KARACHI, July 9: New Jubilee Insurance Company Limited confirmed to the Karachi Stock Exchange on Tuesday that it was in talks for takeover of Commercial Union Life Assurance Company (Pakistan) Limited.

“We are presently negotiating with CGU International Insurance plc for the purchase of their general insurance business in Pakistan, which operates in the name of Commercial Union,” Masood Noorani, managing director, NJI, wrote in a letter circulated by the Exchange on Tuesday.

Mr Noorani also stated that NJI was negotiating, together with the Aga Khan Fund for Economic Development to purchase the share holding of CGU International Insurance plc in Commercial Union Life Insurance Company (Pakistan) Limited. “It may please be noted that the proposed transactions are subject to final agreements and regulatory approvals,” the NJI MD stated, saying that the stock exchange would be informed in due course when the agreements were finalized.