PICIC Insurance’s merger petition hearing gets adjourned yet again

MG News | January 29, 2020 at 05:49 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

January 29, 2020 (MLN): PICIC Insurance Company has informed the members of Pakistan Stock Exchange that due to the shortage of time, the merger petition which came up for hearing before the Sindh High Court on January 27, has once again been adjourned to February 24.

For the inundated, the Company has stopped underwriting and is in the process of merger with Crescent Star Foods (Private) Limited, the matter of which is pending before the High Court of Sindh.

Pending the approval of the merger, the Board of PICIC has decided to continue the decision of not underwriting any Insurance Business. Accordingly the company will not remain Insurance Company upon approval of the court for revocation of the Insurance License and will change the company’s nature of business accordingly.

The management of the company is confident that after the merger, the company will have adequate resources to effectively enter a new phase with diversified interests to protect stakeholders’ interest

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	175,802.79 267.06M	-1.30% -2320.78
ALLSHR	106,568.29 617.78M	-1.25% -1352.24
KSE30	52,497.68 83.82M	-1.25% -665.92
KMI30	247,323.37 106.69M	-1.37% -3422.76
KMIALLSHR	68,315.26 363.70M	-1.37% -952.13
BKTi	49,936.11 23.35M	-1.18% -594.28
OGTi	34,758.02 9.23M	-1.71% -605.59

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,705.00	65,000.00 63,980.00	435.00 0.68%
BRENT CRUDE	88.26	88.38 83.71	4.03 4.78%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-0.65 -0.61%
ROTTERDAM COAL MONTHLY	119.80	120.30 119.80	0.00 0.00%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	81.77	82.07 77.93	3.49 4.46%
SUGAR #11 WORLD	14.82	14.94 14.39	0.38 2.63%