TPL Insurance approves an equity investment of up to 19.9% by Deutsche Investitions

MG News | October 20, 2020 at 03:04 PM GMT+05:00

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October 20, 2020 (MLN): The Board of Directors of TPL Insurance Limited have accorded their approval for an equity investment by Deutsche Investitions - und Entwicklungsgesellschaft mbH (DEG), a wholly owned subsidiary of KfW Group based in Cologne, Germany, a major development finance institution, of up to 19.9% equity interest in the Company by way of fresh issuance of ordinary shares other than by way of rights issue.

While Legal and Financial Due Diligence has already been carried out by DEG, the management of the Company has been authorized by the Board for negotiation and finalization of deal agreements as well as obtaining of requisite corporate and regulatory approvals, including but not limited to Shareholders’ approval, Competition Commission of Pakistan’s approval and Securities and Exchange Commission of Pakistan’s approval.

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