TPLI: Shareholders okay Rs200mn equity investment in TPL Life Insurance
MG News | July 06, 2022 at 02:24 PM GMT+05:00
July 6, 2022 (MLN): The shareholders of TPL Insurance have allowed the company to make equity investment of Rs200 million in an associated company TPL Life Insurance Limited, company’s filing on bourse showed today.
The shareholders also authorized CEO in this regard to take all necessary steps required in respect of the aforementioned investment.
To recall, on June 14, the Board of Directors of TPLI decided to make an equity investment of Rs200 million in TPL Life Insurance Limited.
The company said that is desirous of making an investment in TPL Life Insurance Limited.
The aforementioned investment would enable TPLI to expand its footprints in the life insurance market. The Company would be able to use TPL Life’s expertise and relationships to grow its non-life business.
TPL Life Insurance Limited is a subsidiary of TPL Corp Limited, the parent company of TPL Insurance Limited. Mr Muhammad Aminuddin, the CEO of TPL Insurance Limited, is a member of the Board of Directors of TPL Life Insurance Limited.
At the time of reporting this, the stock of the company is being traded at Rs30.65, down by Rs2.42 or 7.32% from yesterday’s price.
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