Fauji Foundation acquires majority stake in Askari General Insurance
- 51% shares were transferred from AWT to FF at carrying cost
Fauji Foundation (FF) has acquired a 51% shareholding and control in Askari General Insurance Company Limited (AGICL) from Army Welfare Trust (AWT), following the execution of the transaction on August 28, 2026.
Askari General Insurance disclosed the development in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.
According to the filing, 51,337,953 ordinary shares, representing 51% of AGICL’s total issued and paid-up share capital, were transferred from AWT to FF at carrying cost.
AGICL clarified that the transaction does not constitute an acquisition, merger, or change in control, or a commercial investment activity that would impact the market or competition.
“It is reiterated that there is no acquisition or merger or change in control in the nature of commercial investment activity having impact on market or competition,” read the notice.
“The transaction does not result in any material alteration in the ultimate beneficial or economic control of the company,” it added.
Fauji Foundation is a “Social Hybrid Enterprise” and one of Pakistan’s largest social entities, established as a charitable trust to serve the welfare of ex-servicemen and their families. Its purpose is to support the community and the families of “shuhadas” (martyrs) and veterans, providing welfare through job opportunities and free healthcare.
The organisation also absorbs retired armed forces personnel in gainful employment.
In late 2025, the UAE committed to invest $1 billion in Fauji Foundation, converting existing deposits with SBP into equity for a new fund or trust in partnership with Fauji Foundation. This new fund is expected to invest in new projects, likely in agriculture, energy, and mining.