CSIL clarifies 14.7% investment in TSPL

MG News | February 07, 2025 at 12:35 PM GMT+05:00

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February 07, 2025 (MLN): Crescent Star Insurance Limited (PSX: CSIL) clarified that its 14.7% investment in Tri-Star Power Ltd. (TSPL) was made solely to comply with regulatory requirements.

The company emphasized that it is not acting in concert with any party, as alleged, and has no connection with any individual or group involved in previous takeover attempts of TSPL.

CSIL stated that while they are not aware of any court order, the stay mentioned in the letter applies only to the change of management, the company's filing on PSX revealed today.

They further clarified that the court has not restricted the purchase of TSPL shares, which continue to be traded daily on the Pakistan Stock Exchange (PSX).

The company also highlighted that its disclosure was purely a regulatory obligation for listed companies, aimed at maintaining transparency and keeping shareholders informed.

CSIL reiterated that it regularly invests in various companies and trades in listed securities, with the TSPL investment aligning with its broader investment strategy.

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