United Insurance Company to Divest 60 Million Shares in Apna Microfinance Bank

The Board of Directors of The United Insurance Company of Pakistan Limited (PSX: UNIC) has approved the divestment of 59,940,632 ordinary shares in Apna Microfinance Bank Limited, the company informed the main bourse on Thursday. The decision was made during a board meeting held on March 26, 2025. The divestment remains subject to shareholder approval at UIC’s forthcoming Annual General Meeting, scheduled for April 25, 2025. The disclosure has been made in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Rule Book. The principal activity of the Company is General Insurance Business and it qualifies as a domestic insurance company under the Insurance Ordinance, 2000 and undertakes Fire & Property Damage, Marine Aviation & Transport, Motor, Crop and Miscellaneous General Insurance. The Company has been allowed to carry on Window Takaful Operation on August 18, 2014 by the Securities and Exchange Commission of Pakistan (SECP) under the Takaful Rules, 2012. The Company has not transacted any insurance business outside Pakistan.