LAHORE: On April 26, the Pakistan Stock Exchange (PSX) announced that TPL Insurance Limited (“TPLI”), a subsidiary of TPL Corp Limited (“the Company”), had accorded its approval for the acquisition of operations of a significant insurance player in the Pakistani market (“Target Company”).
This will be done through the scheme of amalgamation, to be sanctioned through the High Court. After its sanctioning, the net assets of the Target Company will be merged into the TPLI. Both the sanction and transaction are expected to be completed by December 31, 2023.
TPLI was launched as a general insurance company in Pakistan. It launched innovative Insurance products to increase its market share all over the country through creative marketing tactics.
TPL Insurance is also part of a larger corporation, TPL Corp, the holding company. (In 2017, TPL Trakker Limited was renamed TPL Corp Limited, which now controls TPL Insurance and so on, while the data location and tracking services were incorporated into a separate company, called TPL Trakker Ltd).
In July 2022, TPLI welcomed Finnfund, a major development financier and impact investor in Finland, with their acquisition of 17.59% shareholding in the Company. Previously, in April 2021, DEG (Deutsche investitins-und Entwicklungsgesellschaft mbH), a wholly owned subsidiary of KfW Group, Germany had acquired 19.9% shareholding in the Company. With a strong capital base and encouragement from foreign investors, the IFS rating of the Company stands at AA by PACRA.
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