DSML navigates legal procedures for integration with TPL Life

MG News | January 25, 2024 at 03:31 PM GMT+05:00

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January 25, 2024 (MLN): Dar es Salaam Textile Mills Limited (PSX: DSML) is currently in the process of completing legal formalities regarding the merger agreement with TPL Life Insurance Limited, as informed by the company through its progress report issued to the PSX today.

To recall, the Board of Directors (BoD) of DSML on November 29, 2023, approved the merger of the entire business and undertaking of the company with and into TPL life.

Accordingly, as per the merger procedures, DSML filed the merger petition before the High Court of Sindh in Karachi.

According to the directions of the Sindh High Court, DSML held an extraordinary general meeting of its shareholders in December 2023, to seek approval for the Scheme for the merger, by way of amalgamation, of TPL Life with and into Dar Es Salaam Textile Mills Limited.

During the meeting, the shareholders of DSML, present and voting at the meeting, unanimously approved the Scheme.

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