PICIC Insurance begins implementation of merger with Crescent Star Foods after court approval

PICIC Insurance Limited has initiated implementation of its merger with Crescent Star Foods (Private) Limited following approval of the scheme by the Sindh High Court, according to the company’s filing with the Pakistan Stock Exchange (PSX) on Monday. 

The approval was granted through an order dated April 16, 2026, in J.C. Misc. No. 45 of 2017, allowing the merger to proceed subject to completion of legal and procedural requirements.

The company said it is currently executing the approved scheme, which includes issuance and allotment of approximately 7.9 billion new ordinary shares in line with the agreed terms.

Upon completion, Crescent Star Insurance Limited is expected to become the controlling shareholder of PICIC Insurance Limited, with the company becoming part of the Crescent Star group structure.

PICIC Insurance stated that implementation remains subject to regulatory approvals, filings and compliance requirements with authorities, including the Pakistan Stock Exchange, Securities and Exchange Commission of Pakistan and Central Depository Company of Pakistan.

The company added that its management is working on completing the process while assessing business opportunities for future growth, and will continue to inform shareholders and the exchange of further developments.