The United Insurance Company of Pakistan Limited (PSX: UNIC) has approved the sale of its entire shareholding in Apna Microfinance Bank Limited to Mobilink Microfinance Bank Limited, marking a proposed ownership transition involving two players in Pakistan’s financial services sector. The decision was approved through a resolution passed by the company’s Board of Directors on November 12, 2026. The transaction will be carried out in accordance with the terms and conditions outlined in the Share Purchase Agreement signed with Mobilink Microfinance Bank, under which Mobilink Bank is set to acquire the shares currently held by United Insurance Company in Apna Microfinance Bank.
The development was disclosed in a notice submitted to the Pakistan Stock Exchange (PSX) on November 13, 2026. According to the company, the proposed transaction relates to Mobilink Microfinance Bank’s acquisition of shares in Apna Microfinance Bank, which was initially made public through an announcement of intention dated March 12, 2026. The announcement was subsequently extended on September 7, 2026, as the proposed acquisition process continued. The latest board approval represents a further development in the transaction, confirming UNIC’s decision to proceed with the sale of its complete shareholding under the agreed contractual arrangements with Mobilink Bank.
The company made the disclosure under Rule 5.6.1 of the PSX Rule Book, read together with Sections 96 and 131 of the Securities Act, 2015. These disclosure requirements provide a framework for informing investors and the stock exchange about material corporate developments that could affect a listed company’s operations, ownership interests or business activities. UNIC stated that the proposed sale remains subject to the completion of all necessary corporate and regulatory requirements, along with approvals from relevant third parties. The company has also committed to keeping the Pakistan Stock Exchange informed about any material developments concerning the transaction as the process moves forward.
The proposed acquisition involves Apna Microfinance Bank, a financial institution operating in Pakistan’s microfinance banking sector, and Mobilink Microfinance Bank, which is expanding its position in the country’s digital and branchless financial services landscape. The transaction brings the ownership interests of United Insurance Company into focus as Mobilink Bank moves forward with the proposed purchase. However, the notice does not disclose the financial value of the transaction, the exact number of shares involved or the expected completion date. The acquisition will therefore remain subject to the required approvals and completion of the conditions established under the Share Purchase Agreement.
In a separate development disclosed in the same notice, United Insurance Company’s Board of Directors has also approved the publication of its intention to enter the family takaful business. The company said it is currently in the process of obtaining the necessary regulatory approvals from the Securities and Exchange Commission of Pakistan (SECP). The proposed expansion would introduce a new business direction for the insurance company, which is seeking to enter the family takaful segment alongside its existing operations. The company has not disclosed further details regarding the proposed business structure, launch timeline or operational arrangements.
The two decisions reflect separate corporate developments for United Insurance Company, involving the planned disposal of its investment in Apna Microfinance Bank and its intention to enter the family takaful market. While the proposed share sale remains dependent on regulatory, corporate and third-party approvals, the family takaful initiative is also awaiting the necessary clearance from SECP. UNIC has indicated that further material information regarding the transaction will be communicated to the stock exchange as developments take place.
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