PICIC Insurance quarterly report spotlights Crescent Star merger

MG News | October 06, 2026 at 10:17 AM GMT+05:00

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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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