Jazz International completes offer obligations for 6.67% TPL Insurance acquisition

Arif Habib Limited (AHL) has confirmed that Jazz International Holding Limited has fulfilled its obligations in relation to the acquisition of 13.245 million ordinary shares of TPL Insurance Limited, representing 6.67% of the company’s issued and paid-up capital.

In a notice dated July 3, 2026, sent to the Executive Director, Public Offering and Regulated Persons Department of the Securities and Exchange Commission of Pakistan (SECP), AHL said the acquirer had completed the required formalities under takeover regulations.

AHL acted as the Manager of the Offer for the transaction.

The notice said Jazz International Holding Limited had made a public offer to acquire 13,245,191 ordinary shares of TPL Insurance Limited.

Applications from eligible shareholders were received for 21,087,740 ordinary shares against the offer size of 13,245,191 shares.

As the number of shares tendered exceeded the offer size, 62.81% of the tendered shares were accepted.

According to the notice, the Public Announcement of Intention for the transaction was published through AHL in two newspapers on September 6, 2025. An addendum to the Public Announcement of Intention was later published on December 17, 2025.

The Public Announcement of Offer was made on April 20, 2026, under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The announcement was published on April 22, 2026.

The share acceptance period for the public offer began on June 9, 2026 and expired on June 15, 2026.

Under the Takeover Regulations, the acquirer was required to complete all formalities related to the public offer, including dispatch of payments to shareholders against the shares tendered, within 10 days of the close of the acceptance period.

AHL said Jazz International Holding Limited had fulfilled all obligations under the Takeover Regulations and that payments had been dispatched to all shareholders who tendered shares under the public offer.