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Corporate Alert: Public Announcement of offer by Army Welfare Trust (“AWT”) to acquire up to 24.5% shares of EastWest Life Assurance Company Limited (“EWLA”)

In a letter issued to inform about their public announcement, the company has informed that a new offer has been made incorporating the comments suggested by Securities and Exchange Commission Pakistan (SECP).

The Offer by Army Welfare Trust (“AWT”) is to acquire up to 14,742,143 ordinary shares of EastWest Life Assurance Company Limited, constituting 24.5% of the total issued and paid up share capital of EWLA.

The details of the transaction:

  • The acquirer has entered into an agreement dated June24, 2017, to acquire 30,687,727 shares from East West Life Assurance Company Limited at a price of PKR2.5 per share. The mode of payment is 100%payment at the end of completion of public offer and other transaction formalities. As stipulated in Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations 2008, the arrangement will include a public tender offer.
  • Total amount to be paid for the shares to be tendered is PKR 46,290,329/-. The amount has been calculated based on an offer price of PKR3.14 per share for 14,742,143 shares (24.50% of paid up capital of the Target Company). Out of the total 60,172,014 outstanding shares of the Target Company, 30,687,727 shares are being acquired through share purchase agreement whereas 50% of the remaining 29,484,287 shares will be acquired through the Public Offer at a maximum price of PKR3.14 per share.
Posted on: 2017-07-27T10:57:00+05:00
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