TPL Life Insurance Limited has merged with Dar Es Salaam Textile Mills Limited (DSML), following the approval of the Scheme of Arrangement by the Honourable High Court of Sindh.
The company on Thursday informed the Pakistan Stock Exchange (PSX) through a notice that the merger, effective June 10, 2024, consolidates all assets, rights, liabilities, and obligations of TPL Life into DSML.
“In continuation to our earlier disclosure dated November 29, 2023, we are pleased to announce that the Scheme of Arrangement dated November 29, 2023, under Section 279 to Section 283 and Section 285 of the Companies Act, 2017 for, inter alia, the merger, by way of amalgamation, of the entire business and undertaking of TPL Life Insurance Limited (“TPL Life”) with and into Dar Es Salaam Textile Mills Limited (“DSML”) has been sanctioned by the Honourable High Court of Sindh vide Order dated June 10, 2024 in J.C.M. 34 of 2023,” read the notice.
As a result of this merger, the name of Dar Es Salaam Textile Mills Limited will be changed to TPL Life Insurance Limited, reflecting the new principal line of business.
This marks the sixth listing for the TPL Group, further enhancing its market presence and underscoring its commitment to growth and expansion.
The merger announcement follows an earlier disclosure by TPL Corp on November 29, 2023, and aligns with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited.
The High Court’s sanctioning of the merger underscores the legal and regulatory compliance of this corporate move.
