KARACHI: The board of directors of IGI Investments (Private) Limited has approved to acquire up to 20 percent equity stake in Milvik Mobile Pakistan Limited.

IGI Investments (Private) Limited is a 100 percent wholly owned subsidiary of IGI Holdings Limited.

“We have been informed by IGI Investments that its board of directors has approved to acquire up to 20 percent equity stake in Milvik Mobile Pakistan Limited subject to due diligence, completion of applicable corporate and regulatory approvals and execution of transaction agreements,” material information sent by IGI Holdings Limited to Pakistan Stock Exchange on Monday said.

The transaction will be executed in multiple tranches upon fulfilment of certain conditions, it added.

Milvik Mobile Pakistan Limited is a company engaged in the business of providing consumers with microinsurance products and digital health services and is currently a 100 percent wholly owned subsidiary of Milvik AB in Pakistan.

Copyright Business Recorder, 2022