December 24, 2020 (MLN): TPL Life Insurance Limited, a subsidiary of TPL Corp Limited, has informed that InFrontier Limited, a specialist investment firm focusing on frontier markets, authorized and regulated by the Financial Conduct Authority of the United Kingdom, through its fund InFrontier AF LP, has signed terms sheet with the Company for acquiring 36.6% stake in the Company by way of equity investment.
The transaction shall be executed upon satisfactory completion of legal and financial due diligence by InFrontier and shall be subject to Boards’, Shareholders’ and all the regulatory approvals.
TPL Life Insurance Limited aims to utilize the funds to strengthen its balance sheet, grow retail insurance offerings, invest in systems and human capital, and develop technological infrastructures in order to build product and platform awareness.
As per the notice issued to PSX, the company will keep its shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further.
