TPL Insurance to acquire major player in Pakistani market through amalgamation
MG News | April 26, 2023 at 02:24 PM GMT+05:00
April 26, 2023 (MLN): The Board of Directors (BoD) of TPL Insurance Limited (TPLI), a subsidiary of TPL Corp Limited on Wednesday approved the acquisition of operations of a significant insurance player in the Pakistani market by means of a scheme of amalgamation to be sanctioned through the High Court, the company's filing on PSX showed today.
Upon sanctioning of the scheme of the arrangement, the net assets of the Target Company shall stand merged into the TPLI, it added.
It is expected that the scheme of arrangement shall be sanctioned and the transaction consummated by December 31, 2023.
The company shall keep the shareholders apprised of all further developments in the said transaction, the notice read.
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