ISLAMABAD: Crescent Star Insurance Limited (CSIL) announced its intention to acquire 6.78 million shares, amounting to 38.05% of the issued and paid-up capital of SG Power Limited, according to a notice filed with the Pakistan Stock Exchange (PSX) on Wednesday.
The acquisition, which is subject to regulatory approvals, will be managed by Intermarket Securities Limited. CSIL also reserved the right to withdraw the offer, depending on the necessary approvals from the Securities and Exchange Commission of Pakistan (SECP).
Crescent Star Insurance, a registered insurer with a paid-up capital of Rs1,077 million, has been underwriting various types of general insurance across Pakistan since its establishment in 1957. Meanwhile, SG Power Limited, incorporated in 1994, specializes in the generation and supply of electric power to its associated company, SG Allied Businesses Limited.
