Invest Capital Markets Limited’s submission of public announcement of intention to acquire approximately 30% shares and control of PICIC Insurance Limited

Karachi, January 03, 2013 (PPI-OT): We, Invest Capital Markets Limited (INVESTCAP) have been approached by Mr. Sakib Berjees to act as Manager to the Offer for acquisition of 30% stake and control of PICIC Insurance Company Limited.

Mr. Sakib Berjees, along with a consortium of investors is currently in process of establishing a Special Purpose Vehicle (SPV) for the acquisition process. We will formally intimate SECP once the company is incorporated and we sign an engagement letter with the SPV formally appointing us the Managers of the Offer.

A public announcement of intention to acquire has been prepared with reference to Section 6 (2) of the Substantial Acquisition of Voting Shares and Take-Over Ordinance 2002, a copy of which is attached for your reference.

The advertisement is to be published in the newspapers on December 28, 2012.

Public Announcement of Intention to Acquire Approximately 30% Shares and Control of PICIC Insurance Limited by Mr. Sakib Berjees, along with a Consortium of Investors to be Finalized, through a Special Purpose Company Under incorporation by the Name of Sakib Berjees and Consortium (Private) Limited under Listed Companies (Substantial Acquisitions of Voting Shares and Take-Overs) Ordinance, 2002 Read with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008

1) Information about the acquirer

a. Name (s) and Address (s) of Acquirer along with persons acting in concert

Mr. Sakib Berjees

470- J Block, Street No. 3

D.H.A

Phase 6

Lahore

Along with a consortium of investors to be finalized, through a special purpose company under incorporation by the name of Sakib Berjees and Consortium (Private) Limited.

b. Name (s) and Address (s) of financial advisors of the acquirer, if any

Invest Capital Markets Limited

C3C, 12th Lane, Ittehad Commercial,

Phase II Ext, Defence Housing Authority,

Karachi, Pakistan

c. Names of the chief of executive and directors of the acquirer

Not applicable

d. Names of Major Shareholders of the acquirer

Not Applicable

2) Information about the target company

a. Name of the target company, its directors and major shareholders

Name of Target Company

PICIC Insurance Limited

Directors

Mr. Mohammed Basheer Jan Mohammad (Chairman)

Mr. Yameen Kerai

Mr. Shahid Sattar

Mr. Tufail Jawed Ahmad

Mr. Rizwan Abbas

Mr. Muhammad Riaz

Mr. Ghulam Muhammad

Mr. Tariq Iqbal Khan

Major Shareholders

Shareholders holding 10% or more voting interest

NameNumber of sharesPercentage
NIB Bank Limited10,499,99329.99%
Excel Insurance Company Limited6,720,79719.20%
State Life Insurance Corporation of Pakistan3,895,97011.13%

b. Total number of Issued shares:

350,000,000/-

3) Number of shares already held by the acquirer, if any:

None

For more information, contact:
Invest Capital Markets Limited
C3C, 12th Lane, Ittehad Commercial,
Phase II Ext, Defence Housing Authority,
Karachi, Pakistan
T: +92 (21) 111-111-097
F: +92 (21) 3531 3887
E: info@investcapital.com
W: www.investcapital.com

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