Jazz International Holding Ltd to Acquire TPL Insurance

Jazz International Holding Limited has been confirmed as the new acquirer for the proposed acquisition of shares and control of TPL Insurance Limited. This update, formalized through an addendum submitted by Arif Habib Limited (Manager to the Offer), replaces the previously announced VEON Group Holding Company Ltd as the acquirer. The addendum, which will be published in leading newspapers on December 17, 2025, clarifies that Jazz International Holding Limited, incorporated in the United Arab Emirates and a subsidiary of the global digital operator VEON Ltd, will now lead the acquisition, with Pakistan Mobile Communications Limited (Jazz) acting in concert. VEON Group, headquartered in Dubai and listed on Nasdaq, operates across five countries and serves nearly 160 million customers. In Pakistan, VEON’s presence is anchored by Jazz, the country’s largest mobile operator with over 70 million subscribers. The group’s business interests span telecommunications, digital financial services, and technology innovation. The change in acquirer does not affect other details of the transaction, including the ultimate beneficial ownership and the target company, TPL Insurance Limited. The process remains subject to regulatory approvals under the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.