Crescent Star Insurance Limited (CSIL) is considering buying a property worth Rs400 million in Phase 8, DHA Karachi. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“Crescent Star Insurance Limited is currently conducting due diligence and in negotiation for the potential acquisition of a property located in Phase 8, DHA Karachi,” read the notice.
The company shared that the estimated value of the property is approximately Rs400 million, i.e. USD1.42 million.
The acquisition is being explored as a strategic investment opportunity aimed at enhancing CSIL’s asset portfolio and generating long-term value.
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The transaction “is subject to the finalisation of terms and the approval of the Board of Directors”.
Crescent Star Insurance Limited was incorporated in Pakistan as a Public Limited Company in the year 1957, under the Companies Act, 1913, now the Companies Act, 2017.
The company is engaged in providing non-life general insurance services.
At the time of filing this report, the share price of CSIL was being traded at Rs3.18, registering a decrease of Re0.08 or 2.45% on the PSX.
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