Sindh High Court approves merger of Crescent Star Foods into PICIC Insurance

The Sindh High Court has approved a scheme of arrangement for the merger of Crescent Star Foods (Pvt) Ltd into PICIC Insurance Ltd, with the latter continuing as the surviving listed entity.

According to a disclosure by Crescent Star Insurance Limited to the Pakistan Stock Exchange on Friday, the court granted approval on April 16, 2026, under the Companies Act, 2017.

Under the scheme, Crescent Star Foods, a subsidiary of Crescent Star Insurance, will be merged into PICIC Insurance.

As part of the transaction, PICIC Insurance will issue 7,907,794,516 new ordinary shares to the shareholders of Crescent Star Foods, including Crescent Star Insurance, based on the approved share swap ratio.

Following completion of the merger, Crescent Star Insurance’s investment in Crescent Star Foods will be converted into shareholding in PICIC Insurance.

The company said the transaction will allow it to realise value from its subsidiary and strengthen its position in the capital markets.

Completion of the merger remains subject to regulatory and procedural requirements, including filing of the court order with the Registrar of Companies, necessary corporate approvals, and issuance and credit of shares into relevant CDC accounts.

The company said further updates on the transaction will be shared in due course.