The Board of Directors of TPL Corp has granted its in-principle approval for VEON Group Holding Company Ltd for the acquisition and control of its subsidiary TPL Insurance Limited.
TPL Corp shared this development through a notice to the Pakistan Stock Exchange (PSX) on Monday.
On September 4, VEON Group Holding Company Ltd, a subsidiary of the Nasdaq-listed VEON Ltd, expressed its intention to acquire shares and control in TPL Insurance Limited.
“In this regard, the Board of Directors of the Company, in its meeting held on September 08, 2025 at 11:00 AM, has granted its in-principle approval for the proposed transaction. The Board has further authorized the Company to negotiate the terms of the offer and to facilitate due diligence process in accordance with applicable laws,” read the notice sent to the PSX.
TPL Corp board has also authorised the company to negotiate the terms of the offer and to facilitate due diligence process in accordance with applicable laws.
TPL Corp is the largest shareholder in TPL Insurance with a 52.87% stake, followed by Finnish Fund for Industrial Cooperation Ltd at 17.02% and Entwicklungsgesellschaft MBH at 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.
The acquisition, if approved, will see VEON’s entry into a new industry, expanding its footprint in Pakistan.
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.
