TPL Insurance approves acquisition scheme for NHIC's Pakistani branch

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

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	162,163.81 363.40M	-0.70% -1140.32
ALLSHR	98,789.32 1,003.97M	-0.60% -591.65
KSE30	49,418.59 142.46M	-0.85% -423.92
KMI30	235,592.79 87.20M	-1.05% -2511.37
KMIALLSHR	64,955.16 474.70M	-0.97% -635.78
BKTi	45,437.77 69.21M	-0.59% -267.52
OGTi	32,150.13 9.02M	-1.60% -521.10

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	115,500.00	116,570.00 113,495.00	4760.00 4.30%
BRENT CRUDE	65.49	66.64 65.06	-0.45 -0.68%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.00 -1.23%
ROTTERDAM COAL MONTHLY	92.60	0.00 0.00	0.45 0.49%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	61.07	62.17 60.67	-0.43 -0.70%
SUGAR #11 WORLD	14.64	15.04 14.62	-0.33 -2.20%