March 26, 2020 (MLN): PICIC Insurance Company Limited is currently under the process of merger with Crescent Star Foods (Pvt.) Ltd. (CSF) whereby CSF will merge with and into the company. The company will be doing FMCG business by acquiring all the franchise rights held by CSF.
The merger petition is in the final stages of hearing and was scheduled to be fixed in the last week of March. However due to unexpected suspension of all Court proceedings due to COVID 19 virus all cases have been discharged and the merger date will now be fixed once the High Court resumes work.
All documentation and requirements to effect the merger has been completed by the company and it is expecting that the merger will be sanctioned by the Hon’ble High Court as soon as the High Court resumes work.
Keeping the interests of all stakeholders, the company has requested PSX to maintain its current status by extending the deadline for compliance of PSX regulation and not suspend the trading of the company’s shares.
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