TPL Corp Board Grants Approval for VEON Group’s Acquisition of TPL Insurance

The Board of Directors of TPL Corp has granted in-principle approval for VEON Group’s proposed acquisition of TPL Insurance Limited, a subsidiary of TPL Corp Limited. According to the notification to the Pakistan Stock Exchange (PSX), the approval was given during a board meeting held earlier today, where the company was also authorized to negotiate the terms of the offer and facilitate the due diligence process in compliance with applicable laws. VEON Group Holding Company Ltd, along with its subsidiaries and associated entities, has expressed its intention to acquire shares and take control of TPL Insurance Limited. The announcement was made through Arif Habib Limited, acting as the Manager to the Offer, and was disclosed in a letter submitted to the Pakistan Stock Exchange (PSX) by TPL Corp. The proposed acquisition is subject to regulatory approvals, due diligence, negotiations with sellers, and the execution of definitive agreements. “The Company shall keep its shareholders informed of further developments in this regard through subsequent announcements as the transaction progresses,” the notice stated. TPL Corp Limited currently holds the majority stake in TPL Insurance with 52.87%, followed by the Finnish Fund for Industrial Cooperation Ltd with 17.02%, and Entwicklungsgesellschaft MBH with 15.87%. The insurer has a paid-up capital of 198.39 million shares. Headquartered in Dubai, VEON Group operates in five countries, including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. In Pakistan, VEON has a strong presence through Pakistan Mobile Communications Limited, which operates under the Jazz brand. Jazz is the country’s leading mobile operator, serving over 70 million subscribers.