CSI to buy shares from Pak Kuwait Takaful

Crescent Star Insurance Limited (CSI) is to buy majority shares of Pak Kuwait Takaful Limited with management control, subject to regulatory approval, according to a bourse filing.

"CSI has singed Memorandum of Understanding for acquisition of 62.5 percent controlling shares of Pak Kuwait Takaful Limited, subject to all necessary legal and corporate approvals from the relevant regulatory authorities," said Mehtab Alam, company secretary, in a communiqué to the Karachi Stock Exchange (KSE).

CSI CEO and managing director Naim Anwar said, "The deal is almost done…Pak Kuwait Takaful (majority shareholders) is to take permission for the sale from Securities and Exchange Commission of Pakistan (SECP). It is expected to put up the case with the regulator in a day or two."

The acquisition would allow CSI, a conventional insurance firm, to also operate in Islamic insurance (Takaful) sector. "We would run the Takaful firm as a subsidiary," he added.