PIL gets court nod to merge with Crescent Star Foods
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MG News | April 17, 2026 at 12:31 PM GMT+05:00
April 17, 2026 (MLN): PICIC Insurance Limited
(PSX:PIL) has secured approval from the Sindh High Court for the merger of
Crescent Star Foods (Pvt) Ltd with and into PICIC Insurance Ltd, making PIL the surviving listed entity under the Modified Scheme of Arrangement.
As part of the deal, PIL will issue
7,907,794,516 new ordinary shares to the shareholders of Crescent Star Foods
(Pvt) Ltd, in line with the approved share swap ratio outlined in the Modified
Scheme of Arrangement.
The court order was dated April 16, 2026.
Upon completion of the merger, all assets, liabilities,
rights, and obligations of Crescent Star Foods (Pvt) Ltd will vest in and be
assumed by PIL as the surviving entity.
The implementation of the scheme remains subject to
regulatory and procedural formalities, including filing of the certified court
order with the Registrar of Companies, necessary corporate approvals, and
completion of share issuance formalities with credits to respective CDC
accounts.
The company described the development as a significant milestone in its strategic transformation, expected to enhance shareholder value and broaden its business footprint.
The aforementioned information was disseminated through a notification to Exchange.
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