VEON Group Holding Company Ltd, a subsidiary of the Nasdaq-listed VEON Ltd, has expressed its intention to acquire shares and control in TPL Insurance Limited, marking a significant move into Pakistan’s insurance sector. This announcement was made by TPL Insurance Limited in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
The acquisition, if approved, will see VEON’s entry into a new industry, expanding its footprint in Pakistan. The deal, however, is subject to the necessary regulatory approvals, including the clearance of the fit and proper criteria from the relevant authorities. While VEON has not disclosed the specific number of shares or purchase price, the agreement is contingent on due diligence and finalizing definitive agreements.
Should the transaction proceed, VEON would be required to make a public offer for at least 50% of the remaining voting shares of TPL Insurance, enabling it to take control of the company. The current majority shareholder in TPL Insurance is TPL Corp Limited, holding a 52.87% stake, followed by Finnish Fund for Industrial Cooperation Ltd (17.02%) and Entwicklungsgesellschaft MBH (15.87%).
As of June 30, 2025, TPL Insurance reported total assets of Rs8.46 billion, with shareholders’ equity of Rs2.68 billion. However, the company posted a loss of Rs12 million for the first half of 2025, compared to a profit of Rs72 million in the previous year.
VEON Group, headquartered in Dubai, operates across five countries, including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. The company has significant operations in Pakistan through Pakistan Mobile Communications Limited, which operates under the Jazz brand. With over 70 million subscribers, Jazz is the leading mobile operator in Pakistan.
VEON Group has a solid track record in Pakistan, demonstrating deep market understanding, regulatory compliance, and a long-term investment commitment in the telecom and digital sectors. The acquisition, if successful, could lead to further diversification for VEON Group and strengthen its presence in Pakistan’s rapidly developing financial services sector.
