PICIC Insurance merger scheme gets court approval

April 27, 2026 (MLN): The Sindh High Court, vide Order dated 16 April 2026, approves the Modified Scheme of Arrangement for the merger of Crescent Star Foods (Private) Limited with and into PICIC Insurance Limited, subject to completion of all legal and procedural formalities.

The Company is in the process of implementing the sanctioned Scheme of Arrangement, including issuance and allotment of approximately 7.9 billion new ordinary shares in accordance with the approved terms, the company's filing on PSX revealed today.

Upon implementation of the Scheme, Crescent Star Insurance Limited is expected to become the controlling shareholder of PICIC Insurance Limited, and the Company will form part of the Crescent Star group structure.

Implementation of the Scheme remains subject to completion of all requisite procedural, regulatory and corporate actions, including filings, approvals, and compliance requirements with relevant authorities.

These include Pakistan Stock Exchange Limited, Securities and Exchange Commission of Pakistan, Central Depository Company of Pakistan Limited, and other concerned bodies, where applicable.

The management remains engaged in completing the implementation process and evaluating strategic business opportunities for the future growth and development of the Company, while further material developments will be shared as they arise.

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