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Islamabad, EFU General Insurance Limited and its subsidiary EFU Life Assurance Limited announced today the approval of a scheme of amalgamation that will merge EFU Health Insurance Limited into EFU Life Assurance. The resolution passed by the Board of Directors is in accordance with Section 284(1) of the Companies Act, 2017, and will take effect from May 1, 2024. This move will see EFU Health Insurance, a wholly owned subsidiary of EFU Life, completely integrate its operations and assets into EFU Life.
The announcement was made via a public disclosure on the Pakistan Stock Exchange, highlighting the details of the amalgamation and its effective date. EFU Life’s corporate headquarters, located at Al-Malik Centre, Jinnah Avenue in Islamabad’s Blue Area, remains the central point of contact for corporate affairs, with Mr. Hasan Jivani serving as the Corporate Secretary and Compliance Officer.
EFU General Insurance Limited, also based in Islamabad’s Blue Area at the Kamran Centre, has concurrently released its public disclosure regarding the amalgamation. Mr. Amin Punjani, the company’s secretary, reiterated the merger’s significance to the company’s structural alignment and strategic objectives. Both companies have ensured that all legal requirements have been met in line with the Securities Act, 2015, and the rules of the Pakistan Stock Exchange.