KARACHI: Crescent Star Insurance Limited (CSIL) is considering acquiring a property valued at Rs400 million in Phase 8 of DHA Karachi, the company disclosed in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“Crescent Star Insurance Limited is currently conducting due diligence and in negotiation for the potential acquisition of a property located in Phase 8, DHA Karachi,” the notice stated.
The estimated value of the property is approximately Rs400 million, or USD1.42 million. The company said the acquisition is being explored as a strategic investment opportunity to enhance CSIL’s asset portfolio and generate long-term value.
The transaction remains subject to the finalization of terms and approval by the company’s Board of Directors.
Crescent Star Insurance Limited was incorporated in Pakistan in 1957 as a public limited company under the Companies Act, 1913, now the Companies Act, 2017. The company provides non-life general insurance services.
CSIL shares opened at Rs3.35 on Wednesday. At the time of filing the notice, the stock was trading at Rs3.58 on the PSX. However, the price began to fall sharply soon after the disclosure, closing the day at Rs3.14, a decline of Rs0.12 or 3.68%.
