Crescent Star Foods merges with and into PICIC Insurance Ltd.

By MG News | September 25, 2017 at 11:33 AM GMT+05:00

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Adding to the previous announcements, Crescent Star Insurance Ltd., parent company to Crescent Star Foods Ltd. (CSF) has informed PSX that, it has been agreed between both companies that PICIC Insurance Ltd. (PIL) will issue 23,246,667 additional shares at Rs. 3/- share to CSIL, subject to all regulatory and corporate/legal approvals & completions of process.

PICIC Insurance Ltd. (PIL) having applied for the surrender of insurance license, we at Crescent Star Insurance Limited (CSIL) have signed agreement with PIL according to which the insurance related assets & liabilities of PIL will transfer to CSIL subject to all regulatory / corporate and legal approvals and process completion.

PICI Insurance Ltd. announced on 29th of August, 2017 that it has surrendered their license issue to Securities and Exchange Commission of Pakistan. During the previous earnings announcement, PICIC Insurance witnessed losses worth thirty seven million during the last half year period.

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