Home News Crescent Star Insurance Denies Allegations of Collusive Takeover
Crescent Star Insurance Denies Allegations of Collusive Takeover
Crescent Star Insurance Limited (PSX: CSIL) has clarified that its recent disclosure of a 14.7 percent investment in Tri-Star Power Ltd. (TSPL) was made in compliance with the Securities Act 2017.
The company has denied any allegations of acting in concert with any party. The company stated that it has no connection with any individual or entity involved in any previous takeover attempts of TSPL.
CSIL further emphasized that it was unaware of any court order restricting share purchases, noting that the reported stay only applies to a change in management. The company highlighted that TSPL shares continue to be publicly traded on the Pakistan Stock Exchange (PSX).
According to CSIL, the investment aligns with its strategy of trading in securities and investing in various listed companies, with the disclosure made solely to ensure transparency and compliance with regulatory requirements.
