950816

EFU to float

shares worth

Rs 5 crore

RECORDER REPORT

KARACHI: The Eastern Federal Union (EFU) Life Assurance Ltd. is floating Rs 50 million ordinary shares valued at Rs.10 per share for general public on September 3, 1995.

After writing general insurance business for over 2 years, the company has now decided to offer its shares to the public and get it listed with the Karachi Stock Exchange.

EFU Life Assurance, is the first life insurance company in the private sector with a paid-up capital of Rs. 50 million and is now offering shares of an equivalent amount to the public.

First Muslim life and general insurance company established in Indo-Pak Sub-Continent was Eastern Federal Union Insurance Co. Ltd., at Calcutta in 1932 under the leadership of persons like His Highness the Aga Khan His Highness the Nawab of Bhopal, Ghulam Muhammad (subsequently the Governor General of Pakistan) and Abdur Rehman Siddiqui. When life insurance was nationalized in Pakistan in 1972, it was the largest company writing more than half of the country's life insurance business.

In 1990 when the Government of Pakistan re-opened this field for private sector, it was this very company to emerge as the first company called EFU Life Assurance Ltd.