TPL Insurance approves acquisition scheme for NHIC's Pakistani branch

MG News | May 26, 2023 at 02:40 PM GMT+05:00

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May 26, 2023 (MLN): The Board of Directors (BoD) of TPL Insurance Limited (TPLI), a subsidiary of TPL Corp Limited on Friday approved the draft of the Scheme of Arrangement for the acquisition of the assets and liabilities of the Pakistani Branch of New Hampshire Insurance Company (NHIC), the company's filing on PSX showed.

By virtue of the Scheme of Arrangement, the assets and liabilities of NHIC shall stand transferred and vested with and into TPL Insurance Limited.

The Scheme of Arrangement remains subject to obtaining all necessary shareholders’, creditors’, and regulatory approvals, and the sanction of the same by the High Court along with fulfillment of related legal formalities, according to the notification sent to PSX.

It is intended that the Scheme of Arrangement shall be sanctioned and the transaction will be consummated by December 31, 2023.

The company will keep its shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further, it added.

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