Karachi March 26 2023: IGI Holding informs that IGI Investments, a 100% wholly owned subsidiary of the Company, has made an investment of PKR 100 million in Milvik Mobile Pakistan Limited, according to company filing to the exchange.
The investment is made under redeemable/convertible preference shares/debt instrument mechanism in accordance with the terms and conditions of Subscription Agreement (including its Supplemental) and Shareholder’s Agreements (collectively referred to as the “Definitive Agreements”).
This investment subscription is part of the overall investment program of acquiring upto 19.98% equity stake in Milvik Mobile Pakistan Limited in multiple tranches over the next couple of years subject to the terms and conditions of the Definitive Agreements.
Milvik Mobile Pakistan Limited is a company engaged in the business of providing consumers with microinsurance products and digital health services in collaboration with its service partners and is currently a 100% wholly owned subsidiary of Milvik AB in Pakistan.
