June 23, 2020 (MLN): TPL Insurance Limited, a subsidiary of TPL Corp Limited, has informed via notice to Exchange that DEG –Deutsche Investitions-und Entwicklungsgesellschaft mbH (“DEG”), has expressed its interest in acquiring 20% stake in the Company.
DEG –Deutsche Investitions-und Entwicklungsgesellschaft mbH (“DEG”), is a wholly owned subsidiary of KfW Group, a major development finance institution based in Cologne, Germany.
The transaction shall be executed subject to approval of the Board of Directors’, Shareholders’, Securities and Exchange Commission of Pakistan and other regulatory bodies, as per the notification.
DEG is re-entering into the Pakistani market with the investment being a first, in an insurance company by a Development Finance Institution in recent times in Pakistan.
With the experience and expertise of DEG as a major institutional investor, the Company will greatly benefit in terms of custom shaped solutions in all respectable areas including but not limited to best corporate governance practices, business support, risk management and environmental and social matters, notification said.
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