The Board of Directors of TPL Corporation has granted its approval to submit a binding offer to acquire a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (Private) Limited, TPL said in a notice to the Pakistan Stock Exchange (PSX) on Monday.
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, Competition Commission of Pakistan and Securities and Exchange Commission of Pakistan and subsequently entering into definitive documentation, read the notice.
TPL said it will keep the PSX apprised of all further developments in the transaction.
On December 18, 2023, the State Bank of Pakistan (SBP) granted TPL Corporation and Abhi its approval to commence the due diligence of FINCA Microfinance Bank for a potential acquisition.
On November 14, 2023, TPL Corporation and Abhi announced their partnership to explore the potential acquisition of a majority stake in FINCA Microfinance Bank Limited.
Earlier in January 2023, Apna Microfinance Bank Limited (APNA), a microfinance services provider, entered into a Memorandum of Understanding (MoU) with FINCA.
However, in June 2023, both microfinance banks disclosed that the proposed merger had been shelved after completing a comprehensive due diligence process.
FINCA said back then that it was exploring other options, and among these options are a number of well-known international financial institutions.
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