PICIC Insurance moves ahead with Crescent Star Foods merger

PICIC Insurance Limited has begun implementing a court-approved merger with Crescent Star Foods (Private) Limited and plans to issue and allot approximately 7.9 billion new ordinary shares under the arrangement.

In a quarterly progress report, the company said the Sindh High Court approved the Modified Scheme of Arrangement through an order dated April 16, 2026, in J.C. Miscellaneous No. 45 of 2017.

The scheme provides for the merger of Crescent Star Foods into PICIC Insurance, subject to completion of all legal and procedural formalities.

PICIC Insurance said it was in the process of implementing the sanctioned arrangement, including the issuance and allotment of the new shares in accordance with the approved terms.

The company did not disclose the proposed issue price, allotment ratio or expected completion date in the notice.

Management said it was also evaluating strategic business opportunities for the company’s future growth and development while completing the merger process.

PICIC Insurance said it would continue informing shareholders and the Pakistan Stock Exchange of further material developments.