TPL Life & DSML to merge, forging stronger presence in insurance industry

MG News | November 29, 2023 at 02:58 PM GMT+05:00

0:00

November 29, 2023 (MLN): The Board of Directors (BoD) of TPL Life Insurance Limited (TPL Life) has approved the merger of the entire business and undertaking of TPL Life with and into Dar Es Salam Textile Mills Limited (PSX: DSML), company's filing on the local bourse revealed today.

In terms of the scheme it is also intended that the name of DSML shall stand altered to "TPL Life Insurance Limited", and the principal line of business shall be changed.

As a consequence of the merger, DSML shall issue shares to the shareholders of TPL Life based on a swap ratio of one ordinary share of DSML for every one ordinary share of TPL Life held by its shareholders.

The above shall be subject to the completion of necessary corporate and regulatory formalities, including TPL Life and DSML obtaining necessary shareholders' and regulatory approvals (to the extent applicable) in accordance with applicable laws, and sanction of the Scheme by the High Court of Sindh at Karachi.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,249.77 133.08M	-0.51% -866.05
ALLSHR	102,271.86 335.40M	-0.35% -358.96
KSE30	50,983.66 30.31M	-0.96% -494.88
KMI30	244,256.68 31.09M	-0.60% -1475.11
KMIALLSHR	66,365.09 168.56M	-0.43% -285.22
BKTi	46,981.81 9.03M	-0.63% -297.78
OGTi	35,302.86 1.86M	-1.13% -402.09

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	80,995.00	82,725.00 80,640.00	610.00 0.76%
BRENT CRUDE	105.24	105.99 103.82	3.95 3.90%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-5.00 -4.35%
ROTTERDAM COAL MONTHLY	107.10	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	99.73	100.37 97.65	4.31 4.52%
SUGAR #11 WORLD	14.69	0.00 0.00	0.00 0.00%