Askari Insurance Closes Property Deal Worth Rs432 Million

Askari Insurance has finalized a major property transaction worth over Rs432 million with its associated company, ADHL, securing prime commercial space in Lahore.

Askari General Insurance Company Limited (AGIC) has acquired a commercial property for Rs432.4 million (excluding transaction costs) from Askari Development and Holdings (Private) Limited (ADHL), a related company. The Askari Insurance property deal involves a 12,011 square foot floor on the second level of Askari Corporate Tower in Lahore.

In a notice to the Pakistan Stock Exchange (PSX), the insurance firm confirmed the related party transaction. AGIC stated that the move aims to achieve long-term capital appreciation while boosting asset diversification.

According to the notice, no director or executive of AGIC holds any direct or indirect personal interest in the property purchase. The company emphasized that the Askari Insurance property deal aligns with its long-term investment strategy.

Army Welfare Trust (AWT), which owns around 59.25% of AGIC’s issued share capital, also exercises control over ADHL, the seller in this transaction.

AGIC’s share price was recorded at Rs51 at the time of filing, reflecting a gain of Re0.47 or 0.93%. The company, incorporated in 1995 under the former Companies Ordinance, operates in non-life insurance including fire, marine, motor, health, and other segments. AGIC functions as a subsidiary of the Army Welfare Trust.