06 per share, subject to applicable regulatory approvals and codal formalities, according to a notice sent to the Pakistan Stock Exchange. AWT currently holds 60.23% shares in AGIC. AWT is a charitable/non-profit organization registered under the Societies Registration Act, 1860, engaged in the welfare of Army soldiers through funds generated from commercial investments. FF is a charitable/non-profit organization registered under the Charitable Endowments Act with its primary objective being to manage welfare activities in the areas of health, education and human development, serving families and dependents of ex-servicemen. FF's welfare activities are entirely supported by its commercial investments.
Related news categories: business economic-indicators insurance psx stock-exchanges
Related symbols: agic (news stock)