VEON Group Expresses Interest in Acquiring TPL Insurance

TPL Insurance Limited has disclosed that VEON Group Holding Company Ltd, along with its subsidiaries or associated entities, has expressed its intention to acquire shares and control of the company beyond the thresholds prescribed under Section 111 of the Securities Act, 2015. The potential acquisition remains subject to regulatory approvals, due diligence, negotiations with sellers, and the execution of definitive agreements. The intention was formally communicated to TPL Insurance’s Board of Directors on September 4, 2025. The agreement is contingent on due diligence, regulatory approvals, and the execution of definitive agreements. 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.