KARACHI – Askari General Insurance Company Limited transferred 51% stake to Fauji Foundation from Army Welfare Trust in major internal restructuring.
Fauji Foundation strengthened its position in Pakistan’s corporate landscape by taking a 51% controlling stake in Askari General Insurance Company Limited (AGICL) from Army Welfare Trust (AWT), in a transaction completed on August 28, 2026.
The major share transfer was disclosed by Askari General Insurance in a filing with the Pakistan Stock Exchange (PSX) on Tuesday, revealing that 51,337,953 ordinary shares, moved from AWT to Fauji Foundation at carrying cost.
The transfer gives Fauji Foundation majority ownership of one of the country’s insurance companies, but AGICL has moved to clarify that the development does not represent a conventional acquisition, merger, or commercially driven change in control.
According to the company, the transaction is internal restructuring and does not amount to a commercial investment activity capable of materially affecting competition or market conditions. AGICL said there has been no material change in the company’s ultimate beneficial or economic control despite the transfer of the 51% shareholding.
The development puts the spotlight once again on Fauji Foundation, a major Pakistani welfare organization operating as a “Social Hybrid Enterprise.” Established as a charitable trust, the foundation has built an extensive welfare and economic footprint aimed at supporting ex-servicemen, veterans, martyrs’ families and their dependents.
Beyond welfare assistance, Fauji Foundation provides employment opportunities and free healthcare while also helping retired armed forces personnel transition into gainful employment after their military service. The latest move also comes against the backdrop of an ambitious investment push involving the UAE.
Last year, UAE committed investing $1 billion in Fauji Foundation, with plans involving the conversion of existing deposits with the State Bank of Pakistan into equity for a new fund or trust to be established in partnership with Fauji Foundation. That proposed investment vehicle is expected to channel capital into some of Pakistan’s strategically important sectors, including agriculture, energy and mining.
Why is UAE buying $1 Billion worth of Shares from Fauji Foundation Group?
