Finnfund to buy 15% stake in TPL Insurance
MG News | April 15, 2022 at 10:46 AM GMT+05:00
April 15, 2022 (MLN): TPL Insurance (TPLI), a subsidiary of TPL Corp Limited, has entered into a share subscription agreement and a shareholder’s agreement with the Finnish Fund for Industrial Cooperation Limited (Finnfund). Accordingly, this international development financer will hold 20.64 million shares representing 14.97% of the total post-issued share capital in TPLI, on a fully diluted basis, subject to obtaining all regulatory approvals.
According to the company’s filing on PSX said on Friday, this foreign collaboration will enable TPLI to introduce innovative and tech-driven products, such as yield-based crop and livestock insurance, as well as women-specific insurance programs.
Thereby, increasing penetration of insurance in Pakistan in diverse segments. This is second such investment by an international development financier following DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbH since last year.
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