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.
