PSX lists Adamjee Life on the main board – BOL News
KARACHI: The Pakistan Stock Exchange (PSX) has listed Adamjee Life Insurance Company Limited at the main board, making it the seventh equity listing on the main board of the PSX in the fiscal year 2021/22.
PSX Chief Executive Officer and Managing Director Farrukh H Khan congratulated Adamjee Insurance Company and Nishat Group Chairman Mian Muhammad Mansha on the successful listing of the company, saying that the listing is a valuable addition to the insurance sector of the PSX.
“The inclusion of a company dedicated to providing life assurance to its subscribers is a welcome development for the capital market as it is the first Life Assurance Company being listed on the Exchange since 1996,” he added.
“The Adamjee Life has key revenue drivers like Pak Insurance and has witnessed substantial growth in the life insurance industry over the last few years.”
“Adamjee Life is backed by a top Pakistani business house, Nishat Group. I am also very happy to welcome Mian Mansha to PSX. The Group has a number of listed companies in many of the key sectors of the economy. The Group is truly an engine of growth for Pakistan’s economy, with a large and loyal investor base.”
“Last year in the middle of the pandemic, we introduced the Growth Enterprise Market (GEM) board which was focused on the Small and Medium Enterprises (SMEs) both from the tech and other sectors,” he added.
Khan requested MCB Bank to look into its SME portfolio and encourage companies to list on the GEM board, saying that the listing, regulatory and cost of listing on the GEM board is much lower than the main board.
Nishat Group Mian Muhammad Mansha expressed his gratitude and thanked the investors for their confidence by subscribing to the Offer.
“Considering the low penetration of life insurance together with high penetration of cellular density in Pakistan, there is a huge potential of growth and an untapped market for insurers to explore by introducing new channels and products,” he added.
He also appreciated the trust of the policyholders and efforts of management and employees in making Adamjee Life the third largest life insurance company in the private sector and making it a profitable entity within a short span of time and congratulated them on enlistment.
Next Capital Limited Chief Executive Officer Najam Ali said that the listing of the Adamjee was not an easy transaction given the current condition of the market but, he said, that they kept persistent with the listing which resulted in the listing of the company.
“I am glad that we made this listing possible because the market condition has deteriorated a lot due to the overall condition of the local and international markets, especially the global energy markets,” he said.
“There are only two companies which are bank backed and when we looked at the evaluation, I was convinced that Adamjee Life has tremendous potential by being a part of the MCB Bank, Jubilee is the second company which is backed by the Habib Bank Limited.”
“Once we are over these critical few months, the market will change. The Security and Exchange Commission of Pakistan (SECP) and PSX have done a lot of work and I am sure once the political dust settles down and some of the financial issues are taken care of, the capital market of the country will take off from there,” Ali added.
A gong ceremony was held to commemorate the event where PSX Chief Executive Officer and Managing Director Farrukh H Khan, Nishat Group Chariman Mian Muhammad Mansha, Adamjee Life Insurance Chief Financial Officer and Deputy Managing Director Adamjee Insurance Company Jalal Meghani and PSX Chairperson Dr Shamshad Akhter were present.
