CSIL rejects Tristar’s accusations of price manipulation, warns of legal action

April 04, 2025 (MLN): Crescent Star Insurance Limited (PSX: CSIL) has rejected the accusations made by Tristar Private Limited regarding price manipulation and unlawful market practices.

This statement follows a letter sent by Tristar to the General Manager of the Pakistan Stock Exchange (PSX), in which Tristar raised concerns about CSIL's actions.

In response, CSIL reserves the right to file for damages and defamation against Tristar, the company's filing on PSX revealed today.

The company clarified that Tristar’s reference to the disclosure dated January 27, 2025, pertains solely to a compliance requirement, which mandates informing the company if an investor exceeds 10% of voting power.

CSIL emphasized that such compliance cannot be construed as part of any malicious scheme.

CSIL reaffirmed its position in a letter dated February 7, 2025, stating that it is not acting in concert with any other party and that its acquisition of Tristar shares is purely for investment purposes.

As a listed insurance company, CSIL is fully aware of the regulations governing substantial acquisitions, specifically the Listed Companies (Substantial Acquisition and Takeover) Regulations, which come into effect for acquisitions over 30%.

CSIL also expressed concerns over Tristar’s failure to hold overdue director elections, as it continues to hold substantial shares in the company.

In light of this, CSIL has reserved the right to protect its interests and will take any necessary action advised by its legal counsel.

The company further urged Tristar to cease making baseless accusations and to refrain from using PSX's Pucars to promote such allegations.

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