TPL's Board greenlights bid for majority stake in FINCA

MG News | April 29, 2024 at 02:21 PM GMT+05:00

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April 29, 2024 (MLN): The Board of Directors of TPL Corp Limited (PSX: TPL) has granted its approval to submit a binding offer to acquire a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (Private) Limited, the company's filing on PSX revealed today.

It is important to note that last year in December, the State Bank of Pakistan (SBP) allowed TPL and Abhi to initiate the due diligence process for FINCA Microfinance Bank Limited.

The transaction will remain subject to obtaining all necessary corporate and regulatory approvals required under applicable laws including but not limited to the approval of the State Bank of Pakistan (SBP), Competition Commission of Pakistan (CCP) and Securities and Exchange Commission of Pakistan (SECP) and subsequently entering into definitive documentation.

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