TPL Corp, Abhi Ltd receive SBP’s approval to explore FINCA Microfinance Bank acquisition

MG News | December 19, 2023 at 10:03 AM GMT+05:00

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December 19, 2023 (MLN): The State Bank of Pakistan (SBP) has granted its approval to TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited to initiate the due diligence process for FINCA Microfinance Bank Limited, TPL’s filing on local bourse revealed today.

This due diligence is a crucial step toward a potential acquisition by TPL and Abhi of a majority shareholding in the bank.

The Proposed Transaction will remain subject to the outcome of the due diligence, 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 concludes.

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

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