The Board of Directors (BoD) of TPL Corp Limited has granted its in-principle approval for VEON Group Holding Company Ltd, a subsidiary of the Nasdaq-listed VEON Ltd, to acquire shares and control in its subsidiary, TPL Insurance Limited.
The parent company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Last week, VEON Group Holding Company Ltd expressed its intention to acquire shares and control in TPL Insurance Limited, marking a possible entry into Pakistan’s insurance sector. The proposed transaction, however, remains subject to obtaining the requisite regulatory approvals, including clearance of fit and proper criteria from relevant regulatory authorities.
“In this regard, the BoD of the company [TPL Corp], in its meeting held on September 08, 2025, at 11am, has granted its in-principle approval for the proposed transaction,” read the notice on Monday.
“The board has further authorised the company to negotiate the terms of the offer and to facilitate the due diligence process in accordance with applicable laws,” it added.
It is pertinent to mention that VEON has not yet disclosed the number of shares or purchase price, as the agreement is contingent on due diligence and execution of definitive agreements.
If the acquisition proceeds, VEON would be required to make a public offer for at least 50% of the remaining voting shares of TPL Insurance.
TPL Corp Limited is the majority shareholder in TPL Insurance with a 52.87% stake, 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.
Sharing its financial details, TPL Insurance reported total assets of Rs8.46 billion as of June 30, 2025, with shareholders’ equity standing at Rs2.68 billion. The company posted a loss of Rs12 million in the first half of 2025, compared to a profit of Rs72 million in 2024.
VEON Group, headquartered in Dubai, operates across five countries, including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.
In Pakistan, VEON Group has a strong operational footprint through Pakistan Mobile Communications Limited (operating under the brand Jazz), the country’s leading mobile operator, with over 70 million subscribers.
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