CSIL issues justification on the delay in merger of Crescent Star Foods and PICIC Insurance Ltd

MG News | January 01, 2019 at 01:08 PM GMT+05:00

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January 01, 2019 (MLN): In response to various queries received by Crescent Star Insurance Limited from its stakeholders regarding the status of the merger of its subsidiary, Crescent Star Foods (Pvt) Limited with PICIC Insurance Limited (PIL), the management of the company has said that the Scheme of Amalgamation is pending for hearing at the Honorable Sindh High Court and is expected to be heard on next available date as the court may fix after the court winter vacations.

“All necessary notices and process have been completed including comments and reply to comments. The management does not foresee and major hurdles in the merger”, the notification by the company issued on Tuesday said.

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