Karachi April 15 2022: TPL Insurance Limited (“TPLI”), a subsidiary of TPL Corp Limited, has entered into a Share Subscription Agreement and a Shareholders Agreement with the Finnish Fund for Industrial Cooperation Limited, a Private Limited Company incorporated in Finland, (“Finnfund”), a major development financier and impact investor, investing in responsible and profitable businesses in the developing countries, pursuant to which Finnfund will hold 20,640,000 Shares representing 14.97% of the total post issued share capital in TPLI, on a fully diluted basis, subject to obtaining all regulatory approvals.
This foreign collaboration will enable TPLI to introduce innovative and tech driven products, such as yield based crop and livestock insurance, as well as women specific insurance programs. Thereby increasing penetration of insurance in Pakistan in diverse segments. This is second such investment by an international development financier following DEG – Deutsche Investitions - und Entwicklungsgesellschaft mbH since last
year.
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