IGI Life Insurance Limited (PSX: IGIL) is set to commence the process of establishing a voluntary pension fund.
In a stock filing to the Pakistan Stock Exchange (PSX), the insurance company said its board of directors has authorized the company to commence the process of establishing a voluntary pension fund under SECP regulations.
The filing stated, “Subject to requisite regulatory and corporate consents/approvals, the Company shall acquire a certificate of registration to act as a pension fund manager and shall establish the Pension Fund in accordance with the Voluntary Pension System Rules, 2005, the Non-Banking Finance Companies Regulations, 2008, the Sindh Trust Act, 2020, and all such laws that may be applicable”.
“The Board has also resolved the appointment of Mahaana Wealth Limited (“Mahaana”) to act as the investment advisor of the Pension Fund in accordance with the terms and conditions to be agreed between the Company and Mahaana,” the filing added.
At the time of filing, the company’s scrip at the bourse was Rs. 8.9, up 4.83 percent or Rs. 0.41 with a turnover of 12,500 shares on Tuesday.
