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HONG KONG, April 11, 2014 /PRNewswire/ -- MetLife announced today that American Life Insurance Company (ALICO) had completed the First Closing under the Share Purchase Agreement (SPA) entered into with IGI Insurance Limited (IGI) in Pakistan. The SPA was signed on January 21, 2013 and is in respect to the sale of ALICO's majority shareholding in its subsidiary in Pakistan, American Life Insurance Company (Pakistan) Limited (ALICO Pakistan), to IGI.
With the completion of the First Closing, IGI acquired 34,838,687 ordinary shares in ALICO Pakistan (representing approximately 69.6774% of the total issued capital of ALICO Pakistan). Under the SPA, IGI will acquire ALICO's remaining shareholding in ALICO Pakistan (representing approximately 12.2960% of the total issued capital of ALICO Pakistan) at the Second Closing in accordance with the terms of the SPA.
Established in 1953, and listed on the Karachi and Lahore Stock Exchanges, IGI is a leading general insurance company in Pakistan and a flagship organization of The Packages Group, a major business house in Pakistan. It is among the top four general insurance companies of Pakistan and provides a wide variety of risk covers including fire, marine, motor, health, home, travel and engineering.
