Adamjee Life Assurance Company Limited, a subsidiary of Adamjee Insurance Company Limited, has decided to carry out the due diligence process to assess the viability of acquisition of approximately 81.97 percent (comprising of 40,985,000 ordinary shares) of American Life Insurance Company Limited (ALICO).
"The proposed transaction will be subject to approval of shareholders and compliance with other necessary legal formalities, including formalities under the Listed Companies (Substantial Acquisitions of Voting Shares and Take-overs) Ordinance, 2002", an information sent to the Karachi Stock Exchange on Tuesday said.
Source: Business Recorder
Editors Note:
Previously IGI Life Insurance had also showed interest of acquiring American Life Insurance Company. A commentary on the performance of ALICO can be found here.
It is also note worth to state that the consolidation of the insurance industry was predicted in an article on this website posted on 7 September 2011 aptly titled, Minimum capital requirement (MCR) a driver of M&A in the insurance sector of Pakistan.
