IGI Investments (Private) Limited, a 100 percent wholly owned subsidiary of IGI Holdings Limited (Company), has made an investment of Rs. 100 million in Milvik Mobile Pakistan Limited.
In a notice to Pakistan Stock Exchange (PSX) on Wednesday, IGI Holdings said that IGI Investments has made the investment under the redeemable/convertible preference shares/debt instrument mechanism in accordance with the terms and conditions of the Subscription Agreement and Shareholder’s Agreements.
The notice further said that this investment subscription is part of the overall investment program of acquiring up to 19.98 percent 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 percent wholly owned subsidiary of Milvik AB in Pakistan.