PICIC Insurance prepares to restart operations post approval of CSF merger

MG News | April 03, 2024 at 10:23 AM GMT+05:00

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April 03, 2024 (MLN): The management of PICIC Insurance Limited (PIL) announced today that the company will resume operations after the Scheme of Arrangement of Crescent Star Foods (Pvt.) Limited (CSF) merging with PIC is approved by the Court.

This was highlighted in the quarterly progress report issued by PIL to the local bourse today.

"Merger petition for approval of the Scheme of Arrangement filed before Sindh High Court is pending hearing," the report highlights.

Following the last hearing, the board has been discharged, and the next hearing date is today (April 03, 2024).

The company was incorporated on April 23, 2004, and is engaged in providing all classes of non-life insurance business.

At the time of writing, the company's share is being traded at Rs2.29, up by 4 paisa or 1.78% on the day.

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