Crescent Star subsidiary to enter corporate advisory and consultancy business

Crescent Star Insurance Limited has announced plans to change the business line of its wholly owned subsidiary as part of a move to enter the corporate advisory and consultancy sector.

In a disclosure submitted to the Pakistan Stock Exchange on Friday, the company said its subsidiary, Crescent Star Luxuries (Private) Limited, intends to shift its principal line of business to corporate advisory and consultancy services after completing regulatory and corporate formalities.

The proposed activities will include advisory services related to corporate affairs, structuring and restructuring of companies, strategic transactions, mergers and acquisitions, and capital market-related advisory.

The company also informed the exchange that the subsidiary has received name availability approval from the Securities and Exchange Commission of Pakistan (SECP) to change its name to Crescent Star Ventures (Private) Limited.

Following the change of name, the subsidiary will apply to the SECP for the licences, registrations and approvals required to carry out the advisory and consultancy business.

Crescent Star Insurance said the initiative is aimed at expanding the group’s presence in corporate advisory and strategic financial structuring.

The company added that further developments regarding the transition will be communicated to the exchange as required.