Revised Public announcement of intention to acquire up to 40% shares and control of PICIC Insurance Company by Excel Insurance Company Limited Under Listed Companies (Substantial Acquisition of Voting Shares and Take - over’s) Ordinance, 2002 (Addendum to Public Announcement of Intention already disseminated to relevant stock exchanges, target company, dated 08 March, 2011)
1) Information about the acquirer
(a) Name(s) and Address(s) of acquirer along with persons acting in concert, if any:
Acquirer:
Excel Insurance Company Limited
38 C-1, Block 6, P.E.C.H.S, Shahrah-e-Faisal
Karachi
Person acting in concert:
Mr. Ghulam Muhammad
Miss. Ayesha Muhammad
(b) The Name(s) and Address(s) of financial advisors of the acquirer,
if any:
Next Capital Limited
8th Floor,
Horizon Towers,
Plot No. 2/6,
Clifton Block 3,
Karachi
(C) In case the acquirer is a Company:
Names of Chief Executive and Directors of the Company:
Younus Haji Latif - Chairman
Ubaid Amanullah Director
Shagufta Ghulam - Director
Muhammad Irfan Abdul Khalique - Director
Muhammad Zubair Ghulam Muhammad - Director
Muhammad Zubair Muhammad Usman - Director
Ghulam Mohammad - Chief Executive
Names of major shareholders of the Acquirer Company:
Mrs. Shagufta Ghulam
Mr. Ghulam Muhammad
Miss. Ayesha Mohammad
Ms. Saher Tehmina
Miss. Fiza D/o G. Muhammad
2) Information about the target company
(a) Name of the target company, its directors and major shareholders:
PICIC Insurance Limited
Eight Floor, Shaheen Complex
M.R. Khan Road, Karachi
Major Shareholders:
NIB Bank Limited 30.01%
State Life Insurance Corporation 111.14%
Directors:
Name Designation
1. Mr. Mohammad Basheer Jan Mohammad Chairman
2. Mr. Ghulam Muhammad Director
3. Mr. Yameen Kerai Director
4. Mr. Rizwan Abbas Director
5. Mr. Muhammad Riaz Director
6. Mr. Shahid Sattar Director
7. Mr. Habib Yousuf Habib Director
8. Mr Abdul Qadir Director
9. Mr. Ahmed Salahuddin Chief Executive Officer
(b) Total number of issued shares of the company:
35,000,000
(3) Number of shares already held by the acquirer. if any:
Excel Insurance Company Limited: 6,721,291 Shares or 19.20%
Mr. Ghulam Mohammad: 279,490 Shares or 0.80%
Miss, Ayesha Mohammad 1,000 Shares or 0.0001%
(4) Number of shares along with the percentage intended to be acquired by the acquirer through public offer or agreement:
Shares acquired through Share Purchase Agreement None
Shares already acquired in the open market 7,001,781 or 20%
Shares to be acquired through public announcement 14,000,000 or 40%
Manager to the Officer
For more information, contact:
Next Capital Limited
Corporate Finance and Advisory
8th Floor
Horizon Tower
Plot #2/ 6, Block III
Clifton, Karachi
Source: Karachi Stock Exchange
