July 24, 2026 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has approved the transfer of shareholding in Askari Life Assurance Company Limited (PSX: ALAC) from Army Welfare Trust to Fauji Foundation.

In a letter dated July 23, 2026, SECP's Licensing & Registration Division conveyed that the request for transfer of shareholding in the company from Army Welfare Trust, the transferor, to Fauji Foundation, the acquirer, has been acceded to, subject to certain conditions.

The approval for transfer of shareholding in the company is to the extent of 51% shareholding, subject to the agreement between the acquirer and the transferor, and subject to obtaining all necessary approvals and authorizations, internal or external, required under the laws applicable to the acquirer and the transferor.

Any further acquisition or transfer of shareholding in the company will be subject to separate applications as per the applicable regulatory framework.

The approval was granted with reference to the application filed under Section 67 of the Insurance Ordinance, 2000 and SRO 447(I)/2024 dated March 20, 2024, regarding transfer of shareholding in the company.