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Fauji Foundation has taken direct ownership of a 51% stake in Askari General Insurance after Army Welfare Trust transferred its shares.
Fauji Foundation (FF) has become the direct holder of a 51% stake in Askari General Insurance Company Limited (AGICL) after the shares were transferred from Army Welfare Trust (AWT) under a transaction completed on August 28, 2026.
AGICL disclosed the completion of the transaction in a filing with the Pakistan Stock Exchange (PSX) on Tuesday.
The transfer involved 51,337,953 ordinary shares, equivalent to 51% of the insurer’s issued and paid-up share capital. The shares were moved from AWT to FF at carrying cost.
The company said the transaction should not be viewed as a commercial acquisition or merger. It also clarified that the transfer does not bring about a material change in the company’s ultimate beneficial or economic control.
AGICL had previously informed the stock exchange about the proposed transfer through disclosures issued on July 8, July 17 and July 24. The latest filing confirms that the ownership transfer has now been completed.
The restructuring places the controlling shareholding directly with Fauji Foundation while keeping it within the broader organisational structure associated with AWT and FF. AGICL did not report any operational changes arising from the transfer.
The insurer also stated that the transaction does not represent a change in control of the type associated with commercial investment activity that could affect competition or market conditions.
A similar ownership restructuring has also been completed at Askari Life Assurance Company Limited. The life insurer disclosed that 76,587,727 shares, representing 51% of its issued and paid-up capital, were transferred from AWT to FF on August 28.
Both companies have maintained that the transfers do not materially affect ultimate beneficial or economic ownership and do not amount to acquisitions or mergers with implications for market competition.
Fauji Foundation is a charitable welfare organisation established to support former military personnel and their families. Its activities include providing employment opportunities and healthcare services, while its affiliated businesses operate across several sectors of Pakistan’s economy.
The latest share transfers therefore represent an internal restructuring of ownership rather than a transaction bringing a new external commercial shareholder into either insurer.
The disclosures follow a series of announcements made by the two companies in July regarding the proposed movement of their respective 51% stakes from AWT to FF.
