IGI Insurance has announced that its board has given approval on Tuesday for the commencement of negotiations for acquiring 81.97% ownership interest in the American Life Insurance Company (Pakistan).
IGI has said it will initiate due diligence exercises in this respect soon. The proposed acquisition will be subject to the execution of a Share Purchase Agreement and the completion of tender offer pursuant to the relevant laws.
It will also be subject to the receipt of all relevant regulatory consents, including those from the Competition Commission and the Securities and Exchange Commission of Pakistan. The IGI board of directors has said it believes that IGI will have the opportunity to expand its life operations and provide further benefits to its stakeholders after the acquisition.
Published in The Express Tribune, September 26th, 2012.
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