Pakistan based underwriter IGI Insurance is considering to acquire American Life Insurance Company Pakistan Limited (Alico) from its parent Alico, subject to a share purchase agreement and relevant regulatory approvals.
Around 81.97% ownership stake and voting rights, as revealed in a notice filed with the Karachi Stock Exchange (KSE) by IGI Insurance, are likely to be acquired from Alico, although the purchase price and terms of the proposed deal were undisclosed.
Negotiations over the deal is expected to start after the completion of due diligence, while the proposed transaction is also subject to completion of a tender offer in agreement to the Takeover Ordinance 2002.
The deal also requires approval from concerned regulatory bodies, such as the Competition Commission of Pakistan and the Securities and Exchange Commission of Pakistan.
A flagship organization of Packages Group, IGI Insurance underwrites all types of property and casualty insurance namely, fire, marine, motor, travel, health and home as well as provides comprehensive risk management facilities to a number of distinguished local and multinational business concerns through a network of branches in Pakistan.