IGI Investments Plans To Acquire 20% Equity Stake in Milvik Mobile Pakistan

IGI Investments Private Limited has planned to acquire up to a 20 percent equity stake in Milvik Mobile Pakistan Limited. According to the stock filing to the Pakistan Stock Exchange, the board of directors at IGI Investments Private Limited, a 100 percent wholly-owned subsidiary of IGI Holdings Limited Board has approved to acquire up to 20 percent equity stake in Milvik Mobile Pakistan Limited. The proposed acquisition of stakes is subject to due diligence, completion of applicable corporate and regulatory approvals, and execution of transaction agreements (“Transaction”). The transaction will be executed in multiple tranches upon fulfillment of certain conditions. Milvik Mobile Pakistan Limited is a company engaged in the business of providing consumers with microinsurance products and digital health services. It is currently a 100% wholly-owned subsidiary of Milvik AB in Pakistan. The company’s flagship product BIMA has been providing mobile health services to people across the globe since 2010. BIMA Pakistan was launched in 2015 and is providing its customers 24/7 access to doctors, home delivery of medicines, discounts on lab tests, and coverage for hospitalization. They work in partnership with Jazz & Alfalah Insurance to widen access to insurance amongst underserved communities.