Fauji Foundation has acquired a 51 percent stake in Askari General Insurance after the transfer of more than 51.3 million shares from Army Welfare Trust was completed on August 28.

Askari General Insurance informed the Pakistan Stock Exchange on Tuesday that 51,337,953 ordinary shares were transferred to Fauji Foundation at carrying cost. The shares account for 51 percent of the insurer’s issued and paid-up share capital.

The transaction was first disclosed by the company in July through a series of notices issued on July 8, July 17 and July 24.

Askari General Insurance clarified that the transaction does not constitute an acquisition or merger and does not involve a change in control affecting its commercial activities, competition or the market.

The company also said there has been no material change in the ultimate beneficial or economic ownership of the business.

The transaction effectively shifts direct ownership of the 51 percent stake from Army Welfare Trust to Fauji Foundation, while keeping the holding within the existing Fauji Foundation and Army Welfare Trust structure. No operational changes were announced.