EFU Life Assurance Limited Issues New Shares in Exchange for EFU Health Insurance Limited Shares

Karachi, EFU Life Assurance Limited has completed the issuance of new ordinary shares as part of a share exchange with EFU Health Insurance Limited, According to information available from the Pakistan Stock Exchange (PSX). This transaction involved issuing 5,000,000 new ordinary shares of EFU Life Assurance in exchange for 50,000,000 ordinary shares of EFU Health Insurance Limited, with each new share having a face value of Rs. 10. The total consideration for the shares exchanged amounted to Rs. 500,000,000.

The issuance required approvals from various regulatory authorities. The Securities and Exchange Commission of Pakistan and the Competition Commission of Pakistan both authorized the arrangement. Additionally, the Central Depositary Company’s regulations were adhered to, with all requirements regarding the allotment of shares in the name of CDC being fulfilled.

The share exchange was approved by EFU Life Assurance shareholders in an Extraordinary General Meeting held on October 23, 2023. The revised paid-up capital of EFU Life Assurance post-transaction is Rs. 1,050,000,000. This move is part of a broader compliance and regulatory framework that also involves maintaining rigorous internal controls and accounting practices as stipulated by the CDC and overseen by the management of EFU Life Assurance.