PIL awaits court ruling on merger with Crescent Star Foods
MG News | April 07, 2026 at 04:37 PM GMT+05:00
April 7, 2026 (MLN): PICIC Insurance Limited (PSX:PIL) is in the
final stages of a proposed merger with Crescent Star Foods (Pvt.) Limited
(CSF), under which CSF will merge with and into the company.
A petition seeking approval of the Scheme of Arrangement,
filed in 2017 before the Sindh High Court, remains pending before the court.
Following directions from the honorable High Court, the
company filed a modified scheme, and a Special Resolution approving the revised
arrangement was passed by shareholders of both companies.
Reports from both entities have since been submitted to the
High Court, with a ruling on the merger expected soon.
Operations at the company remain suspended until the Scheme
of Arrangement receives formal court approval.
The Pakistan Stock Exchange (PSX) is being kept updated on
developments on a quarterly basis.
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