DSML, TPL sign MOU to explore merger

MG News | September 05, 2023 at 10:25 AM GMT+05:00

0:00

September 05, 2023 (MLN): The management of Dar Es Salam Textile Mills Limited (PSX: DSML) has entered into a Memorandum of Understanding (MOU) with TPL Life Insurance Limited (TPL Life) to explore the possibility of a potential merger and engage in discussions and negotiations, company’s latest filing on PSX revealed.

The notice states that the proposed transaction is subject to the finalization of deal terms, transaction documents, and obtaining of all requisite corporate and regulatory approvals, consents, and authorizations being obtained by both the company and TPL Life.

“We shall keep our shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further,” it further reads.

DSML is on the defaulter list on PSX and was involved in the business of manufacturing and selling yarn.

TPL Life is a subsidiary of TPL Corp (PSX: TPL), which has diversified investments across multiple business segments.

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