Karachi: In reference to the letter received from the Karachi Stock Exchange bearing reference No. KSE/C-A-5778 dated September 26, 2011. we, Next Capital Limited, as `Manager to the Offer’ to our client Excel Insurance Company Limited (herein referred to as “Excel Insurance” or the “Client’), would like to provide clarification in regards to Excel insurances’ public announcement of intention to acquire 40% equity stake In PICIC Insurance Company Limited (“PICIC Insurance”).
A Public Announcement of Intention was published on March 8, 2011 (“PAI”) which named Mr. Ghulam Mohammad and Family, Chief Executive of Excel Insurance, as the acquirer of 40% equity stake in PICIC Insurance, Upon advice from SECP, an addendum to the PAI was published in the newspapers on May 20, 2011 which subsequently named Excel Insurance as the acquirer, instead of Mr. Ghulam Mohammad and Family.
SECP has advised that as Excel Insurance was named as the acquirer in the revised `Public Announcement of Intention to Acquire,’ which was published on May 20, 2011, and not in the original PAI, section 8 sub-section 1 of the `Listed Companies (Substantial Acquisition of Voting Shares and Take – overs) Regulations, 2008 requires Excel Insurance to make its `Public Offer to Acquire 40% equity stake in PICIC Insurance’ 180 days from May 20, 2011.
For more information, contact:
PICIC Insurance Limited
8th Floor Shaheen Complex,
M.R. Kiyani Road, Karachi 74200, Pakistan.
Tel: (021) 3221 9555 – 60
Fax: (021) 3221 95610