CSIL to approve Species dividend post merger of Crescent Star Foods and PICIC Insurance

By MG News | April 10, 2019 at 10:16 AM GMT+05:00

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April 10, 2019 (MLN): The Board of Directors of Crescent Star Insurance Limited, in its meeting held on April 9, 2019, deliberated in detail the delay in merger of the Company’s subsidiary Crescent Star Foods (Private) Limited with and into PICIC Insurance Limited (PIL) which is pending approval by Sindh High Court.

According to the notification issued to Pakistan Stock Exchange (PSX) on Wednesday, the Board has decided that it intends to approve, in the first Board of Directors meeting after the merger is effective, an In Species dividend to the shareholders of the Company as follows:

Shareholders of the Company (CSIL) will receive 1 share of the merged Company (PIL) for every 10 shares held in the Company (CSIL) i.e. 10% Species dividend.

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