East West Insurance Company Announces Major Sale of Askari Life Assurance Shares

Karachi, In a significant financial move, East West Insurance Company Limited has reported a substantial sale of shares in Askari Life Assurance Company Limited, according to a disclosure made to the Pakistan Stock Exchange (PSE). The sale, documented under the regulations of Section 101(2) of the Securities Act, 2015, highlights changes in beneficial ownership by key stakeholders within the company.

East West Insurance Company Limited executed three separate transactions involving the sale of Askari Life Assurance shares. On January 29, 2024, the company sold 5,000,000 shares at a price of Rs. 10 per share. This was followed by another sale of 5,000,000 shares at the same price on February 23, 2024, and a final transaction of 5,000,000 shares on February 26, 2024, maintaining the price of Rs. 10 per share. The cumulative sale over these dates amounted to 15,000,000 shares, marking a notable reduction in East West Insurance Company’s holding in Askari Life Assurance.

Subsequent to these sales, the total beneficial ownership of East West Insurance Company in Askari Life Assurance Company Limited stands at 13,600,324 shares. The transactions have been noted for their compliance with the Securities Act, ensuring transparency and regulatory adherence in the reporting of changes in shareholding and beneficial ownership.

Moreover, the report clarified that there have been no gains made by the shareholders on the purchase and sale or sale and purchase of securities within a period of less than six months, adhering to section 101(2)(b) of the Securities Act, 2015. This disclosure underscores the compliance and ethical standards maintained by the involved parties in the execution of these transactions.