PIL moves to implement Crescent Star Foods merger, plans issuance of 7.9bn new shares
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MG News | October 06, 2026 at 10:17 AM GMT+05:00
October 06, 2026 (MLN): PICIC Insurance Limited (PSX:PIL) is
in the process of implementing the sanctioned scheme of arrangement for the
merger of Crescent Star Foods (Private) Limited with and into the company,
including the issuance and allotment of approximately 7.9bn new ordinary shares.
The company said, in a letter dated
October 5, 2026 and addressed to the PSX's Listed Companies and Securities
Compliance department, that the Sindh High Court, through an order dated April
16, 2026 in J.C. Misc. No. 45 of 2017, had approved the Modified Scheme of
Arrangement.
The approval remains subject to
completion of all legal and procedural formalities, and the share issuance will
follow the approved terms, the company’s filing on PSX revealed.
PICIC Insurance said its management is
actively engaged in completing the implementation process while also evaluating
strategic business opportunities for the future growth and development of the
company.
The company added that it will keep
shareholders and the exchange informed of any further material developments as
and when they arise.
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