TPL Corp, Abhi Limited partner to explore FINCA bank majority share acquisition

MG News | November 14, 2023 at 11:32 AM GMT+05:00

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November 14, 2023 (MLN): The Board of Directors of TPL Corp Limited (PSX: TPL) has accorded its approval to the company to jointly explore the potential acquisition of a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (Private) Limited, the company’s filing on local bourse revealed today.

In this regard, the company has entered into a Non-Binding Term Sheet along with Abhi.

The proposed transaction shall remain subject to the approval of the State Bank of Pakistan to commence the due diligence, the outcome of the due diligence process, obtaining requisite internal and regulatory approvals and entering into definitive documentation.

“TPL shall keep the PSX apprised of all further developments in the said transaction,” the notice reads.

It is worth mentioning that the principal activity of the TPL is to make investments in groups and other companies.

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