The Board of Directors (BoD) of Universal Insurance Company Limited (UICL) has decided to sell its stake in Ghandhara Industries Limited (GIL), an associate company that assembles Isuzu motor vehicles, to interested parties.
UICL shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
The BoD resolved “to disinvest (partially or completely) its stake in Ghandhara Industries Limited, an associated company, by way of sale of the shares to any interested party through a negotiated deal or to the general public through the Pakistan Stock Exchange (PSX) at a price not less than the fair market value of prevailing in the Stock Exchange,” read the notice.
UICL said its board is authorised to dispose of the assets partially or completely of shares as deemed fit and delegate any or all of its powers in this regard to the director or principal officer or company secretary.
“The company be and is hereby authorised to take all actions incidental or ancillary thereto with regard to disposal of assets and disinvestments of shares held by the company,” it said.
The UICL– a part of the Bibojee Group of Companies – was established by an eminent industrialist, late Lieutenant General M. Habibullah Khan Khattak (retd), on 9th May 1958.