Karachi April 26 2023: TPL Corp Limited pleased to announce that the Board of Directors of the TPL Insurance Limited (TPLI), a subsidiary of the company, in terms of its meeting dated 26th April, 2023 have accorded its approval for the acquisition of operations of a significant insurance player in the Pakistani market (“Target Company”), according to company filing to the exchange.
The acquisition of insurance player is by means of scheme of amalgamation to be sanctioned through the High Court. Upon sanctioning of the scheme of arrangement, the net assets of the Target Company shall stand merged into the TPLI. It is expected that the scheme of arrangement shall be sanctioned and transaction consummated by 31st of December, 2023.
