TPLI has issued a notice to Pakistan Stock Exchange (PSX) in continuation of the disclosure made on May 26, 2023.
“The acquisition of the net assets of the Pakistani Branch of New Hampshire Insurance Company (NHIC) by TPL Insurance Limited (PSX: TPLI) has been sanctioned by the Honorable High Court of Sindh vide an Order dated September 13, 2023,” TPLI’s filing on the PSX said.
By virtue of the sanctioning of the Scheme of Arrangement, the net assets of NHIC’s Pakistan Undertaking (comprising those of the Pakistan Branch) have now been amalgamated with, transferred to, and vested in TPLI.
It is worth noting that TPL Corporation Limited holds a substantial 73.38 percent stake in TPL Insurance Limited.
Previously, on April 26, TPLI had granted its approval for the acquisition of the operations of the Target Company. This marks a significant step in TPLI’s strategic expansion within the insurance sector.
